We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
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. http://www.consumer-action.org
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. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
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.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
How many agents are going to refer their clients to a lead company? That's all this company does is collect information & sell it to lenders & brokers as leads.
What's even worse is these people are presenting themselves on Trulia as licensed real estate agents.
I did a search on The Texas Real Estate Commission's website for Andrea Gomez and just as I thought, she's not listed. Check it for yourself.
She also doesn't show up on the Keller Williams website under their agent search. Check it by clicking the link below.
Unfortunately a fico below 600 closes you out of VA loans. My advice is to have a professional review your credit report and assemble a game plan for credit repair.
Important question -- where did you get this score? In other words, did a lender pull a report, or did you do it yourself? This is PROFOUNDLY important.
I'll give you a few minutes of my time if you'd like to discuss this.
Feel free to email or call me to see if you qualify!
Most lenders require at least a 620 mid score for a VA mortgage these days so you're likley going to need a mortgage professional that can review your credit and help you come up with a plan of action to increase your scores. For example: If you have credit cards with balances over 50% of the limit, you'll need to pay them down to around 30% and do a rapid re-score which will increase your scores 2-3 days.
Call 714.988.8399 or visit us online at http://www.globenetrealty.com
copy and paste the link. I work out of Parsippany and Teaneck.
108 Corporate Park Drive, Suite 301
White Plains, NY 10604 http://www.ghmc.com
Prominent Properties Sotheby's Inernational Realty