The minimum score differ from institution to institution. The minimum requirement in my bank is 620 with all other factors in place. Lets talk about it and i will help you to find the best program.
(972) 646-2411... more
Putting derogatory items behind you can take some time but you don't want to forget to replace that bad history with some new good history. Having 2-3 open active credit accounts reporting your timely current payments is the best way to rebuild your credit score. Be certain the credit accounts you have open are reporting to all 3 bureaus BEFORE you open these accounts, otherwise you only build one score when you need to build all 3.
FHA won't allow a loan to close if you have collections exceeding $2000. You can google 13-24 Mortgagee Letter--Collections for HUD's policy on that and you may have to work to satisfy those collections by arranging payments to them.
If student loans are deferred for more than 12 months, they won't be included.
Good Luck!... more
Hi Lisa, It sounds like you need to do some work to repair your credit but certainly you would be able to purchase a home. I have a lender that is great with credit repair, if you would like to speak to them please give me a call and I will get you connected. Feel free to call or text me at 910-330-6103... more
It is not completely out of the realm of possibility but it may prove difficult. Are you VA loan eligible? And have you spoken with a mortgage consultant? I may be able to help in this situation. Let me know if you would like my help.... more
As Realtors, we really can't help you determine whether or not you can qualify for a mortgage. If you contact me directly, I would be happy to give you the names and contact information of some trusted local lenders who can give you the information you need.
Hi Melissa. Call me and I can put you in touch with a local lender that has FREE credit repair in house. They are fantastic and will identify exactly what needs to be paid in order to bring your scores to where they need to be. I have had several clients that have had their scores brought up in a matter of weeks, others in a few months and I continue to have clients that I refer to them and are working with them currently to get their scores to where they need to be. It must be incredibly frustrating to be in such a situation where you have a fantastic job and have someone take advantage of what you should be able to do with your success.
Jessica Schreiber, Broker/Realtor
Century 21 Sweyer
Raising your credit score really depends on the reasons why the score is low in the first place. If the problem comes from credit card debt, then don't close credit accounts as a short term fix or try to move the debt around to other accounts. Set up reminders so that you can pay off bits of the debt at a time and always make sure that you are on-time with payments. Late payments on cards is one of the main things that can affect your credit score. Try and at least make the minimum required monthly payment on time and keep the number of cards to as few as possible with as small of a balance as possible. If you make a lot of expensive puchases and use up a lot of your available credit on your cards that can lower it as well. Another thing to consider is that any unpaid bills like medical bills, rent, parking tickets, etc can eventually be reported to a collections agency and can show up on your credit report for years. If you score has been affected by something like a foreclosure or short sale, the good news is that you can still improve your score with on-time credit card payments - the affects of the foreclosure or short-sale should not be lifelong.
If you need help please email me at firstname.lastname@example.org - I would love to help you find a house when you are able to qualify for a loan! I can put you in touch with lenders that can offer more suggestions or give you an idea of when purchasing a home will be possible... more
Hi Heather: This recent economic depression has affected all of us. Did you know that 90% of Americans have some sort of credit issues? As more folks turned to renting rather than buying, it has pushed rental costs higher & landlords can be picky as there are often multiple folks wanting a particular unit. I would recommend you get in touch with REVITAL CREDIT SERVICES. Many of my clients have been happily surprised by a few things they can do now to start back on the road to a better credit score. You can reach Michelle and Jeff at 919-239-8316. Download their free eBook, "Revitalize Your Credit' at www.RevitalCredit.com/eBook. Good luck! Let me know how you make out!
Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC
My LinkedIn Profile... more
This is a great question. The confusion begins when the owner stops making payments and/or the foreclosure process begins. However, the Underwriters will look to the date that the property title changed hands from your client to the bank.
FHA and USDA allow one to purchase a new home 3 yrs after the date of foreclosure. 2 yrs for VA.
Hope this helps!
Depending on the true details of the foreclosure transaction, you should have your clients' credit repair personnel fix this. According to the Fair Credit Reporting Act, creditors have 30 days to verify and validate a person's credit profile with accurate information or they risk liability for damages their inaccuracies have caused. A credit supplement could be done sooner in the event you need to close quicker.... more
Size of the loan is more dependent on debt to income ratio than on credit score. I have lenders that can do FHA loans with your credit score as well as work with you to raise your credit score. Give me a call at 803 372 8033.... more
I don't know if any lender will refinance your home with such a low credit score. If you would like more information on correcting your credit please visit our website. Also I am sorry you lost your money to a credit repair company. Unfortunately there are some companies who give the entire industry a very bad name.
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
620 credit score is acceptable for many lenders, however that's only part of what is assessed in pre-approving a loan. I suggest comparing 2-3 lenders to ensure you get the best terms for your goals and objectives. Start with the institution where you bank. If you belong to a credit union, that's also a good place to check since (in the past), they haven't required mortgage insurance premium (not sure if this changes with some of the mortgage changes taking effect 3/1, but the lender will advise you of all of that). There are also mortgage brokers that shop several different lenders to help find the best option for your needs. Unfortunately, my buyers haven't had great success as of late with some of the larger lending institutions (in terms of timeliness and responsiveness), though I know they're working to make things better and I can't say that these are concerns across the board for all buyers. Call me at 336.558.8094 or email email@example.com if you'd like more info.... more
There are other factors in addition to credit that will determine loan qualification, therefore visit with any local banks and or credit unions, after reviewing your overall financials, credit, debt, etc., your loan officer can make a determination on qualification; if you don't yet qualify, he/she may suggest what needs to be done in order to qualify in the near future.... more