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Credit Score in Chesapeake : Real Estate Advice

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Activity 2
Tue Aug 18, 2015
Carlymeo answered:
A deed in Lieu is more damaging to your credit. But the question I would ask you is what is your situation and what are you trying to do with your property?

A short sale is a great option if you need to sell your property because your are insolvent both long term and short term, and you have negative equity on the property.
If you would like to stay in your home and your financial hardship is short term, a mortgage modification or loan modification is a much better alternative.

Both a short sale and loan modification are much better alternatives to a foreclosure, deed in lieu or bankruptcy.
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Tue Sep 10, 2013
Brian Nguyen answered:
It is possible because the absolute minimum credit score that the FHA allows for is 500. But it is rare to find a lender who will be able to give you a loan with that score. If you do happen to find a lender to give you a loan, then yes, chances are the interest rate will be higher to make up for the risk of giving out a loan to someone who has a low 500's credit score. I have been able to give out FHA loans with credit scores as low as 580 with great rates, friendly service, and quick turn times so give me a call if you would like to speak about a loan.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
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