Rent vs Buy in 20871>Question Details

Melinda Bats…, Home Buyer in 20871

if one has a score in range 590-610 should one even bother to buy a home. Guidelines for mortgage is strict but dont qualify due low credit score

Asked by Melinda Batson, 20871 Tue Jan 15, 2013

Help the community by answering this question:

Answers

11
Greg Myers’ answer
Hi Belinda,

You and Brent Mendelson should schedule time to review your credit report and look at you options
to make home ownership a reality. Brent has been a welcome advisor on this ""question and Answer" forum for a long time and he knows what he is doing.

Greg Myers
RE/MAX Realty Group
1 vote Thank Flag Link Tue Jan 15, 2013
There are basic tips and tricks to boost your FICO. You local bank offers credit cards to boost and improve your credit worthiness. Ask, you local bank branch manager for further details. Also, reduce your debt to credit limit ratio by minimizing your credit card balances, that seems to do it most of the times. Payoff your collections if you have any. Consult a mortgage specialist to review your credit report. Also, review yours at http://www.annualcreditreport.com at no cost.
0 votes Thank Flag Link Sat Mar 2, 2013
Thanks very much Greg. I'll do everything I can to help.
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Melinda! Consult with your lender.
0 votes Thank Flag Link Tue Jan 15, 2013
Melinda,

I have a program that allows scores to 600. The rules are tighter no doubt about it but I am working on several loans right now with scores like that. The key is no late payments in the last 12 months. If you are current now and have the problems behind you let me know. One of the Realtors mentioned not having alot of loan officers pull credit and they are right. You should talk to a lender willing to review the credit with you, make sure it's accurate and offer a plan to improve the score. The higher the score, the better the rate and the greater the chances of success. That's true of any bank out there. If you are interested let me know and we can talk.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Tue Jan 15, 2013
You are SO clos. I would recommend connecting with a good local lender to find out what you need to do to bring you score up just a bit to qualify for a mortgage. Best of luck.
0 votes Thank Flag Link Tue Jan 15, 2013
Dear Melinda,
Though you will find banks to loan on lower scores, the higher your score the better your rate so having someone offer some guidance is worth it. Some banks have guidelines requiring no less than 640 or 660, even though FHA will loan at 620. Some banks also will give loans with scores in the upper 500s if you have 10% or more as a down payment. To avoid too many banks running your credit who may require the 640-660 starting range, first ask the loan officer what their base score requirement is. I have an outstanding loan officer that will pull credit and give you tips to increase your score and she can then perform a rapid rescore to pull the new higher improved scores. Tammi Lewis Cell#: (410)725-9451 / Fax #: (443)296-9132 / Email: tlewis@1stmarinerbank.com
Good luck!
Ariana Loucas
RE/MAX
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Melinda,

Absolutely you should look into making a purchase in this market that is perfect for Buyers! Contact a lender and discuss with him/her what you need to do to position to make a purchase. I have worked with Tom Norris with Apex Home Loans for over 10 years, among a few others. Tom can be reached at 301-461-0559. Talk to Tom and let him I know I referred you to him and he'll let you know if you need to do anything different to bring up your scores. He's a trusted adviser to me and my clients. It's wise to speak at least three lenders to compare. You can find other lenders on my website: http://www.SignatureHomeSales.com.

I have been licensed in real estate in Maryland since 1986, serving both buyers and sellers with a specialty in New Homes and Short Sales. My market knowledge extends from Frederick county outward in all directions. I would welcome the opportunity to guide you through the process of a purchase.

You can learn more about me and my background and how I can put my expertise to work for you at http://www.CathyChapman.com or http://www.SignatureHomeSales.com. Call me if I can answer any more of your questions!

Good luck!

Cathy Chapman, Broker Owner & Agent
301-514-6839 Cell
301-620-9880 Office
0 votes Thank Flag Link Tue Jan 15, 2013
Melinda,

There are programs for people with low credit scores. You need to talk to a lender in your area to see what they have. I have lenders calling me every week looking for referrals for people with all kinds of credit scores. Good luck. Home ownership is the best investment you can make.
0 votes Thank Flag Link Tue Jan 15, 2013
Melinda,
590-610 is really not that far off. I would suggest having your credit ran by an experienced lender. Review the credit report carefully for any errors and then have those corrected. Pay down any credit cards that are near their limit, you should aim for below 50% utilization but every little bit helps. Just those couple of fixes may give you the boost that you need to qualify for a mortgage. Your lender will be able to point out any other problems and help to guide you towards your goal in a relatively short time. If you do not have a lender that you trust, I would be happy to provide you with the contact information of someone that can help you.
0 votes Thank Flag Link Tue Jan 15, 2013
Absolutely, you should always "bother" to buy a home! This will probably be the best investmentment you can every make if you can work it out. I strongly suggest you call a top professional Realtor in your area and have that person put you in touch with a good lender. Ask for a Realtor referral from someone you know who has had a happy experience. There are many creative programs out there and often your "circumstances" can be taken in to consideration. Wishing you very good luck....go for it!!
0 votes Thank Flag Link Tue Jan 15, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer