Home Buying in Alpharetta>Question Details

Kim, Home Buyer in Alpharetta, GA

i have poor credit im currently paying some things off on my credit report can i still qualify for a house?

Asked by Kim, Alpharetta, GA Fri Dec 26, 2008

Help the community by answering this question:


GREAT QUESTION: Paying off your debt will increase your credit score for it reduces your debt ratio. however do close those accounts it will lower your credit score. Once you send a payment to a creditor it takes approx. 60 days for info. updated in your credit bureau files. When you have reduced your debt then contact a mortgage broker who can review your financial records deteremine your statues, credit scores, debt ratio, employment history, and etc.

If you are a current late payment creditors it will tank your credit scores. Keep paying your bills on time your scores daily increase.

GREAT time purchase a property you receive tax benefits annual bases.

NOTE: I owned a credit repair company for 10 years lectured to 1000's.

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1 vote Thank Flag Link Fri Dec 26, 2008
From the way your question is stated, it sounds like you may already know the answer to your own question. Poor credit in todays world will make it very difficult for a lender to lend you money. You really won't find your answer until you contact a mortgage professional. I have a list of pros in Alpharetta that would love to help. Let me know and I would be happy to send you their contact information.
0 votes Thank Flag Link Fri Dec 26, 2008
Hi Kim,

I understand that you have poor credit but you are doing the right thing by paying off some of your debt. The good news is that you may still be able to qualify for a mortgage!!

You need to speak with Marc D'Angelo with SunTrust as he specializes in buyers with poor credit, first timers and down payment assistance (grant programs). You need to speak with someone qualified in this area otherwise you could be turned away. Marc is fantastic and if your credit score and income cannot put you into the right home right now...you have the advantage of him letting you know what you need to do to qualify later. It's like your own personal finance person!! Give him a call and you won't be sorry!!

Marc D'Angelo

Good Luck to you,

Lisa Allen
Prudential Georgia Realty
0 votes Thank Flag Link Fri Dec 26, 2008
Hi Kim

As Kevin answered, it depends on what your score is. Also they consider how much money you have saved for a downpayment. An FHA loan has a minimum of 3.5% for a downpayment begining in Jan. 2009. Currently it is 3%. The best way to find out what you can do is to contact a loan officer. This is a free service. If you can't qualify now, at least you will find out what you need to do. I would be happy to help you connect with a loan officer and I can also give you some tips on improving your credit score.
0 votes Thank Flag Link Fri Dec 26, 2008
It depends on your credit score. Do you know what it is?
0 votes Thank Flag Link Fri Dec 26, 2008
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