Hello Rebecca,

I'm soo sorry to hear about your predicament you are in. Prior to my full time real estate career; I was a financial and credit counselor helping people repair and prepare their credit for mortgages and other important loans needed. There is currently a company that I have scrutinized and reviewed thoroughly that I am currently sending client to. They have a program designed to repair credit scores within a couple months to a year and it's 100% money back guaranteed.

If you are finding that you are running out of options and would like more info on this company; I'd be more than happy to help.

God Bless,
Josh

Rebecca-
Right now, most lenders have implemented a minimum score requirement of at least 600, if not 620. However, I can still qualify you for a home loan with at least a 550 credit score. This requirement is increasing to a minimum 600 on March 21st, but I still have time to qualify you.

The only reason your score has dropped is because you have spent too much time finding the wrong lenders. I am sorry for that. Please call me if I can be of any assistance.

Thanks
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online: flagstarloans.com/lallison

Rebecca,
One of the problems was the four credit pulls, another is too little credit, or it may be that the car payments are too high for your income.
If 4 people pulled your credit they should have told you what he problem was and how to fix it.
DO NOT PULL YOUR CREDIT AGAIN. Get a copy from one of these people. Did you get along with one of the people better than the others. Did one do FHA and USDA loans. These are the loans that will take the lower credit scores. Ask how you can bring the score up and what can be done to find a home.
If you do not like one of these lenders, take the credit report to a realtor and they will get with a lender.
Your credit will have to be pulled again before you get a loan but the report will assist them in knowing if they want to do it now or do some repair work first,
Good Luck

Margaret

Late payments are a killer these days. The lenders look at the past year as you said, you also mentioned you has 2 in 6 months. Most lenders that I've seen need a 620 minimum no matter what- FHA included. I know it's crazy, a number is just a number, but right now, that is what they are looking at. You can raise your score fairly quickly by paying down some debt or paying something off and leaving the credit line open. This might be your best bet. Multiple inquiries from lenders in theory is not supposed to affect the score, but I have seen it happen in some cases. Good Luck, and hang in there, it's a tightening mortgage market, for now anyway..

Hi Rebecca,

If you are putting down less than 20% then your only option is probably going to be an FHA loan. The reason for this is that, regardless of an individual lending institutions policies or guidelines, conforming loans with less than 20% downpayment require PMI and the MI companies won't provide insurance on loans with lower credit scores.

My advice is to put together a good written explanation as to the lates that can demonstrate it was an isolated incident, and talk to someone local and reputable about an FHA loan. You also may, need to get a responsible co-signer with good credit to go on there. At this point if you want to get into something sooner rather than later I see that as your best shot

Good luck!

Hi Rebecca,

Your fastest and best bet is to go to a lending institution that knows you well, your personal bank or a local credit union. Many times the smaller banks can get an approval for you in a couple days because they hold the notes in a private portfolio & and have board approval in-house. Like you know many of the lending guidlines have been tightened lately and that has seemed to be the way that we have had a few clients able to purchase homes. Good luck and contact us if you have any questions!