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Financing in 02760 : Real Estate Advice

  • All26
  • Local Info3
  • Home Buying9
  • Home Selling4
  • Market Conditions1

Activity 4
Sun Jun 9, 2013
John Dean answered:
Sounds like you need to speak with a mortgage broker that can help you with the VA loan. The only number that may hurt you is the credit score as 545 is a tough number to get funded on. Best of luck. ... more
1 vote 4 answers Share Flag
Wed May 9, 2012
Heidi Zizza answered:
You really need to sit down with a mortgage professional before you make a move
0 votes 4 answers Share Flag
Sun May 6, 2012
James Ryan answered:
Hardroller...

First, be very wary of real estate agents answering mortgage questions. FHA literally has NO CREDIT SCORE MINIMUM. Those that have stated there is an FHA 620 score are WRONG and should not be answering questions with bad information. Lenders, wishing their loans to be paid back, use credit scores as a measuring tool, it is the lender that imposes score minimums. I do not know of ANY lenders in this market willing to go below 560, and if they do a loan between 560 and 620, the borrower pays a much higher interest rate.

That being said, a 547 is, plain and simple, a terrible credit score and reflects a willful lack of discipline when handling your finances and terrible credit management. There are very few lenders that would take the risk on your loan, especially combined with "no big downpayment."

I would advise you to work on your credit and save for your downpayment. Once accomplished, you can apply and get a GREAT mortgage to buy you and your family a new home. There are many good loan officers that would help you formulate a strategy today to improve your scores over some period of time, then help you get a loan when your scores recover. During the process, as your scores improve, your LO can advise you of your mortgage options as they open up with your scores moving higher. When we help a potential client improve their scores, we do not charge for our services.

Good luck, Jim
... more
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Mon Mar 12, 2012
Allison Fishwick answered:
Have you spoke to a lender in your area? I applaud you for working on your issue and for being proactive by finding out as much information as possible - however, no post online will replace working with a lender in your area. Even if you establish a relationship long before buying, you will at least know that the information you get is trustworthy and pertinent to your situation.

Further more, one of the BEST things you can do is save your money. Money is going to talk over the next 5 years as your rebuild your credit and the more money you can put down, the (much) less you will pay in interest. When you do buy, your interest rate will most likely be higher, but if you put more money down you will be much better off. Good luck!
... more
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