I donâ€™t lend in your area, and my site is for people that are buying a home in Kentucky, but the section on credit reports, scores and repair may be of interest to you. The link below will get you started, follow the link on legal credit repair until you reach the Legal Credit Repair Guide on the second page, authored by yours truly. It is a step-by-step guide that will get you from here to there. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
Simply payig on time isn't enough to raise the scores.
So......try to pay down any outstanding balances to below 50%..and do NOT close out any accounts! Contrary to what many think, closing accounts can lower your scores, too............its better to leave them open, and just not use them.
For an FHA mortgage, most lenders require a 640+ credit score for the last 3+ years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Getting Pre-Qualified is the only way for you to find out your options.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
Or contact Michal Ali at 205-283-0977 with the The Mortgage Company, he can give you some directions on getting your score to a 620 to purchase.
There are first time home buyer program available to assist you in downpayment and or closing cost, for more details contact me at 205-215-7323.
Russell Realty & Associates
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://www.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.consumer.ftc.gov/articles/0058-credit-repair-how-
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.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Also, thank you for all the advice!! It is greatly appreciated! We have been praying for direction for our lives and praying for a place to call home. All you guys help and advice will get us one step closer. Thanks!
Grace & peace,
I am working with a lender right now that has a program that you could qualify for now without having to raise your credit score. Call me for details. 205-461-2370.
Adam Cox, Realtor
Coldwell Banker Preferred Properties
Did it show some old reportings that said you still owe them?
Did it show creditors whom you are slow paying?
Did it show accounts that you owe more than your LIMIT?
Did it show people that gave you bad marks because you owe them money?
This is a list of projects for you to attend to.