my credit score is 586 do you think i can get a mortgage

Asked by Slt, Bronx County, NY Sat Feb 12, 2011

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7
Lorna Sherla…, Agent, Newburgh, NY
Tue Feb 15, 2011
Hi!

Yes you can. You can give me a call anytime to discuss.

LORNA SHERLAND
Success Power Brokers
tel. (845) 629-1675
Email: thesherlandgroup@yahoo.com
0 votes
allan erps,A…, Agent, Pearl River, NY
Sun Feb 13, 2011
Hello Slt, Think you are very close to qualifying if there are no other problems as FHA has lowered some of their criteria. If you have a decent down payment and closing costs you may qualify. You also may have to repair a few things on your report as well. Please email me and I can put you in touch with a Lenderto see if you do qualify. Regards Allan

Allan Erps, ABR,SFR
Licensed Real Estate Salesperson
BHG Rand Realty
95 S Middletown Rd
Nanuet, NY 10954
VM(24 Hours) 845-770-2141
Cell Phone/Text 845-304-3040
Fax# 845-624-7137
For the latest in Buyers and Sellers Resources,
visit my website at; http://www.allanerps.randrealty.com
0 votes
Douglas Katz, , Chicago, IL
Sun Feb 13, 2011
I would say that you would be very hard pressed to get approved based on current guidelines for most programs. I would recommend speaking with a lender to have a targeted analysis of your program and, if it makes sense, look at enrolling in a credit coaching program.
0 votes
Carmen Di Bi…, Agent, Nyack, NY
Sun Feb 13, 2011
You might also want to look into First Time Home Buyer programs offered by Community Development organizations. It is generally a year long program that assists you in repairing your credit and prepares you for the home buying process. There are no fees involved but you are generally required to deposit money into a bank account, which is yours, and will be used toward your purchase. Upon successful completion of the program, grants may be available to you.
0 votes
Hannah Flieg…, Agent, Larkspur, CA
Sun Feb 13, 2011
Hi S,

Typically you need a credit score of 620 or higher to qualify for a mortgage product. You might consider taking action and working to improve your credit profile first in order to boost your score and then begin to shop for a mortgage product.

Good luck!

Hannah Fliegel, FICO Pro
Web Reference:  http://www.HowDoYouScore.com
0 votes
Sameer Punja…, Agent, Vallejo, CA
Sat Feb 12, 2011
Thats gonna be real tough, on FHA loans I know they need at least a 640 Score. Fix your credit first before looking into a home. You really don't need to rush to get in now, since home prices are still falling a bit...

Also, don't pay any of those credit repair companies because you can do most of the stuff yourself.

Pull your credit from sites annualcreditreport.com and its free, once a year. Start disputing items that are inaccurate, then pay down any open accounts like credit cards to no more than 20-25% of the credit limit. Start to add more positive accounts to your credit by getting some secured credit cards, so they start reporting positive...these are just a few tips to help you get to the 640 range.

Also, figure out what your payments might be on a new mortgage and see if you really can afford to buy a house. Start putting that amount away in a savings account every month on time before the 5th of each month ( this is when mortgage payments are due)...if you can do this for 12 months and not struggle with other bills, then you can probably buy a home, if your credit is ready to roll...

ok, good luck,

Sameer
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Feb 12, 2011
There are other factors that determine qualification as well, therefore consider visiting with any qualified loan officer(s)-- after reviewing your overall financials, credit, debt, etc., a determination on qualification can be made, the type of loan, how much, how much down, etc.; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future.
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