Home Buying in Ukiah>Question Details

Jaxs, Home Buyer in 95482

i am trying to get loan to purchase home. Low credit score. Is there anyone tha t would take the chance?

Asked by Jaxs, 95482 Tue Jul 17, 2012

i am trying to get loan to purchase home. 30 yr fixed if it can be done. Low credit score.

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Good morning Jaxs,

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
1 vote Thank Flag Link Fri Jul 27, 2012
Check out 38631 Coral Court in Gualala, CA ocean bluff home with spectacular ocean views and best of all owner will consider financing or doing a lease with optoin to buy or rent to own with the right terms.

Angela Manatt
0 votes Thank Flag Link Thu Jul 26, 2012
My best advice is to call a experienced loan officer and have them review your credit score and get a plan to raise the score. Often there are some small changes that can be done to quickly bump up your score. You really want to get your score to at least 620.
0 votes Thank Flag Link Tue Jul 24, 2012
For purchase we have a program for score as low as 500 but most often it's not the low score that denies you the loan, it's the reason why your score is low plays critical part in getting approved. If it's due to Short sale, foreclosure, bankruptcy etc. proper seasoning is required. Otherwise, we can easily get you qualified.
0 votes Thank Flag Link Tue Jul 24, 2012
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