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Credit Score in New Jersey : Real Estate Advice

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  • Local Info90
  • Home Buying1K
  • Home Selling172
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Activity 38
Thu Jul 13, 2017
Info.jaafarlending asked:
Fri Jul 7, 2017
Kellylorena22 asked:
Fri Apr 7, 2017
Eric W Vander Werff answered:
Hi, I help Veteran families all across the country with home loans down to a 580 middle score. Feel free to reach out if you would like to discuss your particular situation.
0 votes 2 answers Share Flag
Sat Jan 14, 2017
Josephpmasini answered:
Well yes, your credit report will suffer, however you can do a loan modification to your mortgage to make it affordable. There several other avenues that you can use to sat in your home and try to work out a deal with the lender. ... more
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Thu Dec 15, 2016
Maureen Pshybyshefski Fraszczak asked:
Sat Sep 10, 2016
USMortgageRanger answered:
Hi Dave,

Its over a year ago on the last late, nothing to worry about its a standard Fannie requirement to make sure that this is not an on going issue. Good Luck and quickly upload it into your Loan tracker. ... more
0 votes 1 answer Share Flag
Fri Jul 15, 2016
Scott asked:
I paid $4,500 a month in rent and bills but my credit score is not based upon this. It is based upon what I did a long time ago why is that fair why is that the way the law is it's…
0 votes 0 Answers Share Flag
Thu May 19, 2016
Valerie Sanchez asked:
My credit is destroyed but I want to fix it ASAP in order to buy a house. How or who can I go to for help with this?
0 votes 0 Answers Share Flag
Mon Feb 15, 2016
Ischwartz142 asked:
I have 5 hard inquiries in the past 6 Months, will it have an impact on the mortgage rate? is it worth to hire a credit repair company to remove (some of) them?
Thank you!
0 votes 0 Answers Share Flag
Sat Oct 10, 2015
thinz answered:
Yes there is a way...the biggest obstacle for most folks is their own commitment to staying on course with improving their credit vs going back to past spending habits that got you into trouble.
FICO is a predictive score based on your past credit history that helps creditors understand how good a credit risk you would be. Low score/high risk 300 to high score low/risk 850. A good score would be 700 or higher....although credit could be extended with a score below 700. Where is your FICO currently? That will determine how aggressive to be with your credit restoration... If you want specific steps to try to take email me direct at thinz and put CREDIT HELP in the subject line. Tom Hinz
... more
0 votes 2 answers Share Flag
Sun Sep 27, 2015
Megan Miller answered:
If your score is 580 or higher you will probably need an FHA loan, or VA. Try The Lenders Network, they have lenders that go down to a 580 score for both. Good luck!
2 votes 23 answers Share Flag
Thu Apr 30, 2015
thinz answered:
Absolutely...just may need to change the terms for deposit to make the rental worthwhile for the landlord. Also, having poor credit can mean different things for different people. What is your FICO score? Some folks think have a 650 score is bad credit when they are used to the 800's...
As a landlord., it would help to understand more the issues that affected the credit score after running the report. If a short sale or bankruptcy for example, and there is good income, welcome to the world than many folks who never expected to be in - are! You could be an ideal tenant for a rental.
Or maybe not...

Tom Hinz
... more
0 votes 1 answer Share Flag
Fri Mar 6, 2015
Christa Mcsorley asked:
This question was asked from this property:
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Wed Apr 9, 2014
Paul Marzolla answered:

With a 660 FICO the doors are open to just about every mortgage product out there; at least with the lenders I work with. While the score will not directly impact approval, it will play a role regarding interest rate / pricing. Depending on other aspects, such as income & monthly debt, it could affect the buyers Debt-to-Income (DTI) ratio which in turn could have an affect qualification.

I review many credit reports on a daily basis and can tell you, from experience, the score only tells half the story. I find that the content within the report is of far greater importance especially when the file enters underwriting. A single overlooked aspect can create massive delays, even denial, which is why it's imperative to choose a mortgage professional who thoroughly understands ALL underwriting guidelines and knows what their doing.

If you'd like to run a specific scenario by me please don't hesitate contacting me directly at (201) 957-6768 or via email; whichever is easiest. I'm here to help.

Kind regards,

Paul F. Marzolla
Sr. Mortgage Consultant

(201) 957-6768
... more
0 votes 4 answers Share Flag
Mon Mar 10, 2014
Paul Marzolla answered:
Minimum credit score for mortgage financing is currently 580. If you have a 620 or higher it opens the door to the most options, but a 580 will be sufficient; at least with the lenders I work with. It's also equally important to understand what influences your credit score because underwriting will look at the contents. With so many underwriting guidelines it's very important to choose to work with a mortgage professional who knows his/her stuff, such as myself.

Being that this is your first time buying a home I'm sure you have questions, all which I'd be more than happy to answer. I encourage you to contact me directly so you can ensure you receive sound advice and gain a better understanding of what to expect from now until closing.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
... more
0 votes 5 answers Share Flag
Mon Feb 17, 2014
Josh Barnett answered:
Discuss with your local bank's loan officer, complete their application and they will be able to provide an answer directly from the source of funds.
0 votes 2 answers Share Flag
Fri Feb 14, 2014
Marsha Bowen Washington answered:
Another way to assist your credit score is to obtain a secured credit card. This is a major credit card like a Visa or Mastercard which requires a secured bank deposit to use it. You can use it to pay for items and then make sure you pay them on time each month. Your on time payments will help to bring up your score. In this current environment, mortgage lenders are very conservative so your score and debt load will impact your credit worthiness to get a mortgage.

... more
1 vote 9 answers Share Flag
Wed Jan 8, 2014
Toni Sadiq-Lexton answered:
Hello Michele,

I have three landlords who work with tenants that have poor credit. Instead they look at work and rental history. Contact me when you are ready to move.

856-343-8034 ... more
0 votes 3 answers Share Flag
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