Hi Everyone, I am in the Northern Virginia area and I have just placed a contract on a home in Stafford Va, I have a 587 credit score right now. I

Asked by Kmt2258, 22191 Sat Nov 16, 2013

just paid off a repo from 2010 in which I was a cosigner so this should boost my score 25 points and I have paid down 3 credit cards (not large balances) to about $50. By doing this I should be at about a 631. I also had only two collections on my report which I paid them both and they sent me a letter stating they were going to remove the collection! Well as you know cash is getting short at this point and I really want this particular house. Is there any down payment assistance out there? I'm not sure that I would qualify for a VHDA because of the repo and I had a few 90 day lates back from 08-10, from student loans. My DTI is 46%. Can anyone please help?? I am set to close on this house 5 days before Christmas!

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Randall Yates, Other Pro, Dallas, TX
Sat Nov 16, 2013
I work with several lenders that can do loans down to a 580 credit score nationwide. Check out our site or email me, you will need to get the ball rolling ASAP as these loans are more difficult and have more overlays but it's certainly possible.
1 vote
Dwayne Moyers, Agent, Woodbridge, VA
Sat Nov 16, 2013
Your agent and lender can easily answer these questions.
Web Reference:  http://www.TheMoyersTeam.com
1 vote
Jackiejfortu…, Home Buyer, Woodbridge, VA
Wed Oct 22, 2014
The absolutely best person to ask is the lender and the sooner the better. The credit bureaus are super slow to respond.
0 votes
Kmt2258, , 22191
Sun Nov 17, 2013
When I placed my offer I had a 620. My score changed when I went on vacay and used my credit cards.
0 votes
Britt Bell, Agent, Occoquan, VA
Sat Nov 16, 2013
Your lender should have given you a prequal before an agent would have placed an offer??? Did your info you given to the lender change?

In any case, you need to contact your agent and foremost your lender!
0 votes
Terri Vellios, Agent, Campbell, CA
Sat Nov 16, 2013
You will need t talk with your lender. Even though you gave us a good amount of details only your lender knows the specifics of your situation and what their lending terms are. I California all buyers are pre approved through a lender prior to writing an offer so I'm not sure how things work in your state.
0 votes
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