Decent salary, poor credit but I want a condo in the Bronx. I know I can afford it. What can I do?

Asked by Bronxcondoseeker, Bronxdale, Bronx, NY Tue Oct 18, 2011

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Scott Godzyk, Agent, Manchester, NH
Tue Oct 18, 2011
You should start by meeting with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. If you do not quailify now, they can tell you what you will need to do to get a mortgage in the future…

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1 vote
Mrs.Stephani…, Agent, Bronx, NY
Wed Oct 26, 2011
You should wait a while to build your credit up, that way you won't be stuck with choosing from a private mortgage company with a high interest rate. When you become a homeowner you want to be comfortable with you purchase and enjoy your home, you don't want the headache of wondering how you can afford it. If you need and help or have more questions, call me I have someone that will work with your to improve your credit and also help you get approved for a mortgage with a good rate! (646) 490-9941
1 vote
Annette Levi…, , New York, NY
Tue Oct 18, 2011
You should first go to Neighbor Housing Services for credit counseling. If your credit is poor you will not qualify for a mortgage. The credit counselor will go over your credit report with you and advise what you must need to do. They will also work out a budget with you so you can pay your bills on time.
When your credit is satisfactory you can then go to a mortgage officer for an underwritten preapproval.
1 vote
Nirmala Cara…, Agent, Bronx, NY
Tue Oct 18, 2011
Dear Bronxcondoseeker,

The first step that you need to take is to meet with a local mortgage broker or even the bank that you do your personal banking with to find out if you qualify for a mortgage and how much you are qualified to borrow. Although your credit is poor there maybe options available to you to improve your credit or obtain a mortgage at a higher range because of your score. Once you are prequalifed with an amount then you can begin your search with a real estate agent (buyers do not pay a fee to have an agent represent them, unless otherwise agreed to).

There are several areas in the Bronx that have condos including, Parkchester, Riverdale, Clason Point, etc. Before any agent can begin showing you options they will need to know how much you can afford.

Please give me a call if you would like to discuss further.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty / Cruz Network
1408 White Plains Road
Bronx, NY 10462
Tel.: 646-479-7873
1 vote
David Rodrig…, Agent, Bronx, NY
Tue Oct 18, 2011
Hi Condoseeker,

The Bronx offers a few condo opportunities in a wide range of styles. The best thing that you can do is speak with a qualified mortgage banker that has closed deals in the last few months. Not every bank is lending in every area (i.e., Parkchester). If you like, I can provide you with the name and number of some excellent lenders that can lend wherever you wish to look as well as give you a better idea of what you can and cannot do finance-wise. Once you know what type of condo to target, the help of a knowledgeable realtor will prove invaluable in your search. if I can be of any help, do let me know.

David Rodriguez
Pantiga Group
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1 vote
Karen Kwong, Agent, Bronx, NY
Tue Oct 18, 2011

Between conventional & FHA loans, FHA loan is more lenient on credit score. Still need min 660+ credit score to get competitive interest rate.

Best is to build credit score 680+ then your options for financing opens up. If we are still in the buyer's market then, interest rate will still be at historic low +/-4% annual rate.

Hope you can achieve the american dream of home ownership in the near future. Good luck

Agent/ERA Champions Realty
1 vote
Anna M Brocco, Agent, Williston Park, NY
Wed Oct 19, 2011
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore do visit with any loan officer(s) to determine qualification, then go from there--if you don't yet qualify, at the very least you'll know what needs to be done in order to purchase in the near future....
0 votes
William Brown, Agent, Jamison Road, NY
Wed Oct 19, 2011
Good morning! As most of the agents say PLEASE go talk to a direct lender (a bank or credit union) that gives loans to residential property. Normally, CASH is king BUT good credit will get you a loan! BUT remember, just because you get approved for $300k, doesn't mean you have to spend ALL OF IT. Only spend what is comfortable. Remember you will want window treatments and furniture and keep in mind DON'T BUY ANYTHING UNTIL YOU CLOSE ON YOUR PROPERTY unless you talk to your loan orginator Call or e-mail me if you need assistance...... or 917.402.4073
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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Oct 18, 2011
Good evening!

Often someone will tell me their credit is poor or insufficient to qualify for a mortgage. My response to these statements is a simple, "I"m the Mortgage Banker, let me run your credit report and let me be the judge of what is sufficient, poor, good, bad or ugly credit." And so often I discover the person's credit isn't anywhere near as bad as they think it is. Frankly, I think that's a good sign when folks are so self-critical; I get more nervous about the person who tells me, "My credit is so good I wont' let you run the credit report!" That bravado is often self-serving and often the mark of a potentially terrible credit report.

What I'm saying to you is this: meet with a Local Mortgage Banker, not a Broker and not a "Regular Banker." Mortgage Bankers historically are more thoughtful in providing quality service and prequalifications. If that Mortgage Banker thinks you're not qualified based on your credit, chances are pretty good she will counsel you on loans you may actually be qualified for at this time, or offer assistance and counseling to help you prepare your credit report for a better score in the future.

Get thoroughly prequalified by a seasoned veteran Mortgage Banker; you'll be glad you did!

You can get a free annual credit report to check your credit at
Don't pay for the score; your Mortgage Banker will get you a legitimate credit report with scoring for free. The scores offered online are often very different than the scores we use in finance.
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