Need to buy a house my credit is low as in six hundred, but I make 55 not looking for a lot just a home is there a chance for me in today's

Asked by Ray ray, Mastic, NY Fri Jul 1, 2011

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David, Home Seller, White Plains, NY
Wed Aug 14, 2013
Looks like the answer below is looking for brownie points answering a question more than 2 years old. Trying to get a VIP badge Joyce?
0 votes
Joycelewis412, Home Buyer, Sacramento, CA
Tue Aug 13, 2013
Try renting out first and improve your credit rating. You can also talk to private lenders who offer flexible financing. Check if you qualify for mortgage. Try http http://:www.whywaitbuytoday.com
0 votes
Jack Menashe, Agent, Brooklyn, NY
Wed Aug 22, 2012
ABSOLUTELY!!!
Call a pro in the banking industry - couple of 1st steps;

1 - get a pre-approval so your not shooting in the dark for your budget assuming what you can spend. Try Alex w/Cross River 917-520-1515 or Chesky w/1st Meridien 917-763-5008

2 - know WHERE you want to live... and that in hand goes with choosing a real estate professional usually in that area who can help you focus.

I can help from the Bay Ridge thru Marine Park Areas & N /S of there as well as Queens.

Good Luck!

Jack Menashe
917.797.0215 http://www.sherestates.com
jack@sherestates.com
0 votes
Abu Musa, Agent, New York, NY
Thu Aug 9, 2012
You may talk to a mortgage Banker. Then you can began a good start.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri Jul 13, 2012
Good moring Ray ray,

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
0 votes
Christi Hebi…, Agent, Richardson, TX
Thu Jul 12, 2012
Ray Ray,

I have a lender who does loans with a 600. He trys to work with them and get them bumped up asap and with a 600 score you can get a loan, u just have to find someone who is knowledgable in getting your score bumped. There is a thing called Rapid Rescore which the lenders can help you with. Not sure if you are buying in Tx or not, if so, Give me a call and we can get you in touch with AV.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Jul 1, 2011
There are other factors besides credit that determine qualification, therefore visit with any local loan officer.
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Fri Jul 1, 2011
Dear Ray ray:

You need to meet with a mortgage banker or broker and get yourself pre-approved. In order to do this you need to meet with a loan officer and bring your last two years tax returns and W-2's, the last three months bank statements where you have your savings that you are going to invest in the purchase, and you must allow them to run your credit report. Once you do that the banker or broker will be able to tell you what you can afford and how much your monthly living expense will be.

Then you can start looking for houses and shop with confidence. If I can be of further assistance please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Fri Jul 1, 2011
FHA requires a 500 credit score, and most FHA lenders minimum score requirements tend to be 600, 620, or 640 - with FHA anything less than a 580 score requires a 10% down payment
VA financing has no score requirement, but VA lenders score requirements are similar to FHA's.
USDA financing has no score requirement - however if you go through a lender most will have 620 or 640 minimum scores, but if you go Direct to USDA they do not have any minimum score requirements, but it takes a little bit longer.
Fannie Mae & Freddie Mac require a 620 score.

Credit score isn't the only item considered though, what is on your credit report is equally as important. If there are late payments or delinquent accounts in the last 12 months when you apply then that can really curtail your chances of qualifying.

At $55k/year of income you can certainly qualify for something, the remaining pieces needed to figure out that puzzle are:

1. How much money you want to put down
2. How much your monthly consumer debts are (credit cards, car loans, student loans, etc.)

If you need help figuring things out I'd be happy to.

Shane Milne
NMLS# 81195
Loans in all 50 states
0 votes
Martina Ryan, Agent, Bayside, NY
Fri Jul 1, 2011
Yes, you should be able to find something. In the meantime keep working on increasing your credit score. Make all payments on time & stop applying for new cards.
0 votes
Henderson Jo…, Agent, Brooklyn, NY
Fri Jul 1, 2011
IT is possible for you to buy a home. I would have to look at your credit report to determine how much you can afforD i know i can help. call me today.I also do credit repair. I can evaluate your credit report and get you answer within 48 hrs.


Henderson Jones
347-995-8341
0 votes
Jack Menashe, Agent, Brooklyn, NY
Fri Jul 1, 2011
Start with a lender as Marge suggested. They will help you figure what you can afford. With a $55k income I would recommend a condo as that would probably be your most affordable option. Try to find something FHA approved.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Fri Jul 1, 2011
talk with a good lender who can give you guidance on what you need to do to improve your credit scores. They can also tell you what type of loan is available to you, how much home you can buy, etc. This way, when you start looking for a home, you will be ready to buy.
0 votes
Dale Davids, Agent, Saint Albans, NY
Fri Jul 1, 2011
Yes. You may want to pursue a LEASE TO OWN option. Its not that popular in NY but you can find an owner that may be interested. This could give you time to get your finances together. Call me if you want help with this
0 votes
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