I just graduated RN School and started a new career in my profession my credit score is 589 and gross income is 4800/month is a loan possible?

Asked by Alhogue7, Hermitage, PA Mon Oct 18, 2010

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Ed Fallon, M…, , West Chester, PA
Tue Oct 19, 2010
Yes, you can buy now using the PHFA Keystone Home Loan, but if you improve your credit scores you can get better financing terms. Don't try to do it by yourself; get advice from a professional who can advise you on what to do to help your credit scores.
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Roswell Moore…, Mortgage Broker Or Lender, Scottsdale, AZ
Mon Oct 18, 2010
Absolutely you can get a loan...but not just yet. You are only 31 credit points away from having the score you need to qualify for a loan and there are ways you can increase your score to a 620.

Some will say you can get a loan with lower scores. That may be true, but you will pay dearly for it, in points & the rate. I would suggest you wait & work on your credit scores. You're not that far off. How, you might ask? One way is taking advantage of a free series of videos & other information to help you improve your credit scores, available here: http://www.dbnurture2.com/signup.php?username=roz&c=c - I am not licensed to originate loans in your area, so I want you to know I am just trying to help you as a newly graduated RN. Congratulations!

I also suggest you that you find a Certified Mortgage Planning Specialist (CMPS) who will review your credit scores with you & then lay out a plan for you to follow to get those scores up. There is other criteria for getting a loan besides your credit scores that they will go over with you.

Don't give up - you're pretty close. Feel free to contact me if I can answer any questions for you, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA, VA, USDA, Jumbo, Conventional, loans to Canadians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
Web Reference:  http://www.ezAZloan.com
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Richard, , 19053
Mon Oct 18, 2010
Probably not. Not without more than 20% down. I've been finding out a few things about lenders. They are not liking anything under 620. You need to fix your credit score just like I'm working on. Only have a couple of major credit cards and try not to use more than 30 or 40% of the credit limit. $1000 limit, don't use more than $400. Pay the whole balance of the cards when they come due.

If you will be getting rid of cards, don't get rid of the oldest ones. Pay off any other debts if possible. Start with the smallest. After that debt is gone, go to the next one higher and pay that with the extra money you have from paying the first. Keep going from there.

Get your credit reports. One every four months. And go over it really careful. Dispute any false one and be sure bad ones are taken off when seven years is up on it.
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Debra (Debbi…, Agent, Livingston, NJ
Mon Oct 18, 2010
Congratulations on graduating from nursing school, and good luck with your new job!

I think before you consider buying a home you should work on improving your credit score. Now that you're employed, pay down any debt , or see what else you need to do to raise that score. Once you do, you'll have more options for financing, and you'll have less stress with less debt hanging over your head.

You didn't mention whether you have any savings or not, so that's something else you might want to work on, as well.

Best wishes.............
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