Jessica Thom…, Home Buyer in Greensboro, NC

I would like to purchase a house. My credit is not so well, EX 605, TU 633, EP 617. is it possible to get approved for a housing loan. any tips?

Asked by Jessica Thomas, Greensboro, NC Tue Feb 26, 2013

i have one major collection on my credit report. a $645 medical bill, will this make a big impact?

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Andy Matejka, Mortgage Broker Or Lender, Greensboro, NC
Tue Feb 26, 2013
Believe it or not, it's the type of credit that you have open and active that make the biggest and best impact on your score. It's highly recommended that you pay credit cards down to less than 30% of their limit in order to maximize your score!

The medical bill can be addressed later. What about your current account histories?
1 vote
I don't have much on my report but the medical bill. I do have a secured credit card, no utilities in my name,(because i live at home) just cellphone and car insurance. Hoping to be able to purchase a condo or townhouse.
Flag Tue Feb 26, 2013
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed Jun 19, 2013
Good afternoon Jessica,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

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0 votes
Allen Lowe, , Greensboro, NC
Tue Jun 18, 2013
I can get you financed no problem give a shout or call 336-362-8737 Thanks Allen
0 votes
Carlos Sanch…, Home Buyer,
Wed Jun 12, 2013
Jessica, I had 680 score when I purchased my home and qualified for a great rate. I had great mortage broker,,,good luck.

Bobby Lemons
0 votes
Sharlene All…, Agent, Forest Oaks, NC
Thu Feb 28, 2013
Hi Jessica, It depends on how old the medical bill is. You are very close to being able to purchase a home. A few things can be done to improve your score in a short period of time. But again, it depends on how old the medical bill is. You can call me at (336) 457-2922 to discuss your situation in detail. Thanks
0 votes
jmize16, Home Buyer, Greensboro, NC
Wed Feb 27, 2013
Jessica, contact She can help you and answer any questions you gave regarding your upcoming purchase.
0 votes
Sharlene All…, Agent, Forest Oaks, NC
Tue Feb 26, 2013
Hi Jessica: You should be able to purchase a home. Sometimes there are small things you can do to boost your credit score. Call me at (336) 457-2922. I can help you.
0 votes
Sharlene - do you have an email address?
Flag Sun Mar 10, 2013
Maureen "Sun…, Agent, Greensboro, NC
Tue Feb 26, 2013
Hi wonderful that you are preparing yourself for homeownership. While there are many factors to consider, including credit concerns, every loan is different and there are special loan programs available. contact me and I can help you get started today. MAUREEN@ 336-314-7195.
0 votes
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