looking for a home but my credit is in the process of being rebuilit its around 580. would i qualify?

Asked by Shaqueta, Chicago, IL Fri Dec 26, 2008

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This question is about this property: http://www.trulia.com/foreclosure/2003271290--Drexel-Ave-Dol…

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3
Jake Johnson, , Melville, NY
Tue Apr 21, 2009
hello,

Our company can do purchase loans down to 531 credit scores. We are one, if not the only, banks that are doing these loans at these scores through the FHA. If you have 3.5% to put down on the property and three types of proof that you have credibility in paying back your debt we may be able to help. My office number is 888-536-3001, ext. 1540 and my email is jjohnson@lendamerica.com. My name is Jake Johnson. Good Luck!
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Lisa Schade, Agent, Libertyville, IL
Fri Dec 26, 2008
HI Shaqueta-
Loan programs are changing all the time. What was fact yesterday, may not be fact today. Because we are in a changing market all the time, it is best for you to sit down with a loan officer and have them look at the circumstances surrounding your credit score and or the rebuilding of it.

I have an excellent Loan officer, actually a couple of them, that would be more than willing to work with you and help you to qualify. Or show you EXACTLY what needs to be done to help you increase your score. So that you can qualify, if not for this one, than one in the near future.

This particular home is an REO property. A bank owned property. A little bit more tricky to qualify for and extremely time instensive. We are looking at 12-18 months in some situations to close.

By then, you could fix your score and possibly find yourself a home that is move in ready.

If you'd like to discuss this further, please feel free to contact me directly.
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Dallas Texas, Agent, Dallas, TN
Fri Dec 26, 2008
I owned a credit repair company for 10 years lectured to 1000's. More than likely no 580 only a mortgage broker who can review your entire file would be able to determine if you can qualify.

Most credit repair takes approx. 60 -90 days contact firm who is handling this for you determine a estimate date feel comfortable , speak with mortgage broker. 580 credit score could be a higher interest rate than perhaps waiting scores increase your interest rate would be less, including a downpayment.
Web Reference:  http://www.lynn911.com
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