Home Buying in 19148>Question Details

Stressed, Home Buyer in 19148

my credit score is a 592 i have no debt my incom is good i have 50,000 in the bank and iam a first time buyer i'm willing to put

Asked by Stressed, 19148 Sat Feb 27, 2010

down 20% what are my chances of getting a loan for 131,000

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Wow Spamming Trulia Jessica. Same Answer on 50 different posts

Way to offer great insight to the Trulia community.
1 vote Thank Flag Link Sat Aug 10, 2013
Good Morning Stressed!

You credit score is not that bad and you're only about 30-40 points away from being able to purchase a home. I'm sure you would like to take advantage of the 3.25% interest rates!

I would suggest contacting a reputable Credit Restoration company. Most times they can look at your credit score and tell you what to do in a short amount of time (30-60 days) to get your credit score to improve. Be careful when you apply for credit restoration though, b/c some companies will disclose the fact that your had credit restoration on your credit report, which could hurt your score more.

If you need local references, feel free to call me and I can give you a few people. The one girl I usually suggest (she does a fantastic job) is on Bustleton Ave in Philadelphia. She will look at your credit report and let you know if she can help you and how long it will take before she charges you anything.

Best of luck!

If you have any other questions, please feel free to contact me at:

Al Ferraguti, Realtor/Owner
Tri-County Realty
1148 Street Rd.
Southampton, PA 18966
(w) 215-396-3303
(cell) 267-784-8276
(web) http://www.TCRRealtors.com
0 votes Thank Flag Link Mon Dec 17, 2012
Nill, you cannot buy a house on credit card.
0 votes Thank Flag Link Sun Dec 16, 2012
PHFA "could "be a possiblity for you. However, if you are motivated and have some money (which you do) you should be able to improve your credit to 620 (minimum typically required) within a month or two at the most. You are only 28 points away. Have a lender (I'd be happy to do it) pull your credit and give you advice. I also have a credit guy who can give his input too. How is your income vs. debts? (affordability ratio?) Do you have stable employment? If so, you can be in a home very soon. Good luck and call if you would like my assistance. Chad 610 622 2212 cbahnsen@mortgagenetwork.com
0 votes Thank Flag Link Sun Mar 21, 2010
If you have the desire to buy now and can be approved for a mortgage under reasonable terms, I would suggest that you buy now. The rates are low now and will likely go up, and the tax credit ends on April 30th if you don't have a signed contract.
0 votes Thank Flag Link Mon Mar 1, 2010
Listen to Linda. Improve that Score and Buy Later not now. You'll save a LOT of money. Your credit is bad either because you don't HAVE a credit history OR you had a bad one from some stuff in the past.

If you merely have bad credit because don't don't have history, then that's easier to improve fast. If you don't HAVE credit cards you should have 3 or so. Use ALL of them - a bit - each month and pay them off entirely. That establishes a good payment history.

Even IF someone would give you a loan now, they will charge you a premium for the loan and it will really cost you. That would be a silly thing to do, when the market will be down for a long time and you'll find a GREAT house in 6-12 months for your budget, when your credit is better.

Don't be stressed!

0 votes Thank Flag Link Mon Mar 1, 2010
You may qualify for the Keystone Home Loan Program through PHFA. The rate is presently at 4.95% and 0 points for a 30 year fixed rate mortgage.
0 votes Thank Flag Link Sun Feb 28, 2010
My advise would be to find a good REALTOR with a great Agency that can help you with the ENTIRE Home Buying Process.
At my company, Rinehart Realty Corporation, Rock Hill, SC, we have exceptional, professional REALTORS, a Bank of America Loan Office, an in-house attorney, a property management division for renting, and our Broker in Charge is the President of the SC Association of REALTORS.
If I may be of service to you, please contact me. I think your odds in buying a home look very good! You have MORE going for you than some buyers that I HAVE sold a home to !
Best of Luck...but hurry. The home Buyers Credit will expire 4/30/10!!

Kimberly Gaffney, REALTOR
Rock Hill, SC
0 votes Thank Flag Link Sun Feb 28, 2010
Hello Stressed.

I hope I can distress you by providing information you need. I have a couple of lenders who can maybe help you.
Contact me.

0 votes Thank Flag Link Sun Feb 28, 2010
Dear Stressed,
Your first step is to talk to a loan officer. If you need references, please feel free to contact me and I can email you a few to choose from.

Mika D. Lisiewski
CENTURY 21 Alliance
630 Germantown Pike
Lafayette Hill, PA 19444
office: 610-828-2700 ext.275
cell: 610-226-5727
email: mikacentury21@aol.com
Licensed in PA RS308999
0 votes Thank Flag Link Sun Feb 28, 2010
Speak to any qualified loan officer(s) first, see exactly what your budget can handle and check your credit score again--your officer may offer suggestions on how to best improve your score in the fastest time. FHA loans do require a minimum score of 620 and 3.5% down--there are some lenders, that will work with 580 and 10% down, however the interest rate is higher--focus on getting rid of old debt, paying down debt, etc--speak with a loan officer and see if the 620 score is reachable in the very near future--you're close. Good luck.
0 votes Thank Flag Link Sat Feb 27, 2010
I have a program in place for clients with troubled credit. Most clients are able to purchase within 6 months. If you have time to invest in yourself...I can show you how.

Email me at BerksRealtor@yahoo.com
0 votes Thank Flag Link Sat Feb 27, 2010
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