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.
RE/MAX Realty Group
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.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
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: firstname.lastname@example.org
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!
Cathy Chapman, Broker Owner & Agent
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.
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.