i need financing with 603 credit score, make hella good money oilfield in nd, but not so good credit, any suggestions

Asked by stucolemr, Watford City, ND Tue Aug 21, 2012

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ryateslenders’ answer
ryateslenders, Agent, Plano, TX
Sun Sep 1, 2013
I know of a few lenders that can approve a loan with a 580 credit score. If you make great money that is a great compensating factor for underwriting. If you want some help finding the right lender check out our site or email me.
1 vote
Ryan Hukill, Agent, Oklahoma City, OK
Tue Aug 21, 2012
My suggestion would be to apply that money toward paying off debts. That will bring your score up, as most all lenders are going to require at least a 620 FICO. Good luck.
1 vote
Michael Clut…, , Oklahoma City, OK
Thu Aug 22, 2013
There are many ways to improve your credit score. I would like to help you figure out which way is best for you. Please call me @ 405 595 1764
0 votes
Dawn Reuter, Home Buyer, White City, Tulsa, OK
Sun Aug 18, 2013
Your post flagged for home buying in Oklahoma City if you are I can help give me a call.

Dawn Reuter
Reuter Realty
0 votes
, ,
Wed Jul 17, 2013
Good afternoon stucolemr,

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Jessica Bate…, Agent, Beverly Hills, CA
Tue Jul 16, 2013
yes. FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
0 votes
Julie Barnett, Agent, Lebanon, IN
Wed Aug 29, 2012
Here's what I suggest:

1) Have a really big down payment (AT LEAST 20% of the home value).

2) Look for a property that is inexpensive AND put a really big down payment on it.

3) Continually work on repairing your credit score, but that does take time. Go to the FICO site and input your information in the area where it gives you advice on what you can do to bring up your score. Credit scores are affected by several things. On the FICO site, it will show a distribution of how your credit score is come up with. A very large part of your score is your debt ratio. How much credit you been approved for and how much are you using of that approved credit. If you have charge cards charged to the limit and no real available credit, that is not good. That is something you need to take care of. If this is your problem, pay your credit cards down as much and as quickly as possible. Another problem with your score could be late payments. You need to make sure that you don't make any of your payments late (especially mortgage or rent payments) and if this is your problem, then it takes usually a year (if it's not a mortgage payment, it could be 6 months) before your FICO improves from this.

Check out Suze Orman or Dave Ramsey and consider the advice they give concerning your credit and your credit score. It could be that you are going to have to tough it out for a while and get your credit up. With the money you're making, you could live frugally for a while and you should be able to do what is needed to improve your credit score.

The only other thing I can think of is to look for a 'rent to buy' or 'buy on contract' selling situation. You might be able to pull it off that way, but make sure that you are keeping within your financial means, or you will end up not having a home at all and having a much worse score than 603.
0 votes
Bob, Home Buyer, Oklahoma City, OK
Wed Aug 29, 2012
Hi Guys

I need to buy a house at least 3 bed rooms 2 baths my credit score sucks 596 was 610 , 2 weeks ago but I have $30.000 cash down .

Anyone can help let me know asap.
0 votes
stucolemr, Home Buyer, Watford City, ND
Wed Aug 22, 2012
thx guys for all youresponmses and i will start calling my next scheduled time off, thx again
0 votes
Wells Bridge…, Agent, OKC, OK
Wed Aug 22, 2012
I may know someone who can help you. It may require a larger down payment, but in some cases they can accept a credit score as low as 580.

Nancy Miller
Schmidt Mortgage

I hope this helps. Give me a call if she gets you pre-approved and I'll help you find a home.

Best of luck...

Bridgett Wells
Keller Williams Realty
0 votes
Josh Barnett, Agent, Chandler, OK
Wed Aug 22, 2012
Call Terri Cowger at 405-620-6555 or email her at TCowger@Primeres.com, she is a local lender that will be able to help you possible options right now. If there is something out there for you, she will know about it and she will be able to tell you exactly what is needed to get you where you want to be.

Tell her Josh sent you.

Hope this helps,

Josh Barnett, Realtor
Web Reference:  http://www.1ListingFee.com
0 votes
Ryan Hukill, Agent, Oklahoma City, OK
Tue Aug 21, 2012
Unfortunately, no. I've tried them all :) It definitely helps to get some guidance though, from those who know more than I.

If you need help evaluating what should be paid off first, to help you get in position to buy a home, I can refer you to a great mortgage advisor who would be happy to help you with that. Feel free to email me at ryan@showmeokc.com and I'll send you her name.
0 votes
stucolemr, Home Buyer, Watford City, ND
Tue Aug 21, 2012
i expect your right, pay off that debt...thats what i've been doing...there are no shortcuts in this life thx
0 votes
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