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Credit Score in Bexar County : Real Estate Advice

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  • Local Info1
  • Home Buying5
  • Home Selling1
  • Market Conditions0

Activity 20
Sat Sep 23, 2017
Pomaikai53 answered:
if your credit score is poor a friend refer me to COMPUTERSPYEXPERTS who just help me improve my credit to excellent grade and he help me clear my debt ,he is a professional in this job ,he is reliable and honest(469) 844-0536 ... more
0 votes 30 answers Share Flag
Thu Sep 21, 2017
patriciabshp62 answered:
I`ve never been late paying my rent , my score is 558 I need help .I am trying to get approved for a mortgage I don`t have a car note no student loans and I want to borrow just $60,000 and it can be paid in full before 18 years @325.00 a month.Who will help me? ... more
0 votes 17 answers Share Flag
Fri Dec 9, 2016
Hi Usmarine1979,

Are you a Veteran? VA would be the best loan available so I'm curious if you're eligible.

The late payments may be a problem depending on how many you had & your letter of explanation.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online:
NMLS# 787231
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0 votes 2 answers Share Flag
Fri Dec 9, 2016
033796 asked:
I am sure this question has been asked. My mid-score is around 585-595, while my wife's is around 625-630. Combined we make around 90k. We have been in our house for about 4 years now, under…
0 votes 0 Answers Share Flag
Wed Feb 17, 2016
Jimmy Jung answered:
The lending world is ever changing so your best bet is to reach out to a company like Home Loans For All or The Lender Spot. We send a ton of clients to Home Loans For All specifically and we highly recommend them. ... more
0 votes 10 answers Share Flag
Sat Oct 3, 2015
Charmaine Smith answered:
I'm a veteran myself and have had personally experienced purchasing a home with a VA loan. A 620 can get you into a home, but another thing to consider is your debt to income ratio. As an agent, I can absolutely help you get in touch with a great lender and help you find the perfect home to move in to when your lease expires. Call, text, or email me so we can chat.
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Mon Jun 29, 2015
Phillip Madison answered:
Mon Dec 22, 2014
Travis Reed answered:
Good Afternoon -

Have less debt will help when looking to pre-qualify for a loan as that lowers you debt to income. When it comes to the hospital bills and charge off''s, I would consult a lender on the best course to proceed.

To get pre-qualified costs nothing and they can help in repairing any credit issues that might keep you from buying a home. To qualify you need to be over 620 which it seems you are. If looking for lenders that would work with you let me know, I have a list of ones that can help you.

Thank you,

Travis Reed
River Valley Real Estate
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0 votes 8 answers Share Flag
Sun Jul 13, 2014
Kelly Ann Cameron answered:
Please do not dispute any credit issues if your looking to purchase a new home. The Mortgage Company will not close on a home if the client has an active dispute on credit report.
1 vote 6 answers Share Flag
Thu Jun 26, 2014
Vino Alonzo answered:
Yes, but there are some caveats.

Your debt ratio on a conventional loan needs to be 45% or below (including the new mortgage payment). If you can achieve this without having to use rental income for the property with the FHA loan, you should have no problem. however, you will need to show that you have 2 months reserves for both properties in addition to the funds needed for closing costs and down payment. If you need the rental income to offset the FHA mortgage, you will need 30% equity, 12 month lease, cancelled check for your tenant's first month's rent, cancelled check for your tenant's security deposit, and 2 months reserves for both properties.

If the property with the FHA loan is not within commuting distance and if you're relocating for your job, you can purchase the home as a primary residence and pay only 5% down.

If the property with the FHA loan is in the same city as the home you want to purchase with conventional financing, you will need to purchase the new property as an investment property and pay 20% down. If you want to consider the rental income, your appraisal will need to include a comparable rent schedule. Then, you would be able to use 75% of the "market rent" for the property to qualify if necessary.

Vino Alonzo, Loan Officer
NMLS# 184279
First Cal Mortgage
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0 votes 2 answers Share Flag
Wed Sep 12, 2012
Christopher Thorson answered:

If you would like I can get you contact with an associate that helps people in your exact situation, please contact me if this is something you would be interested in.

Thank you.

Chris Thorson, PPMC, BS
Realtor / Relocation Specialist
Century 21 United-Northside
10926 Vance Jackson Rd, Suite 100
Direct 210-595-0027
Office 210-979-6700
Fax 210-979-0691

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0 votes 10 answers Share Flag
Sat Jul 28, 2012
Christopher Thorson answered:
Remember that your credit rating is based on the main fact of your ability to pay your debts over the long term. Therefore if you pay off a balance it doesnt hurt your credit, but it is not helping it in terms of the definition. If you purchase a car with cash, you will have obtained no credit, good or bad. You need to have a long term credit card with positive ability to pay it off or keep it current. It may hury your credit to close a long term account.

If I can further help you please don't hestitate to contact me.

Chris Thorson
Century 21 United-Northside
Cell 210-595-0027
Office 210-979-6700
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0 votes 14 answers Share Flag
Sat Jul 28, 2012
Christopher Thorson answered:
There are actually a couple different credit score ratings. However, the best known and most widely used is the FICO score which ranges from 350-850. If I can help you find anything please let me know, I assist buyers and sellers.

Chris Thorson
Century 21 United-Northside
Mobile 210-595-0027
Office 210-697-6700
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0 votes 7 answers Share Flag
Sat Jul 28, 2012
Christopher Thorson answered:
Ideally, it would be best to use that down payment money to "bring current" any debts you may have to reduce or eliminate the impending bankruptcy and find a cheaper monthly lease. However, there are way around such issues as many have discussed seller financing. I would like to discuss with you the available listings that are available for rent to better help you in your unfortunate position. Please contact me to so that I may be of assistance.

Chris Thorson
Century 21 United-Northside
Cell 210-595-0027
Office 210-979-6700
... more
0 votes 10 answers Share Flag
Mon Apr 16, 2012
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
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0 votes 2 answers Share Flag
Mon Mar 8, 2010
Josh M. Boggs answered:
Good morning Aquintanilla,

You are being faced with a question i've seen for years as not only a Certified Credit Counselor through NFCCC, as an approved trainer of the Freddie Mac curriculum "Credit Smart", financial director of education with CCC Centers, but also a Realtor that personally instructs and guides my clients with their lender's advice.

The crux of the whole thing is even Fair Isaac Corporation (FICO) does not release their formulas as to how scores are calculated. Everyone is simply doing as much homework as they can and trying to "break the code". And some are getting very close, for example.. it now can be proven that by having a Capital One credit card can actually hurt your credit even if it's current and never over the limit.

By past due accounts you are referring to revolving consumer debt (credit cards) or installment debt (car payments), then almost always the right thing to do would be to bring those past due account current and/or pay them off (again... even that can be tricky.. it's a fun credit game).

Or by "past due accounts" you are referring to old collections (any account turned over to an outside company for collections), then the answer is not as clear.

This is where it really helps to have a mortgage lender (one that really knows what they are doing and can understand credit) and seek advice from them. Typically, they will consult with their underwriters on what exactly they would like for you to do. It's truly your best answer. Remember, you are only concerned about your credit so you can obtain more of it (ie Mortgage), therefore consult w/ the actual lender you are looking to obtain a mortgage through. It's much better to get it "straight from the horse's mouth" then try and stab away in the dark by listening to everyone's opinions on what you should do. Unless they are willing to step up and give you the loan (I'm even talking about the credit repair company here), then I would seek counsel from the source.

Best of luck and God bless you on your venture
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