I have a credit score of 585, make over $100,000 a year and really don't owe a lot. Is there anyone willing to take a chance on a working guy?

Asked by Jjcox7, Clyde, TX Mon Jan 4, 2010

anymore? I am looking for a home in Clyde/Baird/Eula Texas areas.

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Ronda Allen, Agent, Plano, TX
Mon Jan 4, 2010
I suggest you work with a Texas mortgage broker like Tom (below) on taking some simple steps of improving your score. The 60-90-120 days it might take to take a few steps to improve your score and have it reflected with the three primary reporting bureaus would be worth the effort. You'll pay higher fees or be required to put down more money if your score is low. Private investors may be willing to take a chance on you, but your question should be 'at what cost to me?'.
Have a blessed day!

Ronda Allen, Realtor and Certified Purchasing Manager (C.P.M.)
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs
2 votes
Andrea Gomez, Other Pro, San Antonio, TX
Mon Jul 15, 2013
You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
0 votes
, ,
Sun Apr 29, 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. 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
0 votes
Tim Tilbury, Agent, Seattle, WA
Wed Sep 8, 2010
Working Guy

Have you found out why your credit score is 585? Sometimes a few repairs can be done on your own to improve that score relatively fast.

If you have a decent down payment, you should be able to find someone to work with you... When the time is right.

Attend some investor meetings and meet people who have gone through the same process before- there is help out there.

Best of luck!
0 votes
Cindy, Home Buyer, Cuyahoga Falls, OH
Tue Sep 7, 2010
in ohio you have to have a 620.

i know someone with 618, and 75% down, no debt, and enough income and still couldn't get a loan because it must be 620 or nobody will even look at it.
0 votes
T.E. & Naima…, Agent, Dallas, TX
Fri Jan 8, 2010
There actually still are a handful of lenders who underwrite borrowers with scores below 600. The facts on the credit history, not the score, will make the difference.

Housing lates will definitely hurt your chances. This means paying acounts related to your home after they're due can prevent you from getting a loan.

Credit repair may be part of the answer, but those guys can't change facts.

If you'd like referrals to either credit repair people or lenders who operate on the low end of credit, contact me by clicking on my picture.
Web Reference:  http://www.Mortgages-TX.com
0 votes
Chris Ebert, , Dallas, TX
Wed Jan 6, 2010
It sounds like you may be in a position to settle your debts with the creditors agreeing to a deletion. This would certainly help you with your credit scores. You may also need to obtain and let season a few good trade lines as well. Our law firm has created a free video and forms on how to settle your debt yourself and how to rebuild your credit.

Chris Ebert
Henley & Henley PC Credit Law
(214) 552-6647
0 votes
Mack McCoy, Agent, Seattle, WA
Tue Jan 5, 2010
They really prefer to take a chance on a working guy with a 650 credit score!
0 votes
Texas Banker, , Houston, TX
Tue Jan 5, 2010
Bank of America will do sub 600 credit with minimum 5% down.

You should really look into improving your credit, you will get better terms/rates.

Send me an e-mail if you want contact numbers for credit repair.
0 votes
Ron, Home Buyer, Brick, NJ
Mon Jan 4, 2010
One thing you want to keep in mind is that your credit rating may also reflect in your interest rate.
It sounds to me like you don't have bad credit just sound like you have no credit which can be bad but easily fixed.
#1 you can get a secured credit card and just buy stuff and make your payments on time.
#2 Any current and open accounts on your credit builds your credit line.
Lenders want to see a good History of you making your payments on time and that your available credit is larger than your debt.

#3 New accounts with no history of payments yet will actually drop your score however as the months go by your credit score will increase because your making your payments.

I was in the same situation as you couple years ago when I bought my first car I had a score of 583 after a year or two my score was 780. I had enough money to buy the car cash but I wanted to build my credit so I financed it and viola..

Good Luck Man!
0 votes
, ,
Mon Jan 4, 2010
I think Bank of America can still go below 620.
Might have to put more down to sweeten the pot a little.

Otherwise, you need someone to look over your credit and see where some quick improvements might come.

Take a look at the free e-book I have linked you to above.... and call me with any questions.

Tom Burris
Mortgage Banker
214-763-4629 cell/text/nights/weekends
0 votes
Steve Fergus…, , Austin, TX
Mon Jan 4, 2010
There are a few loan programs that may fit your credit score criteria as FHA still offers loans for buyers with less than perfect credit. FHA would require a 3.5% down payment and we would need to take a look at your overall credit background in order to determine exactly how much and when you would qualify. Please take a look at my website for more information and please give me a call or send me an email so we can visit about your options. I hope this is helpful and I look forward to speaking with you soon.
0 votes
, ,
Mon Jan 4, 2010
Geez I hate seeing stuff like this - especially for the working class who earns, but has had a couple hiccups in the past.

I don't see any relevance on what 20 points on your credit has anything to do with your willingness to pay a mortgage when you have a good job and make decent money.

I'd recommend having a mortgage company pull your credit and going through everything on there to see if any improvement can be made.

I'm pretty confident a 35 point boost is well within your reach.
0 votes
Richard Leci…, , Tucson, AZ
Mon Jan 4, 2010
You should talk with at least two different banks or lenders. Sounds to me your credit score is a bit low.
0 votes
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