Have a Score of 615 needing FHA loan before tax credit expires.

Asked by Jbgtenn, Johnson City, TN Thu Jul 30, 2009

I am was needing some advice on what steps i could take on getting my score up to around 620 so I could qualify for an Fha loan. I have been told that a deal has to be done by November to be eligible for the tax credit so was needing some advice on what I could do in a short period of time to help my sitation?

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4
Jori Stern, Mortgage Broker Or Lender, Austin, TX
Mon Sep 19, 2011
I realize the tax credit has already expired, but for people still looking for FHA loans and have a credit score of 600, I can help. I also have 30-day closings available.

I provide FHA loans to borrowers NATIONWIDE.

Minimum credit score of 600 required.

In-house processing, underwriting, closing, and funding. Seamless loan process and great customer service.

Learn more and read reviews: http://www.primelendingdallas.com/fha-mortgage-credit-600

Jori Stern
Senior Loan Officer
PrimeLending, A PlainsCapital Company
(800) 308-8503
0 votes
My score is 679 at last check, If hubby agrees then this would be nice. The house was a dump but now that Auction Reality has ownership it looks good.
Flag Mon Nov 26, 2012
Bruce Willia…, , Johnson City, TN
Sun Aug 2, 2009
Luckily you're not that far away from that magic number, and reaching a 620 may be easier than you think. There are still options with some FHA lenders even with a 615, but they are few and far between and will usually come at a price i.e. higher rate adjustments due to the "risk" of a 615 score. The best thing is to at least see if reaching a 620 is possible, because this will open up more options for you. Of course to truly give you direction on increasing your score, your mortgage professional or credit advisor would need to review your credit report. Our credit reporting agency has a nice interface called the "what if simulator", which allows us to create custom scenarios that show what the potential score change would be depending on certain actions you may take. Sometimes this is as easy as paying a few hundred dollars down on a credit card, correcting mistakes on your report, or deleting derogatory trades that may be hanging on longer than needed etc...
If these "quick fixes" do not apply to your situation, then the mere passage of time with proper guidance may be in order. Fortunately you are close enough, where this "passage of time" may be short enough to still get you in before the deadline in November.
Providing you this information and guidance costs me or you nothing, and can we can usually determine what you need to do on the initial call.
At the very least you will know whats ahead of you.
Be happy to help !
Good luck !!!!
0 votes
Jackie Thomas, Agent, Clarksville, TN
Thu Jul 30, 2009
The best thing to do is to check with the Lender or Bank Rep. , that you are working with. If they have already run a credit check and are on top of things ,they usually have the answers or the proper connections to help, and they are local. Sometimes you can cause damage by trying to repair your credit ,so be careful !!! If you have not gotten a Lender or Bank Rep., Then by all means contact an Agent so they can get you connected with the people in your area to help. They should be able to assist , this is what they do daily. I also wanted to let you know that there are other types of loans that you may quailfy for, so the Lender or Bank Rep.should have that information for you. I take it you are planning on buying.
Good Luck & God Bless,
Jackie Thomas
Buck Master Real Estate LLC 772 Salmon Branch Rd.
Office: 931-764-0171 Erin, Tennessee
Cell: 931-561-4851
0 votes
Julia Odom, Agent, Cleveland, TN
Thu Jul 30, 2009
Check out my FAQ on this subject - link below. You may also want to join the forum at MyFICO.com. There are lots of members there who have been successful at raising their scores by 100 points or more (legally, by the way) in short periods of time.
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