Need financing, my credit score is very low. Recently went through divorce. My credit score is only 500. I would be able to put a reasonable down pmt.

Asked by Janice Dearing, Upper Marlboro, MD Sun Jun 9, 2013

The house I'm interested in is 5712 S Marwood Blvd, Upper Marlboro, MD 20772

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed Jul 3, 2013
Good afternoon Janice,

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

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1 vote
This is the best answer Trevor.
Flag Mon Aug 19, 2013
Akil Walker, Agent, Upper Marlboro, MD
Wed Jul 3, 2013
Hi Janice,

you could discuss possible rent to own. Wells offers a program as well with a lower credit score. let me know if i can assist.
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