we want to buy a home but our score was 587. we have a convine income of 55k. who will finance us?

Asked by Tony316, Wichita, KS Mon Sep 13, 2010

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Tricia Avila, Agent, Mulvane, KS
Mon Jun 13, 2011
my # is 305-3682 I do know a lender that works with that score
0 votes
Ed Simpson, Agent, Rogers, AR
Tue Sep 14, 2010
I work with clients consulting them on correcting their credit scores. Review your report and determine why the low score - either lack of credit, late payments, or debts that are in collections or charge offs. Take the required steps to pay off outstanding bad debts by arranging to make payments or pay off the balance. As for the lates, those will have to made on time for at least 3 months - after getting any deliquent debts paid off or back on payment schedule. If there are debt amounts too high to handle, settle the debt directly with the creditor but you will have to wait at least 60 to 90 days of non payment with them to settle. I feel you can get this score up but it requires you to acquire a copy of your credit report from the three major companies to begin the process.
Web Reference:  http://www.firstrealtors.com
0 votes
James Gordon…, Agent, Hamilton, OH
Tue Sep 14, 2010
Tony I just had a transaction fall through where the buyers had a 627 score, over 100k in income and a house that they owned free and clear. They were turned down FHA because a lot of lenders look for a 640 score even though FHA requires a 620. My understanding is once you get that FHA turn down if another lender decides to go ahead and lend the file gets an audit. Good luck it sounds like you have some credit score building to do.
0 votes
Dan Tabit, Agent, Issaquah, WA
Mon Sep 13, 2010
Tony,
In today's tougher credit world for mortgages you're going ot need to improve your score to at least 620, have at least 3.5% down payment and some cash reserves. You might look into a lease option where some of your rent would apply to the down payment and you could secure a current price.
You can look into your credit history to see if there are inaccuracies you can dispute and get removed, this would improve your score. You can do this yourself or there are companies who will assist for a fee.
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