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ednaranes, Renter in Virginia Beach, VA

credit score really matters to avail for a home? I don't have yet a good credit but I have a good job & I can afford to pay up to $1300/mo

Asked by ednaranes, Virginia Beach, VA Tue Apr 30, 2013

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This question was asked from this property: http://www.trulia.com/rental/3115614368-1613-Janke-Rd-Virgin…

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There are a select few lenders willing to go down to a 600 score sometimes lower. I would recommend The Lenders Network they have helped several of my clients with lower scores get approved.

Good luck!
0 votes Thank Flag Link Wed Aug 21, 2013
Most mtg co. will not write a mtg if your score is below 635. I would suggest you rent and work on paying your bills on time until you can raise your score by showing a record of regular payments. For 1300/mon you can get a 2 or possibly a 3 bedroom condo or townhouse depending on the area. I will be glad to have loan officer prequalify you at no cost. Send me an email and I can see what I can do for you: seashorenealy@gmail.com
0 votes Thank Flag Link Tue Aug 20, 2013
Good morning ednaranes,

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.consumer.ftc.gov/articles/0058-credit-repair-how-…

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.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed May 1, 2013
Yes credit scores really matter.... but, a great loan officer is going to look for when and how your credit slipped. I have some great loan officers I work with. Call me and I'll link you up. If you can afford to buy, now is the time. Never has home affordability been better! Mary Kiddy, Long and Foster Realtors 757-636-8524.
Web Reference: http://marykiddy.lnf.com/
0 votes Thank Flag Link Wed May 1, 2013
I can help you find out what you qualify for. please give me a call at 757-719-7700.
0 votes Thank Flag Link Wed May 1, 2013
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