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Mercedes : Real Estate Advice

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  • Home Buying5
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Activity 9
Wed Jul 19, 2017
Lucinda Perez asked:
Sun Dec 20, 2015
Randomemail1963 asked:
The listing in Trulia for 1653 East Expressway 83, Mercedes TX shows wrong location for directions and wrong assigned schools. It is deceiving in that schools shown are better than actual…
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Tue Nov 3, 2015
Yesenia_torres1980 asked:
Wed May 13, 2015
Sally Grenier answered:
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Thu May 2, 2013
answered:
Good evening rdc,

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.
http://www.consumer-action.org/

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.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

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!
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Thu May 2, 2013
Don Groff answered:
You really just need to sit down and talk to a couple lenders to see what your options are. There are many different options depending on the type of loan and down payment amount.


Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com
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Tue Apr 12, 2011
Bill Eckler answered:
The GED diploma is not based on credits...it's based on seat time and demonstrating competency through their examinations. GED programs are offered in a variety of locations. You local high school guidance department or community college admissions will be able to direct you.

Slick, you are headed in the right direction...follow up on this. You won't regret it!

Good luck,

Bill
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Fri Mar 18, 2011
answered:
Hi Steve,

You shouldn't have any problems at all qualifying for a VA loan with the best rates available in the market.

What type of loan did you have on the home that went into foreclosure? ... more
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