Please help! I want to buy a home but have a middle credit score of 568?

Asked by Kiara, Atlanta, GA Mon Jul 27, 2009

I want to go the FHA route. I have over ten years on the same job, and a very good income. Just past credit problems that have brought score down.

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16
Durham.kendra, Home Buyer, Dallas, TX
Tue May 16, 2017
LOWEST RATE VA or FHA LOANS!!! My Loan Is Your Loan has a direct lender who works with buyers down to a 550 fico score for FHA and VA purchase loans. 580 and above are the big scores if you only want to put 3.5 percent down, anything below 580 you will need 10% down to purchase. They do offer VA loans for veterans down to a 550 credit score with no down payment needed. A mortgage broker who works with your bank or lender will always have a better rate and I mean a half percent to .75% of a lower rate. Its like using a insurance broker to get you the best quote out of State Farm, Geico, and etc. They will be able to get you a lower policy cost per year and lower deposit. Buyers with excellent credit should check them out to see pricing from Quicken and Wells Fargo its a half percent lower closing a loan with them. You can call 214-797-3479 or go to http://www.myloanyourloan.com to see all conditions to apply.
1 vote
, ,
Thu Feb 23, 2017
GEORGIA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:

Purchase a GEORGIA home 12 months after a chapter 13 Bankruptcy
Purchase a GEORGIA 24 months after a chapter 7 Bankruptcy.
FHA will allow a FHA mortgage 3 years after a Foreclosure.
Minimum FICO credit score of 580 required for 96.5% financing.
Bad credit GEORGIA FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
No Credit Score GEORGIA mortgage loans & No Trade Line Florida FHA home loans.
http://www.fhamortgageprograms.com/georgia-fha-mortgage-lenders/
1 vote
Joel Miller, , Georgia
Wed Jun 9, 2010
I have a solution that may help. Call me or e-mail me foe the details.
0 votes
Jacqueline M…, Agent, Atlanta, GA
Sat Aug 1, 2009
Have you sat down with a Loan Officer to go over your credit report to show you in what areas you can improve your score? I deal with a lender who finance borrowers with a score below 620. The borrower must show a pattern of savings, have steady employment, preferably over five (5) years and the ability to pay her debt on time.
http://www.jsgwm.webs.com
0 votes
Kevin, , Texas City, TX
Fri Jul 31, 2009
best part for you will be to improve your credit score and should try to bring it above 600... And as you stated that you have a permanent job for the past 10 years and good income so it will be easy for you to qualify for FHA loan...
For further help you, I would recommend you to visit:
http://www.eaglenationwidemortgagetx.com/
0 votes
Bryan Furse, Agent, Atlanta, GA
Thu Jul 30, 2009
Kiara, I know a guy who specializes in your circumstances and might be able to help. In fact, I can point you to several good mortgage guys! The best part is, there's nothing in it for me, so you know it's straight up.

If you're interested, contact me at bryan.furse@metrobrokers.com
0 votes
Mark Laycock, , Alpharetta, GA
Tue Jul 28, 2009
This is a common problem, don't feel alone. What your situation requires is information, a plan, specific action, and probably some patience. It is fantastic that you know your credit score - most folks don't. The information you need to find out is how to improve your score the fastest and also what action will make your score improve the most points.

Here enters the Credit Doctor. Specific information so you will know what actions will add what exact number of points. Your immediate goal needs to get your score to a 600, right? You only need to add 32 points so you can qualify.

The Metro Brokers Financial Credit Doctor tool is designed to diagnose your credit health and in certain cases prescribe an individual plan of action that could potentially change your credit score, if followed properly. It provides you with credit score(s) and information about the credit scoring factors that are impacting your credit score(s).


The Credit Doctor assists home buyers who fit into one or all of these scenarios. It helps home buyers:

Examine potential – see how much room there is to improve your credit
Recommend action – see specific ways to achieve potential
Diagnose cause of credit – understand which accounts are hurting your credit and which accounts are helping your credit
Verify information – make sure information reported to the credit bureau is up-to-date and accurate


http://www.NorthMetroMLS.com/Credit_Doctor

You will be given the best plan to help you and if you stick with it, you will be in your new home sooner than you think. Good Luck! Feel free to contact me if you need any more help.

