Home Buying in Warren>Question Details

Stacey Sigler, Home Buyer in Warren, MI

I want see a house inside before i run my credit report can anyone help me..Too many credits runs is bad too. my credit is 480. clean but no purchases

Asked by Stacey Sigler, Warren, MI Mon Feb 18, 2013

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Have you thought about buying on Land-Contract? From time to time I sell properties this way to people who have the cash down but not the credit score to get a bank loan.

I don't currently have one I am offering for sale this way but I would like to try and help you. Have a look at my website and fill out the buyer form. This will help me figure out what your requirements are, what you are looking for, and what you want to spend. From there I can contact you to get a better feel of what you are looking to accomplish in terms of a home.


I look forward to speaking with you.

CKI Properties
"Giving You The Feeling of Home"
0 votes Thank Flag Link Sat Feb 23, 2013

As everyone has said you most likely won't qualify for a mortgage with a 480 credit score. Most lenders require a minimum of 640 credit score. This is one of the reasons agents ask if you've been approved for a mortgage before showing you homes. With gas prices as high as they are we don't want to be driving around showing homes to someone that cannot qualify to buy. As others have said work on improving your FICO score. Find a loan officer you are comfortable with and let them help guide you.

Best of Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Mon Feb 18, 2013

I'm sorry to have to tell you but you should be concentrating on imporving your FICO score. There is no point in looking at the home since you wouldn't qualify for a loan. The only way you can purchase at this time is on a land contract & I don't think that any homeowner will do that with that low of a score. You could also do lease with option to purchase. There are a lot of draw backs with that. I would reccommend that you speak with a mortgage person that is good with explaining credit & how to raise it. They will give you ideas & let you know about how long it should take. If you'd like a name for somone to do that, I can reccomend someone. Just go on my website & send me an email.

Wish you the best!!
0 votes Thank Flag Link Mon Feb 18, 2013
FICO score of 480 is not very good & you will not be able to purchase a home unless paying in cash.
0 votes Thank Flag Link Mon Feb 18, 2013
What area are you looking in? I would possibly be willing to show you A house before you run your credit but not show a lot of homes until you find one you like. A pre-approval letter is good for at least 4 months and you would need a pre=approval letter to write an offer when you found a house you liked. Also, there are currently more buyers than sellers and you have to put an offer in on a house you like as soon as you can after it comes on the market or you probably won't get it.

Realtors do not get paid until they close on a property and we do not want to spend a lot of money on gas until they know that a potential client is qualified to purchase if they find a home. Your credit report should not have to be run more than once.

If you are in need of a good realtor, I would love to help you. I have been a full time agent for the past 10 years with experience in either getting the best price for my seller or negotiating the best price for my buyer. If your credit score is 480 I don't believe that there is a mortgage program for you right now but a mortgage rep could help you get your credit score up so that you could qualify.
Becky Drob
Real Estate One
0 votes Thank Flag Link Mon Feb 18, 2013
Stacey, with a credit score of 480 I doubt you could qualify for a mortgage. Credit reporting companies take into consideration that you may be shopping around for a mortgage and the impact of running your credit a couple of times is, therefore, not significant. However, to show you homes when you may not be able to buy is a waste of everybody's time, including yours, and sets you up for a big disappointment. I would strongly suggest you sit down with a mortgage lender to discuss your current situation and how you can improve it to the point where you CAN hope to buy a house. They will tell you exactly what you need to do, a good mortgage lender will follow up with you to be sure you are doing those things, and then once your situation improves, they will work with you to get you into a good home.

There are reasons we follow certain procedures, it's to protect your interests and ours.
0 votes Thank Flag Link Mon Feb 18, 2013
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