Ready to buy our first house low credit score and looking for a loan

Asked by Christwhite85, Tampa, FL Sun Jul 7, 2013

We make over 70k a year but made mistakes in our youth that put our score now to 580. Me and my wife are tired of apartments and hear all the time of getting home loans with less money and worse credit but we get the run around. We are first time home buyers and want a house ASAP just need a loan someone help

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12
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Jul 8, 2013
Good afternoon Christwhite85,

First steps:

Meet in person with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. The Mortgage Banker can review your credit and give you a clear estimate of where you stand on your credit today.

If your credit is less then outstanding here are some steps to help fix your credit:

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.
http://www.consumer-action.org/

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.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

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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1 vote
John Rogers, Agent, Davenport, FL
Mon Jul 8, 2013
Sounds like everyone wants to "lock you in"...

I would contact Eric Bastian at REMN...
They are located in Altamonte Springs and he works from home in Clermont.

They are mortgage brokers and can "shop" your needs to multiple lenders to get you the best deal.

Reach him at ebastian@REMN.com
1 vote
Scott Godzyk, Agent, Manchester, NH
Sun Jul 7, 2013
You should start by meeting with a local and trusted loan officer who can pre-qualify you and guide you to what you should do to be able to get a mortgage. Start by making sure you pay everything on time and get your balances down below 1/2 of your credit limit to get your score up. Avoid applying for new credit or closing any accounts.
1 vote
Abraham Bidh…, Agent, Orlando, FL
Tue Jul 9, 2013
Hi Chris:

I have a lender who offers free credit repair service. I had a client with a credit score below 550 and with his help she was able to bring up her credit to 648 within 30 days. Feel free to email me so I can send you his info s you can get started on your credit repair and be able to qualify for a loan.

Thank sand I look forward to hearing from you.

Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 142 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Website: http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
0 votes
Valentina Og…, Agent, Orlando, FL
Mon Jul 8, 2013
Hi Christlife85,

Thanks for posting to Trulia!
This is an exciting time for you and I want to make sure you guys get what you want and need!
I highly suggest taking a closer look at your credit report and trying to pay some of the debt that shows in there. I can also refer you to a mortgage broker that can take a closer look at your finances and determine what your mortgage options are. Please don't hesitate to reach out to me.

I look forward to hearing back from you soon!

Valentina Ogden
Coldwell Banker Residential RE
http://www.ValentinaRealEstate.com
0 votes
Velita Rolle…, Agent, Orlando, FL
Mon Jul 8, 2013
Hi

Your first step is to find a lender that will work with you to improve your credit score. These days, 580 will not get a mortgage. There are ways to improve your credit scores-but it will take time. I know a lender that will set you up on a path to improve your scores-no run around just the truth. They will follow up with you to ensure you are doing the necessary work to improve.

Contact me if you want the Lenders information.
0 votes
Keyla Cruz, , Orlando, FL
Mon Jul 8, 2013
Hi Christwhite85,

My recomendation is to review you credit and take a close look to those accounts that you can pay. If you have small accounts on collection like: phone bills, cable, power etc try to pay them or look for an agreement with the company.

Your credit score will determine which kind of loan you will have, for a 580 you can apply for an FHA with a 10% down. For more information please contact me at 407-846-2770.

Keyla Cruz
Chase NMLS 486181
https://www.chase.com/mortgage/loan-officer/loan-officer-det…
0 votes
allan erps,A…, Agent, Pearl River, NY
Mon Jul 8, 2013
My advice is to work on your credit first before buying a home. Might consider paying off some debt, making payments before the due date & if you can lift your score 50-100 points you will get a better rate as well.
0 votes
Melissa Gera…, Agent, Tonawanda, NY
Sun Jul 7, 2013
I know two lenders that may work with you. Please email me if you'd like their contact information. Melissa.m.gerace@gmail.com

Melissa Gerace
Premium Properties Real Estate
407-361-1694
0 votes
Karen Weathe…, Agent, Orlando, FL
Sun Jul 7, 2013
I know of a lender who used to offer mortgages to borrowers with credit scores in the low 500's. I don't know if they still do but can put you in touch with them and you can find out. Just send me your email address and I will forward the info over to you. Thanks and have a great week!
0 votes
Abraham Chal…, , Orlando, FL
Sun Jul 7, 2013
you must find a private lender!
With income for the last 12 month
0 votes
Kate Paris, Agent, Ocala, FL
Sun Jul 7, 2013
Hello,

I have someone who will give you a quick and honest evaluation. He does not give a run around, he gives solutions. Contact me at RealtorKateFL@gmail.com for his contact into.

Best wishes,
Kate Paris, Realtor
Charles Rutenberg Reality
0 votes
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