Rentals in Salt Lake City>Question Details

Karen R Ande…, Renter in 84107

I want to buy, but don't think my credit score will allow me to. I accrued medical bills due to my daughter's illness.

Asked by Karen R Anderson, 84107 Sun Jun 16, 2013

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4
This is a question best answered by an experienced mortgage broker. They can take a look at your specific situation and give you an idea of whether or not you can purchase.

Brendan Ross | Real Estate Attorney and REALTOR

http://www.chicagorelaw.com
0 votes Thank Flag Link Sun Jun 16, 2013
Hi Karen, a couple of things to add to the great responses already posted.
One, medical bills are sometimes viewed differently than traditional debt as is their negative impact to your score and sometimes exceptions can be made.
Secondly, it may be worthwhile to consult a credit repair specialist. It's important they're credible and proactive. I've seen some that do nothing more than the consumer could handle on their own or worse yet nothing. But, I've also seen repair specialists that are invaluable in the buying process. My preferred lender has one that he refers to when our buyers can't qualify due to credit. She typically has them ready to go in 3-4 months. If its going to take longer she prepares them at the initial free consultation and tells them what steps they can take on their own so they're not retaining her services long term. Genuinely the nominal monthly fee is worth it for the kind of results she produces.
Let me know if you'd like to talk with her or with my preferred lender and I'm happy to provide you their email and phone contact info.
All the best,
Robynn
0 votes Thank Flag Link Sun Jun 16, 2013
The best thing you can do is go and meet with a lender. There are a lot out there. So I would recommend meeting with a few and talk to them. See what their style is and see what they can do to help you.

I know one of my first time home buyers had what they thought was a low credit score (630) and they were still able to get into a program and buy their first place. So it is possible. You just need to meet with a lender and see what programs are available to you.

There are also Grant's available in some area's of the Salt Lake Valley. And they have new grant's every year. If you have any more questions feel free to call me or your trusted Real Estate Professional or Lender.
0 votes Thank Flag Link Sun Jun 16, 2013
Have you been to a lender recently? There have been many changes to the lending requirements some more restricted some less restricted. This would be a good place to start so you can at least identify what your time frame for purchasing is and what you need to do if you can't. In many cases, you will need to have the approval to ensure that your offer is the one that gets accepted first. As the market heats up, an approval is required to prove that you have the ability to close the transaction within a reasonable time frame. Good luck. Hope this helps.
I can refer you to a lender if you need one.

Steve
0 votes Thank Flag Link Sun Jun 16, 2013
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