Home Buying in Woodbridge>Question Details

China, Home Buyer in Woodbridge, VA

I already know my credit is not as good as it should be. I'm currently working on repairing it.

Asked by China, Woodbridge, VA Tue Mar 31, 2009

Would it be beneficial to contact a loan officer to see if I would even qualify now or if not, how I can there? Is there a downside to this? Plus?

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China - I mostly agree with the prior poster. I have seen people call their credit good and it's not...I've also seen it go the other way. I would start by getting a copy of your credit report and sending it to a trustworthy lender for their comments and suggestions on what to focus on first, etc. Personally, for 1st time home buyers, my favorite is Cindy Fox - she's listed under "Service Providers" on the page referenced below. Call her, she's wonderful.

Best of luck,
Vicky
1 vote Thank Flag Link Tue Mar 31, 2009
If you are not already working with a professional to repair your credit, then the advantage of contacting a loan officer is that they can provide free advice on how to proceed to repair your credit (because eventually they want you to buy and get a mortgage through them). Some of the loan officers I have worked with in the past have worked with a client for several months, following up about once a month to see how much progress is being made---and when the client is ready, then I take over and we start the home buying process. As with any profession, make sure you choose a loan officer that has a great reputation or that comes highly recommened. Ask your friends who they have used before or go to websites such as Angies List that will provide a rating. The downside is that your credit will be pulled (so they can provide advice on your particular situation) --and as you may know, with too many inquiries, it will negatively affect your credit. So just do your homework, comparing rates, fees, and how well they will stay on top of your file, and then just choose one so your credit is only pulled once.

If you are already working with a professional--then just be patient until they think you are ready. The last thing you want is to barely get pre-approved, put an offer in, and then have the contract fall through because the financing didn't work out.
1 vote Thank Flag Link Tue Mar 31, 2009
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