I have a credit of 520 , any one know of any good loans to try ?

Asked by Jaydekneelandsmom, 75150 Tue Nov 13, 2012

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed Nov 14, 2012
If your credit is bad, you should not borrow money to buy a home. Get your financial house in order before you ask a lender for a mortgage. There are no shortcuts such as credit repair or finding that one mortgage Lender who accepts loans for "500" credit scores!

I'm sorry if I sound rather obnoxious with my advice, but my polite approach doesn't seem to work when I answer these "bad credit" questions here on Trulia. Besides, I've already been down this road. When I blogged and participated in online forums and chats during the BOOM (Craigslist Housing forum, look me up: tcurranmortgage), I held the line on my opinion: buy a home you can afford with a 30 year fixed rate payment. I never wavered from that opinion and I won't waver from this one today.

Take your time to put your finances in order. Learn what a responsible HomeBuyer needs to qualify for and pay for a mortgage loan. Then work on those things---Income, Assets, and Credit---so you can make your dream come true the RIGHT WAY.

Good luck!
Trevor Curran
NMLS #40140
2 votes
, ,
Fri Nov 8, 2013
I like Trevor’s answer, will add that even if you find someone that wants you to buy a home they can take from you, I would hesitate. If your credit score is that low, someday someone is going to grab some of your money when you can least afford it. I would take care of past problems before creating new ones. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
1 vote
darrell stef…, Agent, Dallas, TX
Fri Nov 8, 2013
I have loan officer that will help raise your score at no cost to you, need to get you up to 580 and he has did this for a lot of my clients with a lot of success, he has 8 clients of mine that he is doing that for right now call me to discuss Darrell steffensen BSA REALTY 972-849-7795
0 votes
Brian, Home Seller, Rowlett, TX
Wed Dec 5, 2012
We just used Ben Klutts, with Klutts Real Estate. I had a credit score of 520 and Ben told me that would be no problem to get up. He has credit repair specialists and lenders that will have your credit score where it needs to be so you can purchase a home. They took me from a 520 to a 620 in just 2 months. Ben took us to look at houses right away and was able to make everything happen quickly and smoothly. My wife and I called several big name brokerages and they just blew us off because we did not have great credit at the time. Klutts Real Estate really took care of us and got us in our dream home. We would highly recommend using Ben! http://WWW.KLUTTSREALESTATE.COM
0 votes
Jaydekneelan…, Home Buyer, 75150
Wed Nov 14, 2012
Thank you all for the advice i have about 25,000 set back to put down . I am working on my credit as we speak.
0 votes
that's excellent!
keep up the good work!
Flag Wed Nov 14, 2012
De Vonte Wil…, Agent, East Point, GA
Wed Nov 14, 2012
You should try to improve your credit score first. This will allow you to save up additional funds for a down payment. Aim for at least a 620 credit score. The higher your credit score, the more you will save on interest on a mortgage loan, in the long run.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson, LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Nov 14, 2012
Consider improving your score first; the better the score the better the rate; also save up additional money.....
0 votes
Dixon Wong, Agent, Dallas, TX
Wed Nov 14, 2012
Hi there,

You are very close. If you can get it to about 530-540 range. I know a lender that would able to help.

Do you have a good size downpayment saved up?

You can email me at dixondfw@gmail.com

JP and Associate
0 votes
whats a good sz down payment in KC, MO???? Please email me at m_sweetgurl@hotmail.com for some help!!!!
Flag Sun Nov 10, 2013
Debra (Debbi…, Agent, Livingston, NJ
Tue Nov 13, 2012
not really, not with a score of 520.

You may not want to hear this, but..you shoud really be concentrating on improving your credit before even thinking of trying to borrow money to buy a home.

Come up with a plan............and have your goal in mind.
Speak to a loan officer to find out what steps you need to take to reach that goal.

Best wishes...........
0 votes
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