Financing in Lawton>Question Details

Momof2boys, Home Buyer in Lawton, OK

I have a credit score of 607 how can i buy a house they said everything else on my credit is great . But still can get approved without 620.

Asked by Momof2boys, Lawton, OK Thu Sep 1, 2011

I want to buy a forclosed home seen some for great deals . And heard someone could get a house with a 600 credit score that isnt VA but I dont know how . I really want to buy a house . We have no credit cards they wont accept us on getting one . We have a car we are paying on thats it . And we are renting . So what can we do to get a house . Any help would be appreciated .

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Actually I have worked with many people that are very close to qualifying for home loan. There are things you can do that can raise your credit score by 20-30 points pretty easily, then have a rapid re-score done.

The problem you will run into is that foreclosed homes normally don't qualify for most types of financing. You will have to either buy them cash or get conventional financing, which requires money down. Do you have money to put down?

For 100% financing you will be looking at either a VA loan or a FHA loan with bond money. There is still bond money available here in Lawton. If you want more information on it you can contact me directly. I am actually a Mortgage Broker and a Realtor here in Lawton and can help walk you through the process or at least give you some additional advice. Here is a link to my website if your interested:
1 vote Thank Flag Link Sun Sep 11, 2011
There are many ways to improve your credit score in a short amount of time. Please call me if you would like some help in that area. 405 595 1764.
0 votes Thank Flag Link Thu Aug 22, 2013
Call Tonya Chesser 580-606-1390 She is great!!
0 votes Thank Flag Link Mon Aug 19, 2013
Good afternoon Momof2boys,

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jul 17, 2013
hello my hubby has 607 for credit an i hv 578 an we hv 3000 to 5,000 in the bank can anyone help us buy a loan to buy a home???
0 votes Thank Flag Link Thu Sep 13, 2012
Ok ill do that i understand what you telling me thats a relief I filled out paper work online for it and will have my husband call them thank you so much.
0 votes Thank Flag Link Thu Sep 1, 2011
This is what it said about USDA :
To be eligible for an USDA home Loan, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is required to obtain an USDA approval. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. To find out what the Maximum USDA Guaranteed Loan income limits are for your area, Contact Us. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

So we wouldnt be able to do a USDA loan. So dont know what to do cant get credit cards and dont have bad credit .
0 votes Thank Flag Link Thu Sep 1, 2011
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