You might be able to qualify for an FHA mortgage with a low credit score but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.
The Credit Repair Expert
As a property manager in the San Diego area I can tell you first hand that San Diego is one of the strongest and most competitive rental markets in the Country. With it's base of college students, military, seniors, visitors, and tourists if you're not squeaky clean you'll have a bit of a challenge trying to rent in many if not most desirable areas. You may just have to settle for an inexpensive motel or room rental in a not so nice neighborhood while rebuilding your credit worthiness. Good luck.... more
Your credit report should only contain items that involve your credit - such as the mortgage (not the Deed). If you're not on the mortgage, it shouldn't even be on your credit report. If it is, you might want to double check - you might be on the mortgage. If after checking, and you discover you're not on the mortgage, were you ever on the mortgage? If the answer is still no, you may want to contact the credit reporting bureaus.
Not really. As long as you have US Credit, it will be considered for any US purchases. With that much cash, you would be well served to resolve your credit issues here, establish some good practices and get back on the American credit bandwagon. It can happen and could happen quicker than trying to establish Irish credit.
Last year I had a British family buy a home. They had to complete 2 years of US residency, provide taxes, income documentation and everything else any US Citizen would. Foreign credit would do nothing to resolve your US situation based on my experience.
I have Canadian Buyers contact me regarding credit and financing issues and even they have limited options.
What are your clients trying to accomplish? Are they trying to refinance, or is there going to be a transfer to title? Please let me know, and I'll see if I can give some good advice.
Real Estate Broker
Sr. Loan Officer... more
Yvon, Call us and lets talk about what your short sale options are. A short phone call will be able to tell me if I can help you. Call Dawn at 619-981-3917. Looking forward to speaking with you.