Will Hunter, Home Buyer in Trenton, NJ

After years of building bad credit, I'm working to improve it. want to apply for an FHA for my first new home. I need guidence

Asked by Will Hunter, Trenton, NJ Tue Apr 30, 2013

I'm looking to buy in California, is there anyone out there who can guide me in the right direction - .I maintain a decent salary, but my credit hasnt been the good in years. I'm sure I'm not alone.

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Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Tue Mar 24, 2015
Hello Will, your qualifications will be determined by your credit profile, debt to income ratios, fico scores and how much you want to invest into the down payment and closing costs. If you have credit issues, your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or even as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI).

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com

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vern, , Riverside, CA
Wed May 1, 2013
The advice from the lenders is excellent. Follow what they say. Your question simply states that you are looking to buy in CA. What area? I'm an agent in the Inland Empire (Riverside, Corona, Moreno Valley, Chino Hills etc.) Can I help you find a place? I'd be glad to meet with you whether in person or online. Give me a call or email.
951.315.0000 vern@jonescompanyrealty.com

Vern Sewelll
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed May 1, 2013
Good afternoon Will,

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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Melissa Grace…, Agent, Upland, CA
Tue Apr 30, 2013
Been in this business 13 years from being an escrow officer to title to lender to notary and real estate professional. She is one of the most professional and best I have found
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Melissa Grace…, Agent, Upland, CA
Tue Apr 30, 2013
Call debbie Logan imortgage 1 (951) 907-8822. She is amazing and will take of you. Melissa corriveau
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Craig Zappin, Agent, Huntington, WV
Tue Apr 30, 2013
It might be a good idea to pull your credit score and then contact a couple of different lenders to find out what their minimum score requirements are. For example, I know of one lender who requires a 620 and another that wants a 600. This will help you be an informed borrower and narrow down a lender that is a good fit for you.
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Ruby Williams, Agent, Riverside, CA
Tue Apr 30, 2013
I know two unique lenders who work with very low FICO scores for you to contact. They each offer different products that other lenders do not offer for people with low FICO scores. Talk to Cornelius Brown at Mission Hills Mtg Bankers. Cell: 909-937-4227; e-mail is: CBrown@mhmb.com

The other person is Linda Owen at Primary Residential Mortgage, Inc. She is the Branch Manager. Cell 951-536-6483; e-mail: lowen@primeres.com. If you have a 580 FICO score and proof that you have paid rent for 12 months she can help you.

I have other lenders that I work with, but they require at least a 640 FICO score.

Thank you
0 votes
Diane Ingram, Agent, NORCO, CA
Tue Apr 30, 2013
i WORK WITH A GREAT LENDER THAT CAN TELL YOU WHAT YOU NEED TO KNOW. His name is Adam Crone his # 1714 335-1205. He is one of the few lenders I know that returns phone calls and emails.
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Miste Caulder, Agent, Corona, CA
Tue Apr 30, 2013
Talk to Rudy Cantrell, Financing, cell # 951-452-016, knowledgeable, ethical and friendly. He will help you and will work to give you the best rates and service.
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