Home Buying in Fort Sill>Question Details

Milton&jackie…, Home Buyer in Lawton, OK

Found a house I want to buy needs work but I am willing to purchase it will be our first We have a large down payment but credit is issue HELP

Asked by Milton&jackie Smith, Lawton, OK Sun Dec 11, 2011

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Milton&jackie,
Credit is 1/3 of the qualifying for a mortgage. If your credit is not good it shows an unwillingness to pay your bills so why should you get another bill to pay.
Go to your local nonprofit housing group for credit counseling. The counselor will go over your credit report with you and tell you what you are doing wrong and how to fix it. Listen and do what they tell you. When your FICO is at least 640, you can think of purchasing a home.
1 vote Thank Flag Link Sun Dec 11, 2011
See if the owner is willing to owner finance.
0 votes Thank Flag Link Mon Oct 14, 2013
You can clean up your credit by paying down your debit with the money you have saved. If you are purchasing a home for your primary residence you don't need a large down payment. The minimum score you need is 620 for low score FHA or VA loan. I am willing to provide you more assistance on improving your credit.
0 votes Thank Flag Link Tue Dec 25, 2012
Why do you have a big down payment if you have credit issues? The guidelines protect you more than they do the lender. If you are already having cash flow problems (only way your credit scores go south) then increasing debt isn’t the answer. Fix your budget problem first and then buy a home. Good luck,
0 votes Thank Flag Link Sat Mar 24, 2012
You need a seller finance... I can help!
0 votes Thank Flag Link Fri Mar 23, 2012
Credit is a vital part of the equation when buying a home. Having a large down payment is useful but you must also be able to qualify for the home credit wise.
0 votes Thank Flag Link Tue Dec 13, 2011
Congrats on saving the downpayment. Now, contact a great loan officer to go over your credit and see where you stand. You may need the help of the credit counseling as previously mentioned, but a blanket statement that 640 is the magical score is plain wrong and misleading.
Happy to talk to you at greater length. Jim, American Bank, 703 615 4675.
0 votes Thank Flag Link Mon Dec 12, 2011
Find a good loan officer and have them go over your credit with you and give you suggestions to get on the road to improving your score. There are many things that can be done to raise a credit score in a short period of time. Two of the most common are, pay any revolving accounts to 30% of their credit limits and try to get any mistakes removed.
0 votes Thank Flag Link Sun Dec 11, 2011
There are other factors besides credit that determine loan qualification, such as income, debt, etc.; therefore visit with any licensed loan officer(s); after reviewing your overall financials a determination on qualification can be made; at the very least if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to purchase in the near future.
0 votes Thank Flag Link Sun Dec 11, 2011
You may talk to a mortgage banker, because good credit score is needed for getting mortgage but there are some exceptions of this rules which may be helpful for you.
0 votes Thank Flag Link Sun Dec 11, 2011
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