I am a Washington DC resident going through a first time home buyers program...I paid off all my debt in 2009 but my score is still reflecting 603.

Asked by Carmen98, Washington, DC Fri Aug 19, 2011

Can I qualify for a loan?

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8
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Fri Aug 19, 2011
Carmen,

Without seeing the credit report it's hard to know for sure. One thought was to ask if you have any credit that's working for you currently? Alot of people when they pay off old debts they don't keep using credit. When was the last time you saw a copy of your credit report? And where did you get it? If you want a mortgage and haven't had a mortgage professional pull it then you don't have an accurate picture of your score. Take a look at this article http://www.examiner.com/residential-real-estate-in-national/…
and it could help as well. Hope this helped and let us know if you need more.

Thanks,
1 vote
Susan Isaacs, Agent, Washington, DC
Mon Aug 22, 2011
Carmen, you should be talking to a lender. Without detailed information you would not want to post on an Internet forum, there is no really useful answer to this question. While a 603 credit score will qualify you for some types of loans, you will pay a higher interest rate and, depending on the reason for your score and other factors, you may still have qualification issues. A good lender will be able to evaluate and advise. There are lenders listed on the referenced website who can assist you and also offers information on various DC homeownership programs, tax incentives and DC Bond that might be helpful. Which home buyer program are you currently using?
0 votes
Carrie Mcduf…, , Washington, DC
Fri Aug 19, 2011
Hi Carmen98,

I agree with Brent, more than likely you have paid off all of your debt without creating new debt (ex: credit card). Without anything to drive your scores up, they will drop. You've probably heard that no credit can be as bad as bad credit ... there's some truth to this. DC has a number of great first-time home buyer programs like HPAP, but in order to get real answers you should talk to a lender. I don't know Brent but his information is very insightful, maybe give him a call. If you need help with the ends-and-outs of being a first-time home buyer in Washington DC, i will be happy to assist you.

All the best!
Carrie
202-413-3364
0 votes
John Loulan, , Washington, VA
Fri Aug 19, 2011
Contact a reputable lender. We have a very good one who works out of our office. tom.biegler@prosperitymortgage.com
Or
gharshman@firstphc.com
I think either one will give you good advice as to your options.
0 votes
Leah Harris, Agent, Washington, DC
Fri Aug 19, 2011
You need to see what's on your credit report's(all 3) in case the old issues have not been removed.
0 votes
Lanre Folayan, Agent, Washington, DC
Fri Aug 19, 2011
There are definitely some programs out there for first time homebuyers. Like Melissa talk to a lender. If you need some lenders to talk to,please let me know. Good luck to you.
Web Reference:  http://www.GetDCSold.com
0 votes
Kelly Putz, Agent, Fairfax, VA
Fri Aug 19, 2011
Hi Carmen,

Yes, you can get a loan. I can send you some names, if you like. However, because your score isn't the best, I'm sure you know your interest rate will be higher. I can give you some tips that have worked for both me and my clients on boosting your score. One even had a bankruptcy 4 years earlier, started with a 560 score and after a year, had a 710. You could possibly get it up to a 700 in six months, and get at least a 20 point boost in the next two months.

Feel free to email me and I'd be happy to send you some info.
:)
Kelly

Kelly Putz
kelly.putz@gmail.com
Buyer's and Seller's REALTOR®
DC/MD/VA
Keller Williams McLean
http://kellyputz.kwrealty.com/
703-961-8663
0 votes
Melissa Bark…, Agent, Washington, DC
Fri Aug 19, 2011
I would recommend talk to a lender and a credit counselor who can best advise you what your options are and how to get your credit score up.

Good luck!
Web Reference:  http://www.wdcmetroagent.com
0 votes
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