credit score 450 have a mortgage want to sell and buy another house

Asked by Valerie, Raleigh, NC Wed Apr 15, 2009

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Sheri Moritz, Agent, Raleigh, NC
Wed Apr 15, 2009

What kind of a down payment would you have for another house and what price range are you looking to buy in? You will have a very hard time getting another mortgage with a current 450.
1 vote
Mike Jaquish, Agent, Cary, NC
Wed Apr 15, 2009

Your credit score will not prevent you from selling, of course.

What steps are you taking to raise your score to allow you to buy?
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1 vote
Mikel DeFran…, Agent, Canton, MA
Sat Dec 31, 2011
Hi Valerie,

Buying would be virtually impossible without a far higher credit score, barring unconventional, seller or hard money financing. Why are you looking to sell/move? Is it something that can be accomplished in your current home?
0 votes
Thomas Bohlm…, Agent, Rolesville, NC
Sat Dec 31, 2011

the North Carolina Housing Fiance Agency may be able to help you.

For the most part a credit score of 640 would be needed to buy a home. There are A few lenders that will go lower depending on your circumstances.

Good Luck
Tom Bohlmann
Allen Tate
0 votes
Melissa Albe…, Agent, Wake Forest, NC
Thu Apr 16, 2009
Hello Valerie,

Here's a link for some tips to help increase your credit score prior to applying for a new mortgage.…
Please let me know if I can be of any assitance.

Thanks and have a blessed evening.
0 votes
Wendy Norman, , Raleigh, NC
Wed Apr 15, 2009
Hi Valerie...

Generally, you would have a hard time purchasing a home (unless you had a LOT of money to put down from the sale of your current home). It's tough to get a loan these days with a credit score below 620...and the lower your score, the higher your interest rate may be due to tiered pricing indexes. Scores above 720 are very favorable for mortgages and typical financing options. An FHA loan could be an option (depending on the price of the home...there is a limit in Wake Co. for FHA loans) and it requires only 3.5% down...but again, with credit scores below 620, you'd have a hard time securing financing. If it is indeed time for you to sell and move on, you may want to consider the possibility of renting for a while to improve your credit history.

Another thing to consider is that technically, all agents represent the sellers of real estate unless you've reached an agency agreement otherwise (buyer's agency, dual agency, seller's agent working with a buyer, etc.), so to protect your interests as a buyer, you probably would want to keep personal/financial info. that's confidential undisclosed, otherwise without having a type of agency relationship, we can legally share that info w/ the person you'd want to purchase a home from. Here's a link to give you some more info about the types of agency relationships that are available in NC…

You can also consider speaking to a credit repair company (but not the sometimes cheesy ones you often see on TV). If you need the names of lenders who can point you in the right direction about how to repair your credit, I have several names that I can provide for you. Feel free to shoot me an email if you have further questions...if I don't know how to answer them, I'll at least put you in touch with some folks who can.

Have a great evening!

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