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Credit Score in Sacramento : Real Estate Advice

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  • Local Info160
  • Home Buying660
  • Home Selling79
  • Market Conditions82

Activity 10
Randall Ortiz, Real Estate Pro in Sacramento, CA
Fri Dec 9, 2016
Randall Ortiz answered:
It sounds like you wouldn't have any issues getting pre approved. Of course I would need more details, but that credit score would work. Contact me if you still need help getting pre approved for a loan. ... more
0 votes 11 answers Share Flag
Atxaviermar…, Real Estate Pro in New York, NY
Fri Dec 9, 2016
Atxaviermartin answered:
Derek Jones, Real Estate Pro in Fair Oaks, CA
Tue Dec 6, 2016
Derek Jones answered:
Look into properties listed by owner, as they may not do a credit check. Most prop management companies will run your credit.
0 votes 1 answer Share Flag
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
Mon Sep 12, 2016
Sheryl Arndt answered:
Hello Sonia, yes you may qualify for FHA from a minimum 500 fico score. Traditionally FHA requires 10% down with fico scores between 500-579 and 3.5% from a minimum 580 fico score up to 417k. Conventional financing requires a minimum 620 fico score to consider the 3% down or 5% down with no MI, (Lender paid MI) or up to 20% down with NO MI.

You may consider the 3%-5% Sapphire Grant Down Payment assistance program which can cover your down payment and closing costs which you can close with minimal out of pocket expenses from a minimum 620 fico score up to 417k.

You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score. If your fico score is lower then your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

These are full documented loans so you will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
1 vote 40 answers Share Flag
Jackie, Other/Just Looking in Seattle, WA
Tue Jul 12, 2016
Jackie answered:
This article goes into more details - http://practicallist.com/real-estate-short-sale with fico and fannie mae data and documents you can download to use as a check off list when doing a short sale.

Most will be hit with 30 - 90 day late payment hit plus a short sale hit. Could be upto 300 points (thats as much as a foreclosure) Some seller get away with only 100 points which can be restored in about 2 - 3 years. For most people its one of the best options if their under water.
... more
2 votes 18 answers Share Flag
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
Thu May 12, 2016
Sheryl Arndt answered:
Hello Kayla, yes you may qualify for FHA with NO FICO scores. Your utility, car insurance, daycare, rental history, etc. can be looked at.

Your qualifications will also be determined by your credit profile, debt to income ratios, loan program and how much you want to invest into the down payment and closing costs.

You will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt
... more
0 votes 5 answers Share Flag
Brian.young, Home Buyer in Rockford, IL
Mon Dec 28, 2015
Brian.young answered:
Licensned in 43 states not just CA, I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans. The best part is unlike lendingnetwork we keep your info private not broker it out. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
NMLS# 902687
... more
0 votes 4 answers Share Flag
Brian.young, Home Buyer in Rockford, IL
Mon Dec 28, 2015
Brian.young answered:
Licensned in 43 states not just CA, I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans. The best part is unlike lendingnetwork we keep your info private not broker it out. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
NMLS# 902687
... more
0 votes 1 answer Share Flag
Cindy Davis, Real Estate Pro in San Diego, CA
Mon May 26, 2014
Cindy Davis answered:
Absolutely. The secret to improving your score is simple. Pay off those debts, one by one. I would pick the lowest amount of debt and pay it off, then the next, and so on. Try to see if the collectors will knock down some of the late fees.

Wishing you the best of luck. Unfortunately there is no magic formula. It's just the nitty gritty of paying back what you owe.
... more
0 votes 1 answer Share Flag
Scott Ellwood,  in Solana Beach, CA
Tue Jun 5, 2012
Scott Ellwood answered:
Hi Pueyoadrian,
You can buy a home after one year of good credit rating on at least 3 accounts. 4 or 5 would be better. But don't over extend yourself. You can open up a few credit cards, even if you have to set up secured cards where you deposit money in an account up front to back it. If you're a student you should be able to get a student card or two from whomever you have bank accounts with without a security deposit. The trick is to use them a bit, but pay them off every month. If possible open up an installment account or two, maybe for merchandise where there are no payments for 6 months and maybe you can pay it off by then or shortly after. Or if you buy a car, buy something very conservative with a low payment that you can pay off, or at least pay down to less than 10 months payments remaining, buy the time you plan to qualify for a mortgage.
You also need two years of solid employment, and a down payment of at least 3.5% unless you are a vet or you and the property qualify for some of the special community programs that offer grants, or silent seconds. If you want, give me a call or an email and I can answer questions for you or guide you down that road to homeownership. Either way, good luck.
... more
0 votes 8 answers Share Flag
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