Mark Laycock
Metro Brokers/GMAC Real Estate
404.84..2500
http://www.NorthMetroMLS.com
Web Reference:  http://NorthMetroMLS.com
0 votes
Joel Miller, , Georgia
Mon Jul 27, 2009
Kiara - e-mail me at Joel.Miller@wscf.net. I may have a solution for you.
0 votes
Luke Allison, , Asheville, NC
Mon Jul 27, 2009
Kiara-
I would be more than happy to assist you in qualifying for a new home. At Bank of America Home Loans, we currently do not have a minimum credit score requirement to qualify an FHA purchase. I don't need you to do anything specific to qualify at this moment. Obviously if you want to go the credit repair route it could not hurt because a higher credit score is always a good thing. However, if you want to get an approval today, I can do that for you. Feel free to call me anytime if you would like to discuss it. Have a great day.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes
Stephanie Mc…, Agent, Canton, GA
Mon Jul 27, 2009
Call Dee Estrada at Academy Mortgage at 678-462-5223.

These days there is no easy answer to your questions or for that matter, for any potential buyer's ability to qualify. A good lender will look at all of your options and explain them to you so that you make an informed decision. Dee Estrada is one I have been working with for several years and if anyone can make it work for you, she can. Give her a call - she is very responsive to phone inquiries and there is no obligation but I think you'll find that she's honest and provides great guidance. A good lender/loan originator doesn't want you to fail - it goes against them and they become less of a commodity in the job market. Best of luck.
0 votes
, ,
Mon Jul 27, 2009
Kiara...here is the same answer I supplied to another buyer with the same question:
I would like to add a couple of things to the comments below....I represent Wells Fargo Home Mortgage and we can go down to a minimum 600 credit score as long as we get an automated approval through what others refer to as Desktop Underwriting. Now the tricky part is getting your score over 600. In my opinion, the term credit restoration is somewhat of a misnomer, because what you are trying to do is show potential creditors that you are responsble in handling your credit obligations. The only way you can really do that is by establishing a verifiable track record. So what you basically need to do is set up at least three credit references that report to the credit bureau, such as a car loan, Visa and or Mastercard. Then, you pay your car payment on time each month. You use the credit cards and pay the balance each month or try to keep the balance below 25 per cent of the oustanding line of credit. Over time, that will show you are responsble with credit and bring your credit scores up. In terms of previous blemishes on your credit, see if you can settle with any outstanding collections by negotiating for a payoff in writing. Finally, if there are any debts on your report that you dispute, there is a process in place for reporting these disputes to the three credit reporting agencies. They are required by law to investigate them and remove any that the creditor can not verify withing a certain time period. So, in a few words, the best way to establish good credit scores is to demonstrate that you are responsible in handling your obligations. That is something that does not happen overnight.....Good luck in your efforts...
0 votes
davidwbrower, , Woodstock, GA
Mon Jul 27, 2009
Kiara,

No matter how many times you ask the question, your are going to get the same answer. FHA has minimum credit score requirements now. If anyone has told you differently or doesn't know that then run fast.. they are not up to date. Talked to a lender if you want help. You are not going to be able to buy until your credit is improved and that is going to take two things: time and action. Talk to a lender to learn what actions you need to take and wait and be patient. Best of luck to you.
0 votes
Dawn Richard…, , 30092
Mon Jul 27, 2009
Most lenders require a middle score of 600 to 620. There may be one or two programs that will take less but we would have to search. I would advise you to keep paying your bills on time. As the balances on your accounts decrease and you make timely payments your score will rise. If you would like to talk with a lender or myself about getting on track to purchase a home you may contact me and we discuss your options.

Dawn Richardson
Keller Williams Realty
678.349.4728
Web Reference:  http://www.sellsatdawn.com
0 votes
Jodi Smith, , Marietta, GA
Mon Jul 27, 2009
Kiara,

I have worked with a lender who has helped some of my clients such as yourself with helping them to rebuild their credit. I would be more than happy to share his contact information with you if you are ready to get started in becoming a home owner!

Good Luck!

Jodi Smith, Realtor
Keller Williams Realty Consultants
678-763-6025
0 votes
Jen and Mark…, Agent, Holmes Beach, FL
Mon Jul 27, 2009
Kiara, I agree with Bill. you will need to bring up your credit score. That can be done by paying your bills on time, paying down outstanding credit, not applying for additional credit or having multiple credit inquiries. After that you will have a better chance of getting a loan at a reasonable rate. Best wishes!
Web Reference:  http://www.JenBowman.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Jul 27, 2009
Kiara,

Most will advise you to work to improve youe credit rating to the low to mid 600's to qualify for an FHA loan. Our recommendation is to consider meeting with a loan specialist to get their suggestions for imporving your rating ASAP to be able to take advantage of the "first time buyer" program.

Good luck
The Eckler Team
0 votes
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