Home Buying in Rock Hill>Question Details

Tonia, Renter in Rock Hill, SC

If I am fixing my credit score rite now ?. How long should I have to wait to start seeing if I can get a home loan?

Asked by Tonia, Rock Hill, SC Tue Sep 20, 2011

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Good afternoon, Tonia. This answer is similar to our earlier one. How long you should have to wait depends on what problems are on your credit report. If you have a 580+ middle FICO, no repos or judgments that have not been negotiated, settled and repaid, and you have no bankruptcy, foreclosure or short sale in the last three years and you have been paying every monthly bill on time for at least 12 months, you could probably apply for a loan now to see if you qualify for a loan.

There are only a few lenders making loans at this 580-599 range, so you need to make sure you are working with a local lender with a proven track record of being able to work with borrowers who have a similar credit and financial profile as yourself.

Here is a Trulia blog that gives some detailed guidance. http://www.trulia.com/blog/dfisher/2011/08/i_have_bad_credit…

For some things that will help you evaluate your ability to get a loan now, rebuild credit and decide if renting or owning is best for you, you can click for more detail on this Trulia Blog:
http://www.trulia.com/blog/dfisher/2011/08/should_i_be_a_hom…

Many clients have found it helpful to attend a homebuyers training course and counseling. Doing this also can qualify you for assistance with downpayment and closing cost. In order to register for a course and counseling, you may contact Community Link at 800.977.1969 or any other HUD-Approved Counseling Agency.

The amount of time to buy depends on what you need to pay off before you can get a loan and whether you decide to purchase at the maximum amount of your approval or something less. Although there are some $100 down, no money down and $500 down payment loans, you should generally have at least 10% of your total annual household salary or 3.5% of the purchase price of the home saved up for a down payment.

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1 vote Thank Flag Link Tue Sep 20, 2011
I HAVE SOMEONE FIXING MY CREDIT RITE NOW. HOW LONG SHOULD I HAVE TO WAIT TO START SEEING IF I CAN GET A HOME LOAN
0 votes Thank Flag Link Mon Apr 16, 2012
As soon as your credit score improves and you are financially ready and able to qualify for a loan
0 votes Thank Flag Link Tue Sep 20, 2011
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