Going through a divorce and moving to rental house with credit score of 527. Is it possible to rental house?

Asked by donnamarie2001, San Antonio, CO Tue Oct 2, 2012

If I also wanted to get a house, is any possible financing to get into a house with a score of 527?

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9
Lacy Padilla, Agent, San Antonio, TX
Thu Oct 11, 2012
Donna,
I know a lender that has a Credit Improvement Action Plan that is free of charge. He only asks that when your credit score is where it needs to be then you will use him as your lender. It seems that this might be up your alley. It's a very simple process: He just gets some background information on you and determines what needs to be done to get your credit score higher and gives you a date determining when that will be. If this sounds like something you might be interested in please give me a call! My number is (210) 201 2799. I look forward to hearing from you!
0 votes
Sylvia Juras…, Agent, San Antonio, TX
Wed Oct 3, 2012
For rentals the criteria is they will do a background ck, credit ck (600 and above), rental history and employment verification. If you have a credit below 600 in most cases the will require a double deposit.
You will just have to look for the management companies that will allow your credit score.. I am so sorry for the divorce ... please call me I can help.
Syl
Premier Realty Group.
210 275 9597
0 votes
Jason Campbe…, Agent, San Antonio, TX
Wed Oct 3, 2012
I have an amazing credit clean company that can help you whip that into shape better than any other... and they are cheap! Getting you up to a 620 score should not be very hard. :)

shoot me a text, e-mail, or give me a call... I'll get you set up!

Jason C Campbell
Option One Real Estate
210-389-5266
.
http://www.SAHomeExpert.com
0 votes
Doc & Ellen…, Agent, San Antonio, TX
Wed Oct 3, 2012
Hi, Donna Marie,

Be careful of ads promising loans to people who have poor credit. The market is FULL of predators looking for another sucker. With very few exceptions, it takes a score of 640 to buy a home with a conforming loan. There are a few exceptions, and you should work with a lender with a reputation for high quality to find out what those exceptions are. that same lender can also help you do the things that will improve your score and avoid those things which 'internet experts' tell you to do which actually can harm your score.

There is a place for Seller Financing, but again, if the home is priced too high, when it comes time to re-finance to pay off the Seller note, the home may not appraise. That's a big trap that many don't see coming. Unless you have an agent on your side who can help you to navigate the Shark-infested waters of low credit financing, you may wind up worse off than you started.

Good luck.

Doc Stephens, REALTOR
0 votes
Alan May, Agent, Evanston, IL
Wed Oct 3, 2012
If the cause for your low score is due to the divorce, it's possible if you find an independent landlord (an individual who owns a property or two, vs. a corporation who owns a large building full of rentals)... that you could explain your tale of woe, and they might take pity on you and accept you.

Landlords use your credit score to indicate how seriously you take your debts and obligations... and a 527 is a strong indicator that you haven't been paying your bills in a timely fashion.

It's not impossible, but it's going to take a fair amount of work to find someone willing to take on your credit score.
0 votes
Marty Shields, Agent, San Antonio, TX
Wed Oct 3, 2012
There is no traditional financing for credit score that low. 620 or higher is the goal. I do have a credit repair compant that is also a mortgage company. They do not charge you a hugh fee as long as you do your loan with them once they fix your credit. If you do what they ask you to do they have a 90 day turn around.
0 votes
Jose Novelo, Agent, San Antonio, TX
Wed Oct 3, 2012
What area are you interested? How many bedrooms?
Let me know.
Thanks
0 votes
Ron Chartier, Agent, San Antonio, TX
Wed Oct 3, 2012
Anything is possible. You may be able to do something to boost your chances. Takes a 5 minute conversation to figure this out. Call or email ronchartier@MSN.com 210-837-7378
0 votes
Ron Chartier, Agent, San Antonio, TX
Wed Oct 3, 2012
Anything is possible. You may be able to do something to boost your chances. Takes a 5 minute conversation to figure this out. Call or email ronchartier@MSN.com 210-837-7378
0 votes
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