my credit score is 567.. Are there any mortgage options available for me in NY?

Asked by Raymond, Bronx, NY Thu Aug 13, 2009

i have 10-15% downpayment and I am a first time buyer.. Would I be accepted in the SONYMA program or are there any other programs available to me.. My salary is $45,000

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Donald Mituz…, Agent, Chappaqua, NY
Tue Sep 17, 2013
I'm sorry to say, but your credit score of 567 is a real problem. You either have charge offs (didn't pay someone and they gave up trying to collect), consistent late payments or missed payments. The amount of debt you have could also effect your scores.

You really need to focus on getting your credit scores higher. Start by making sure you pay your bills on time every month. Start paying as much as you can on credit cards with the highest interest rate and pay minimums on the rest. Get a copy of your credit report. You need to see if there are any errors that are causing low scores.

Good luck!

Don Mituzas
Licensed Associate Broker
Douglas Elliman Real Estate
0 votes
Jonathan Rob…, Agent, Lewiston, ME
Mon Sep 16, 2013
Feel free to call me anytime we have some great ideas to help improve your score fast ..
0 votes
steverob41, Renter, New York, NY
Mon Sep 16, 2013
Yes there is a mortgage option available for you. contact for more information about the loan.
0 votes
Chris Hanna, Renter, Denver, CO
Tue Jul 9, 2013
try maybe? Worked for me. good luck!
0 votes
Ruth Bonapace, , 07030
Sat Aug 22, 2009
I just saw your question, and the answer is that with your current score -- maybe. Most brokers can't do loans with scores under 620. Some big banks can (like mine) but how low you can go depends on a variety of factors, such as your how high your income is compared to your debt, they reason for the low score, etc. Would need more information but let's just say it might not be impossible.
Ruth Bonapace
Bank of America Home Loans
0 votes
Leslie Kaye, Agent, Indian rocks beach, FL
Fri Aug 14, 2009
Hi, I am a lender in Floirda. I help clients raise their credit scores to get them a loan or even
just a better rate. Have you considered do this? Some helpful hints. Pay down your charge
cards to 30% of what you can use (pay off would be better). Open a new charge card for $500
put $10 on it pay it off and leave it paid off. Make sure you do not add any more to your cards,
leave it for a good month, two would be better. Then recheck your credit. Please take into consideration
this all depends on why you have a current score of 567.
Leslie Kaye
Homexpress Lending
0 votes
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