Financing in Philadelphia>Question Details

Wilhelmina D…, Home Buyer in Philadelphia, PA

I have a credit score of 563. Can someone please give me a mortgage? I am desperate

Asked by Wilhelmina Dixon, Philadelphia, PA Thu Jul 17, 2008

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You did not say why you have such a low score, how much you make, or how much debt you owe. I cannot help you get a mortgage right now, but I can offer some good financial wisdom if you care to hear it. CLEAN UP YOUR CREDIT SCORE!! and wait to buy a home until you raise your credit score.

In my 20+ years of helping people buy homes, I have seen some suprising things. I have seen people with very modest incomes be able to buy a first home, while other people, with 2 or 3 times that income could not. The difference is that the first party did not spend more than they made and put away a little money every paycheck in savings.
A credit score of 563 is the result of choices you have made with your finances over a period of time. Choices have consequences. Not being able to get financing ( at least at an attractive market rate) is one of the consequences that follows the accumulation of that score.
You may be able to get a mortgage at at exhorbitant rate of interest, but will that really help you?
Loan sharks have money available to people who are desperate. Those desparate peolpe are soon MORE DESPERATE because they cannot pay the high cost of THAT loan.
You said that you are desperate:
Are you desperate enough to be disciplined over a period of time to pay every bill you have made?
Desperate enough to pay off credit cards, charge account etc??
Desperate enough to NOT BUY anything else that you cannot pay cash for-not adding ANYTHING to your debt load?
Desperate enough to start putting some money in savings as a cushion for emergencies???

It will take some time-- months, maybe years, but it can be done. You might not like the answer right now,
in 10 years you will be thankful that you did it.
2 votes Thank Flag Link Thu Jul 17, 2008
Cleaning up your credit score is easier, and cheaper than you may think. As a real estate investor, I deal with MANY MANY people who have credit issues. I do bank negotiations to rescue them from foreclosure. The homeowners were still suffering with poor credit so I linked up with a credit restoration company that works to restore your credit without breaking your bank. Less than $500 gets it done. Contact me.
1 vote Thank Flag Link Fri Sep 19, 2008
What are some of the names of the credit restoration companies that help restore bad credit? Can you email me a few thanks
Flag Mon Nov 3, 2014
Wilhelmina, I feel your pain. I have been looking at a house that would be perfect for me and my girls, and watching it drop in price from $94000 to now $57500. I can easily afford this house, but my credit score is only 541. My advice is to get your bad credit cleaned up as best you can, my credit score was 420 last fall (mine has been multiple hospital bills from my daughter) and its already up to 541 from paying things off and disputing hospital bills that insurance should have covered. Lend America will approve me at a 580 score or at least close to that, maybe check with them. I checked them out with BBB and didn't see and bad things about them. Just make sure you don't get in over your head with something you can't afford.
1 vote Thank Flag Link Thu Jul 17, 2008
Mim's answer is excellent. Channel that desperation into cleaning up your credit, paying off your debts, and saving money.

There's no point in going from the mental desperation of wanting a loan to the financial desperation of having a loan that you can't afford.

Good luck.
1 vote Thank Flag Link Thu Jul 17, 2008
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0 votes Thank Flag Link Fri Jun 12, 2015
how much money are you willing to give . my name is darius find out what my name mean then email
0 votes Thank Flag Link Mon Feb 16, 2009
Try looking into rent-to-own homes. I have a credit score of 551, and I just got a house that way (moving in Oct. 1st!). The house I am buying is $69k, (valued at $83k) its a 2 br/ 1 ba, with a finished attic. My payments are only $600 a month, and I gross $2500 a month, with a downpayment of only $3000. And this is a turn key house, I don't even have to paint! I like the fact that I can rent this house month to month for as long as I want, and decide if I like it, if it's going to work for us, and see all the flaws before commiting to buying it. If I find some major issue or don't like it, I can move whenever I want and I'm not out any money, or stuck trying to sell a house. On the other hand, I can rent it, and when the market turns around and it's value increases, I have the $69,000 price locked in. If that doesn't interest you, then try a manual underwrighter, I've heard they just go by how consistantly you've paid your bills for the past year.
0 votes Thank Flag Link Fri Sep 19, 2008
Hi. Sorry to hear of your problem. The best thing you could do is to work with a broker who can help you rebuild yur credit. I know a broker that can sit down with you and go over the things you need to do, he will lay it out for you step by step. Now dont think it will happen overnight it WILL take some time. You have to work at it. Once you cleaned up your score I think it is around high 500, there are a lot of programs out there for first time buyers with grants from government,state and others where for as little few thousand dollars you can buy a home. DO NOT get over your head. Stay with something you can EASILY afford. I do not know your situation but I think with your score you may be qualified??? But your best bet is to talk to someone that is a profesional, not all places have these programs. I may be able to help if you want contact me. Good LUCK! Len
Web Reference:
0 votes Thank Flag Link Thu Sep 18, 2008
Wilhelmina, have you found a home to purchase? What area are you interested in? Often there are Sellers who may be interested in holding financing. What is always difficult is loans with difficult credit AND low downpayments. I'm in the market, if you'd like to contact me to disucss.,

0 votes Thank Flag Link Mon Sep 15, 2008
You may need to clean up your credit, go to for more information.
0 votes Thank Flag Link Sun Jul 27, 2008
good afternoon.....why not challenge me to get you approved.i have done tough mortgage financing for almost 14 years..i am in s.e. michigan, but i am licensed in pa. and can close you right in your own backyard.bob mcclure- mortgage now- framington, michigan....(248) 806-0366.......
0 votes Thank Flag Link Sat Jul 26, 2008
I'll tell you what - give me a call and I will run your file and tell you what you need to do to get pre-approved. You may be closer than you think. It is true that your credit score does not tell the whole story. For instance, multiple medical collections are better than multiple late payments on credit cards - even though they result in the same score. FHA loans are not driven by their approval based on your credit score, it is more of your "credit worthiness." If your income is good and you structure your file well, you'd be surprised what you can get approved. I feel like you're being given a dead-end and you haven't even walked down the road yet. Please call me Friday and we'll discuss it.

Luke Allison
Flagstar Bank
0 votes Thank Flag Link Thu Jul 17, 2008
Wilhelmina -The advice below is right on target. But I want to add that you should never be desperate, or let potential lenders know that is how you feel. Some predatory lender out there will be glad to lend you money at unattractive rates and TERMS that will get you in trouble later. Terms of a loan can be more important than the interest rate. Good luck with your situation - follow the advice below and you will be in a much better financial position in a few years! Take care! Beth
0 votes Thank Flag Link Thu Jul 17, 2008
Hi Wilhelmina,
Have you considered renting instead? Paying your rent on time helps establish good credit and raise your credit score. You should be in a much better position once your score is higher.

Good luck!

(*not financial advice)
0 votes Thank Flag Link Thu Jul 17, 2008
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