If your credit isn't great, can you increase your deposit?

Asked by Shamekia Brown, Tue May 1, 2012

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Rich Homer, Agent, NAPLES, FL
Thu Oct 25, 2012
Best to engage a local Mortgage Broker right away by clicking "Find a Pro" in the green menu bar above. http://www.naplesrealestateguys.com/
0 votes
Interested , Agent, DE,
Tue May 1, 2012
I guess if you credit is not good means you are not paying your bills on time or paying them at all?
If, you have all this extra cash to increase deposit perhaps you should pay your undue bills... this will help bring your credit back inline.
Finally, consider seeing a credit counselor to learn how to budget your finances...
Unlike other real estate agents, I do believe you should not get yourself into buying a house and it turns out you cannot control your finances and hence you will lose your property... then of course you will lose your deposit money / equity you put into the purchase of your property.
kai
0 votes
credit being in a bad state does not always mean you dont pay your bills, sometimes its a matter of identity theft..
Flag Sun May 13, 2012
Katina Geral…, Agent, Wilmington, DE
Tue May 1, 2012
Shamekia,
There are many factors that play into getting pre-approved for a loan. Credit score is the most important factor. Depending on what your score is, cash on hand can certainly stregthen your financial picture. Delaware has many programs in place to assist first time buyers with a purchase and I work with many of the lenders that participate with these programs. It is best to discuss your particular situation with a loan officer. Please let me know if I can help? Thank you, 302-383-5412
0 votes
Dot Burton, Agent, Smyrna, DE
Tue May 1, 2012
Having funds available are a huge benefit when your credit is less than perfect but I have a excellent mortgage contact that can help you address areas of your credit by paying down your debt and processing a rapid re-score to higher your credit score. I have a few client right now that have benefited from this and they were only delay for 2-4 weeks before they could write and offer on a property. This service is free of charge because ultimately they want you to get a mortgage. For more information, please call me at 302 331-5335.
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