Home Buying in 27107>Question Details

Stacey, Home Buyer in Winston Salem, NC

Hi, Me and my husband are trying to buy our 1st home. We been turned down and want to know if someone can

Asked by Stacey, Winston Salem, NC Fri May 9, 2008

help? We worked hard paying a lot of debt this year and we don't know what else to do. Our credit scored are in the middle 500's. Is there still hope?
Thanks Stacey!!!

Help the community by answering this question:

Answers

10
Just to clarify; although financial counselors work with people in trouble, most also offer advisory services that do not involve freezing credit, etc. You may also be able to get the information you need to raise your credit score from a lender, but you need to pick someone reputable.
0 votes Thank Flag Link Fri May 9, 2008
Stacey,

Hi...I see from your zip that you are in the Union Cross/SE Forsyth County area..I am in Kernersville...anyway, at this point you should really talk with a mortgage lender. I can help you with if you would like. There are alot of different loan programs out there. Give me a call or shoot me an email and I will be happy to assist you. Sincerely, Shirley Ramsey-Keller Williams Realty-Kernersville
0 votes Thank Flag Link Fri May 9, 2008
Hi Stacey, I would suggest you find a loan officer that you feel comfortable working with. They can go over your credit report and suggest ways for you to raise your score. There is not overnight bandaid. But if you stay on track the rewards of home ownership is worth it. Good Luck, Debbie
0 votes Thank Flag Link Fri May 9, 2008
Stacey, where there is a will there is a way! For example, the FHA mortgage program may work the two of you. It is a federal program that is not credit score driven like conventional mortgages. We work in the mortgage and real estate industry. We would be more than happy to help you achieve your goal of home ownership. The most important thing is that you and your husband are on the right track. Working hard and paying your depts. The best of luck to you in obtaining the American Dream.

Glenda
0 votes Thank Flag Link Fri May 9, 2008
I work with an amazing lender (see below) who gets my clients in similar circumstances on a program. He keeps checking in with them, as do I, to do whatever we can to keep them motivated. Sooner than everyone expects, they're in the house they didn't think they'd ever be able to qualify for.

Time and a little focus solves all credit problems.

I've got two cute little families on a program right now. Find yourself a good agent you can trust, and she or he will help you to where you want to go.
Web Reference: http://www.jillblevins.com
0 votes Thank Flag Link Fri May 9, 2008
Stacey,
I know you said you are working on paying off your debt so unless you are behind or in danger of losing something I would hesitate in calling CCCS. I was in your situation about twenty years ago and went to CCCS. Basically your credit is frozen with the creditors and you work out a minimal payment which helps you get back on track. I may be wrong but by your question you seem to already be on the right track so it really depends on all the factors such as your FICO score of course but, also your loan to value rating, and your income percentages versus your payments. When you go to a credit repair company and be careful because some are a scam and not non-profit they restructure your loans and work out a payment plan that you can afford (for people that have gotten in over their heads). So if that is the case then yes contact the CCCS. Otherwise there are lenders out there that will actually work with you and help you to repair your credit by giving you a game plan and telling you what you can do to up your score faster and help you get the home you want. You do not have to accept any loan anyone offers you. To get a pre-approval you can always shop the rates you are offered. If you know your score and all your information some lenders will even run the numbers without pulling your credit just to give you an idea of where you stand. That way you don't have another lender pulling your credit and showing up on your file. Rachel is also correct in that you can shop for rates and as long as you move forward on a loan it will not negatively reflect on your credit if you have several banks/institutions pulling your credit. I had a client approved last week with a 541 score. Of course you do pay a higher rate but, their are lenders out there that will finance. So it is a judgement call as to what you want to do. Just remember if you can stay on the right track you can always refinance after a year or two.

Larry Story
Coldwell Banker Triad
larry.story@coldwellbanker.com
0 votes Thank Flag Link Fri May 9, 2008
Stacey, It sounds like you are on the right track, but there might be some other things you need to do to bring that score up. And I caution you to be careful with any mortgage offers at that low a score. I fear if you find a product, the costs will be much higher than what they will be if you just wait a little longer and get your financial house in order.
You need to talk to a credit counselor before you do anything else. They will be able to give you guidance on what you need to do and, more importantly, how to make sure the information is properly reported to the credit bureaus. Not all creditors will ensure that this is done so it is up to you. Your debt ratio may also be lopsided and they can help you with that also. I would suggest contacting a financial counseling service, CCCS OF FORSYTH COUNTY, INC - WINSTON-SALEM (Consumer Credit Counseling Svc) are HUD approved and non profit and they offer the kind of services you need. Phone: (336) 896-1191 or http://www.cccsforsyth.org/ . You can also try calling a local loan officer who may know of other organizations. I know I'm suggesting a course that will take some extra time, but, in the end, you will save money and disappointment by not becoming one of the vast numbers of people who have been matched with mortgages that became unmanagable. Since our office handles, along with normal sales, foreclosure properties , I've heard too many stories. I cover a large area including Forsyth County/ Winston Salem so if you have any other questions please call or email me. I'll be happy to work with you until we can get you into a decent mortgage product. And it may just be a matter of getting you credited for all that hard work you've been doing!
Anne
0 votes Thank Flag Link Fri May 9, 2008
Stacey,
Depending on all factors I have some lenders that have gotten people financed with credit scores in the mid 500's. So, if you are serious about buying and are ready just let me know. Of course the same lender's will also work with you and get you to were you need to be to get financed. The main thing about your credit is paying on time. Continue to make sure that you pay on time. If you are interested in finding a home and getting approved just let me know.

Good luck and happy house hunting,
Larry Story
Coldwell Banker Triad
0 votes Thank Flag Link Fri May 9, 2008
Hi Stacey, there is always hope. If you've worked so hard this year, then you need to continue to work hard and not give up. I can give you names of GREAT Mortgage consultants who can continue to work with you. If you want someone to help with finding a house I can also help you with that. Good Luck Don't give up. Thanks Sandee
0 votes Thank Flag Link Fri May 9, 2008
Hello Stacey,
There is always hope. I will be happy to work with you to find a home and can refer you to a couple of mortgage representatives that will go the extra mile to help you or at least tell you what you need to do in order to qualify for a mortgage.
Dewey
0 votes Thank Flag Link Fri May 9, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer