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Credit Score in Tennessee : Real Estate Advice

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  • Home Buying110
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Activity 24
Sat Feb 25, 2017
Casenikki13 answered:
From everything I've read, if it's anything serious, it will show up on your credit report. If you are like me, where I want to know if I owe any money from damages (stupid dogs) without actually asking them, I'm checking and will let you know if I find anything.
There's quite a few that charge between $20-$30, I just don't now about free.
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Thu Feb 9, 2017
Steeder.ms asked:
My husband's score has been about a 685 for months. Of course right when the mortgage people pulled our credit, a medical bill we had forgotten to pay showed up in collections on his…
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Fri Dec 16, 2016
John Burke answered:
Hi William,

It depends on the lender & the loan program.
For example:

I can do FHA & VA loans down to a 580 score but on USDA & conventional loans, I need a 620 or better.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
jburke@gpbankTX.net
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
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Fri Dec 16, 2016
John Burke answered:
Hi Mlawson131,

I can FHA & VA loans down to a 580 score but your score is just one small piece of the puzzle when you're talking about getting approved for a mortgage.

How is the recent payment history on your current mortgage, say the last 12 - 24 months?

If you have multiple late payments on the mortgage, you'll have a tough time getting approved, regardless of what your credit score is.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
jburke@gpbankTX.net
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
... more
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Thu Aug 25, 2016
Fjrsormie asked:
If I have bad credit can I be willing to get the house is want??
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Mon Jun 13, 2016
Tyeshalia answered:
The credit requirements for USDA rural development loans are highly flexible. While the USDA official guidelines state no particular credit score requirement, the lenders actually underwriting a rural home loan may ask for a credit score above 600. You should contact a USDA approved lender in your area to understand their required credit qualifications.
Web Reference: http://USDALenders.org
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Sat Feb 20, 2016
Invstnlfp answered:
I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans in 47 states. For VA home loans it's NO down payment. 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
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Thu Jan 28, 2016
Scott Godzyk answered:
If they are yours, you can not. They stay 7 to 10 years. If they are not yours, you need to dispute them with the credit bureau
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Wed Jun 4, 2014
Becky Ramos answered:
I cannot speak for everybody but to be quite honest, it is hard to find good homes for people that have great credit at your numbers. The average rental is running around $1000 and higher. Having a low credit score creates a large risk for banks or home owners because there is a good possibility of a future default. All that said nothing is impossible, My simple advice would be to seek financial advice from a lender. Lenders can help you focus on what you can do to positively affect your score. One more thing, unless a person was born into money we have and will have financial episodes in our lives, the real difference is how we respond. Your quest to get advice is a tremendous start. I wish a great tomorrow. ... more
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Fri Apr 18, 2014
Brian Nguyen answered:
When a potential borrower like yourself does not have sufficient credit, there are some lenders that are able to use other credit methods. There are non-traditional credit methods that can be used to help you obtain a loan. This would include looking at things such as utility bills, car payments, rental payments, student loans, phone bills, etc. Lenders can look at these bills and loans instead since you do not have credit. This can be a route you can possible take depending on your finances. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
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Sat Dec 28, 2013
Mary Littleton answered:
I can lend money with a credit score as low as 600 for VA and FHA loans and conventional loans as low as 620. Certainly, the higher your credit score, the more loan options you have - and at better pricing! Call me today for a FREE, no obligation credit report from ALL THREE credit bureaus. The report is yours to keep, and I'll even throw in a FREE credit analysis. ... more
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Thu Nov 29, 2012
Shae Williams answered:
If I have a terrible credit score can I still buy a house?
0 votes 8 answers Share Flag
Sat Jun 30, 2012
Don Tepper answered:
Check with a good loan officer or mortgage broker. There's a wide range of "bad credit"--from borderline to truly rotten. And it might surprise you, but you very like have some credit score. Most everyone does. So you really need to know where you stand.

If you can't get conventional financing, there's also the possibility of owner financing.

Hope that helps.
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Tue Jun 26, 2012
April Mcardle answered:
I don't think they will work with a 580 score, but I recommend you contact a Mortgage Broker anyway. My score showed higher for the mortgage broker than it did on any self-checks I made. I recommend First Community Mortgage. ... more
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Wed Jun 6, 2012
Kathleen Greene Mitchell answered:
There are government agencies who will counsel and guide you through the process of rebuilding your credit. One non-profit agency in Memphis in particular will offer you confidential counseling in person and will meet with you as much as needed. Do be prepared for this to take some time. Credit repair can take anywhere from 90 days to 18 months. The reward of a wonderful new home is worth all the discipline, work, and dedication of building good credit. And, you will be on your way to building your wealth and future. ... more
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Sat Jun 2, 2012
Ron Thomas answered:
It would depend on,
Are you behind on your Mortgage?
Do you have a lot of cash to put down?
If both of these are positive, you probably can find a lender.
If not, you probably have a couple years to wait.

Good luck and may God bless

ps. I believe that Tennessee is a RECOURSE state; therefore I hope, in exchange for the D. I. L. that you are getting a letter from the Bank absolving you from future debt/litigation.
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Fri Jun 1, 2012
Trevor Curran answered:
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.


It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website http://www.consumer-action.org/.


Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/microsites/moneymatters/dealing-w…


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
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Wed Apr 18, 2012
Trevor Curran answered:
Hi Brandi,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.


It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
... more
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