Hello, we'd love to buy a house in Surfside in the future. Problem is, my husband and I are self employed, moderate income and average credit

Asked by mcverdesoto, Bay Harbor Islands, FL Wed Aug 29, 2012

score. We're working on improving our credit score, but it seems we're in a tough position for any type of loan, however, we've always paid rent on time and feel we would be responsible with a mortgage payment. Any hope? Any suggestions on what we should work on to improve our chances of getting a loan in the future? Thanks!

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Irina Karan, Agent, Aventura, FL
Tue Feb 19, 2013
Yes, Surfside is a great community to buy in - especially with the brand new community center
located right on the beach...and with the tennis courts free to residents, and good schools,
minutes from places of worship, restaurants, shops, Bal Harbour Shops Mall...

And - my personal favorite - wide, not hugely populated, beaches and the beautiful walkway near dunes...

So - let's make it happen for you.

First thing you can do is sit down with a great mortgage pro who is straight/frank.
I can recommend one for you off line (feel free to email me).

Have your credit report pulled from all 3 bureaus - and check for incorrect information and errors.
If any, right to the bureaus requesting the info being removed/fixed.
Provide supporting documentation if required.

While sitting down with the mortgage pro - ask how you can improve your loan preparedness.
Paying off old collections and medical bills that are past due helps a lot, paying credit card debt
below 30% of available limit helps too. Having more available credit helps, but only if
you open new credit lines within 90-120 days window. More often would hurt your credit,
as every credit pull bring the score down 5 to 10 points.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Aug 29, 2012
It is likely, as self employed borrowers and in your situation the best case will be 20% down.

Email me at Steve@pro-option.com and I'll send you the pre-qualification forms to complete and return so you can see where you stand.

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