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Credit Score in Charlotte : Real Estate Advice

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  • Local Info284
  • Home Buying745
  • Home Selling84
  • Market Conditions59

Activity 25
Fri Aug 11, 2017
Kathy Burgreen answered:
Will both of you have jobs in your new location because you will not qualify for a loan with no income.
0 votes 2 answers Share Flag
Wed May 3, 2017
Emmer Barrett answered:
I believe in family, so i have helped a family member twice to get on their feet by cosigning for them which has resulted in bad credit on myself and them. My bank says i have excellent credit with them but cosigning is against my report at the credit bureau. I have helped three other family members thru times of illness also, but now i need help. The owner where i rent has decided to sell and my lease is up in june. I need a small house in charlottes 28269 area so i can be close to my job. Can you help? ... more
0 votes 18 answers Share Flag
Tue Apr 25, 2017
Michelledavis4215 answered:
Hi Milly,

My name is Michelle. I with United Credit Education services. I can help you improve your credit score and get approved for a mortgage within 90 days. Please give me a call or text 678.772.2748 ... more
0 votes 1 answer Share Flag
Tue Oct 18, 2016
Alonzeltaylor answered:
Good Day, we are lender base in united state Minnesota is there any way you are sick of financial situation or in debt e.t.c bade credit or credit for business. we can offer you any type of credit you wish to acquire. contact us today. alonzeltaylor@gmail.com for more information. ... more
0 votes 4 answers Share Flag
Thu Oct 6, 2016
Qulia Bryant answered:
Hi there, it looks like your question went unnoticed here but in case you havent found the answer yet here is my advice. You are able to get an approval letter with a 660 credit score. VA doesnt have a specific credit score limit but their underwriting guidelines must be met, therefore your income should make homeownership affordable. The house that you currently have must be sold if you used your COE to purchase it, as the VA does not allow multiple loans per veteran. If you do not have a VA loan officer I can point you in the right direction. Let me know if you have any more questions or need advice with anything else. Thank you, Qulia Bryant quliasells@gmail.com ... more
0 votes 1 answer Share Flag
Thu Aug 25, 2016
Invstnlfp answered:
I am state and federally licensed to write mortgages in 31 states for a top direct lender in the mortgage industry who offers FHA, VA, and USDA loans down to a 550 credit score. We keep your info private not broker it out and we go down to a 550 credit score for VA and FHA loans.. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
NMLS 902687
... more
0 votes 14 answers Share Flag
Fri Jun 3, 2016
Orianaakuda asked:
Thu Oct 15, 2015
Victory Property Management answered:
Most conventional loans will require a minimum credit score in the 620 - 640 range, though the preferred target is 680 and above. (Reference: http://www.rurdev.usda.gov/SupportDocuments/CA-SFH-GRHUnderwritingGuide.pdf)

FHA loans, on the other hand, do accept a lower score but be prepared for higher fees and interest rates.
FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)

I hope that helps.
... more
0 votes 1 answer Share Flag
Mon May 18, 2015
Todd Lee answered:
We work with lenders that have programs for credit scores below 600. Good lenders will also give helpful advice for rebuilding and/or building your credit.
0 votes 16 answers Share Flag
Sun Oct 19, 2014
Melissa Polce answered:
Gabe Libutti, McLean Mortgage glibutti@mcleanmortgage.com is in Charlotte and can help you with that answer specifically but if you plan to keep your home up north and buy down here...then yes, that is a 2nd home or investment property...it all depends on the situation...a lender will be best to answer that...one licensed in NC ... more
1 vote 1 answer Share Flag
Tue Mar 25, 2014
answered:
Yes, you can get a Conventonal Loan with as little as 5%, as long as they are your own funds, not a gift with a score as low as 620. If the funds are coming as a Gift, then we would need higher scores. "Seasoned" funds for closing are considered funds that have been in your accounts for at least 90 days. ... more
0 votes 15 answers Share Flag
Tue Jan 14, 2014
Michael Abramsky answered:
It will be in your best interest to fix your credit so that you may qualify for a mortgage. Here's a link to 5 simple tips you can implement to start repairing your credit: http://www.creditfirm.net/blogs/5-simple-credit-repair-tips.html

Good Luck!!
... more
0 votes 8 answers Share Flag
Tue Aug 20, 2013
ryateslenders answered:
Where did you pull the 556 score from? A report you get online will have different scores than a lender pulls, sometimes I have seen a 50-80 point difference in either direction. I know quite a bit about credit and have mortgage lenders that can work with lower credit score in the upper 500s. If you want some advise email or visit our website. Thanks! ... more
2 votes 11 answers Share Flag
Tue Jun 26, 2012
answered:
This is a year old... How has your credit developed in the last year. If you care to share.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
https://www.facebook.com/EverlastingCR?ref=hl
... more
0 votes 9 answers Share Flag
Thu Apr 19, 2012
Richardsene answered:
We advise also to take out the time to build yourself up by savings and living within a budget.
These goals will provide you with the model for long-tiime success with homeownership and the possibility of become a investor or multi property ownership.

We assist transitional families with moving relocation services. Traditional and non-coventional methods. Feel free to contact us online.. www.bestintownmovers.com or call 704-606-2109
... more
0 votes 8 answers Share Flag
Tue Apr 17, 2012
answered:
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. http://consumer-action.org/

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. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


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
... more
0 votes 6 answers Share Flag
Thu Jan 26, 2012
Dawn answered:
With your credit being so close....contact Matt Gray with Fairway Mortgage....His office is good a cleaning credit up Email: mattg@fairwaync.com
0 votes 7 answers Share Flag
Thu Jan 12, 2012
Stephan Saillant answered:
Hi Amy,

This strategy used to work a few years ago. Lenders are now stricter. Best way to establish credit for yourself is to get one or two secured credit cards (if you can't get regular credit cards). Here is a link to my site that discusses credit repairs: http://www.nc-homeownership.com/resources/credit-repairs

I hope this helps. If you need additional assistance, don't hesitate to reach out to me at (704) 322-3710.
... more
0 votes 7 answers Share Flag
Tue Dec 6, 2011
Daniel Fisher answered:
Good morning SB!
Did you find a lender yet? If not, we have some ideas for you. One of the most important things you must have to qualify for a loan to Buy a Home in Charlotte, NC or SC, is a perfect payment history for the last 12 months- this means on time payments for EVERY bill and ALL accounts that are in your name and everyone else who will be on the loan. If you don't have this payment history, you need to start today.

We have recently helped Buyers with 12 months of perfect payment histories purchase homes - even though their middle credit scores were just over 580 FICO. Lenders look at the middle credit score. If you meet the criteria in the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" (http://goo.gl/1gbem) and have a 580+FICO, you can almost certainly get a loan with 3.5% down and maybe less. We also know of several lenders that do not require a minimum credit score for income qualified buyers.

More info about credit scores is in the below web reference. We can also help you find lenders with good interest rates. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
... more
0 votes 5 answers Share Flag
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