hello, I have moved back to the states after living overseas for almost 10 years, and have been back 1 year and 10 months

Asked by virgie555, Gatlinburg, TN Tue Sep 18, 2012

my ? is, I have bought a car with a cosigner, and was just issued a credit card..I am hoping to relocate either to Wilmington or Myrtle beach and buying either a condo or a fixer upper house..what are my chances with so little credit and what steps should I be taking now, I hope to move in 6/7 months?
thank you.

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, ,
Wed Sep 19, 2012
Hi virgie555,

Mortgage basics: 2 years consistent employment (did you file Federal tax returns while overseas?) and a credit history with at least 2 accounts open and active for 12-24 months and a minimum FICO credit score of 640 are what you'll need to qualify.

Here's what I recommend:

Meet 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.

Good luck!

Trevor Curran
NMLS #40140
0 votes
Dave Starling, , Wilmington, NC
Wed Sep 19, 2012
Hi Virgie,

You shouldn't have any issues in obtaining a mortgage as long as your credit score is above 620 and you have a clear rental history. You will want to speak with a Mortgage professional to get pre-approved before you start your home search. Your lender will pre-approve you up to a certain price range, this will save you and your realtor time and money. You wouldn't want to look at properties that you might not qualify for.

Try not to allow to many credit inquires over the next 6 months, to many inquiries can have a negative effect on your credit score.

If I can be of assistance in any way please do not hesitate to give me a call or email me directly. My cell number is 910-620-3210 and I am even available on weekends.

PS I can also help you in your search for a realtor as I have been in the mortgage business for over 15 years and have lived here in Wilmington for 25 years.



Dave Starling
On Q Financial
Your Home Purchase Experts
Creating Lifelong Clients
0 votes
LaDee Piner, Agent, Wilmington, NC
Tue Sep 18, 2012
The first thing you should do is talk to a Mortgage loan officer and find out if the co-signer is going to be a problem. If so, he can tell you what you need to do to fix the problem. He will also do a pre-qualification for a loan for you to let you know if you would qualify for a loan or not. Two excellent company's here in Wilmington are Alpha Mortgage 1-800-457-0714 and Platinum Home Mortgage Corp. 910-679-4539.
0 votes
thank you so much!!
Flag Tue Sep 18, 2012
Jeff Lesley, Agent, Wilmington, NC
Tue Sep 18, 2012
Welcome back! Based on that that scenario you should be fine at either location. I would recommend Wilmington, but I may be a bit biased...

As you know building the credit is step one, as long as you have no bad debt in your past then building to the credit score that you need will easily happen in 1/2 that time, your goal will be to get 2 of 3 credit scores above a 640 but if you get close there are options.

The other step that you will need to focus on is your debt to income ratio. If you have just the car (hopefully not a Ferrari car payment) and you control your spending habits with the credit card then you just need to make sure that you have the right income ratios to offset the debt.

Keep in mind that a major job change as you move could be problematic. Most lenders want 2 years of job history from the same employer or industry so please weigh that into your decision. It sounds like you will have both 2011 and 2012 tax returns at that point to use, correct?

I just helped some buyers purchase a house with a similar scenario of time back in the US, they have been happily in their new Wilmington home for about 2 months now. Feel free to let me know if you have any questions and I can connect with you the right lenders & programs. Then the easy part is finding the right home...Best of luck no matter where you end up!


Jeff Lesley
Century 21 Sweyer & Associates
910-297-7071 (call or text)
0 votes
Jean Berberi…, Agent, Carolina Beach, NC
Tue Sep 18, 2012
Hi Virgie,

I agree with everyone about getting in touch with a Mortgage Broker. I highly reccomend Katherin Jennings of Alpha Mortgage. Her number is 910-202-3703. Where did you live overseas? My husband and I lived overseas for 10 years. Middle East, Africa, and London. Loved every minute of it.

I would love to assist you with relocating to Wilmington or Myrtle Beach. I can be reached at 910-547-0044 or emailed at jeanberberian@seacoastadvantage.com.


Jean Berberian
0 votes
Chris Hoskins, Agent, Carolina Beach, NC
Tue Sep 18, 2012
I'll have to agree with Shannon and Jane on the first step. Starting with a great mortgage person such as Wendy Mitchell or Chris Hutchens is the right move towards knowing exactly what your purchasing power is. From that basis you can form your search criteria for finding a new home. Good luck and feel free to call text or email me directly with any questions or concerns.

Thanks - Chris
0 votes
Shannon Lee, Agent, Wilmington, NC
Tue Sep 18, 2012

First of all welcome back! and good question...

I would recommend speaking with someone in lending such as Chris Hutchens at Alpha Mortgage (chris.hutchens@alphamortgage.com to get your finances in order to allow you to get a pre-approval letter. This is needed to submit any offer be it Wilmington, NC or Myrtle Beach, SC. He will be able to give you some advice as to ways to build credit quickly so you will be able to make a purchase.

I will be happy to email you some listings that fit your criteria for Wilmington, NC. I am happy to speak with you about it. shannonlee@seacoastrealty.com or 910-512-5399


Shannon Lee, Broker/REALTOR
Coldwell Banker Sea Coast Advantage
0 votes
Jane Dodd, Agent, Wilmington, NC
Tue Sep 18, 2012
My recommendation would speak to a qualified professiona mortgage lender in that area. They can review your financial and credit situation and offer options that would be best for you. I would highly recommend Wendy Mitchell of Cunningham Mortgage Wilmington, NC Wendy may be reached at 910-313-0046 800-948-4491 wendym@cunninghammortgage.com.

I would be delighted to offer my professsional services for your home search.

Jane Dodd
Intracoastal Realty
0 votes
, ,
Tue Sep 18, 2012
As long as those items reporting to the Bureaus are paid on time your credit score should be fine.

What kind of income do you have in order to pay back a loan? Any lender will want to verify the likelihood of its continuance for at least 3 yrs.
0 votes
Virgie, if you are interested in purchasing in NC, I'd be happy to assist you. If you'd prefer, you can call me or apply online. Either way, get in touch with a loan officer like myself if you want to get pre-approved. THe extra effort you take now in getting 'educated' on the process will make things go smoother in the future.

Flag Tue Sep 18, 2012
I pay everything on time, because I have it automatically deducted. also, my the time I am ready to move and hopefully buy I will have been at my job for over two years..and I am not looking for anything over say 35 to 40,000. that would be my limit to start as I dint think I could get a loan for anything more..my car was 26,000
Flag Tue Sep 18, 2012
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