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Credit Score in Wayne County : Real Estate Advice

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  • Home Buying12
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Activity 10
Thu Sep 29, 2016
Cpruitt50 asked:
Wed Mar 27, 2013
bmonaro answered:
You will have a very difficult time locating a loan with very bad credit. The best solution is to review your credit report and try to improve the scores to levels of 620 plus. If you have investors or family that can co-invest or loan monies to purchase cash, you can find some great buys in a lot of cities.

Once you get your financing together, you may qualify for Federal Home Administration (FHA), Section 203(k) loans that can incorporate your mortgage and rehabilitation expenses in one loan.

Homebuyers who purchase a property with cash can refinance the property using 203(k) within six (6) months of purchase, the same as if the buyer purchased the property with a 203(k) insured loan to begin with.

So, to take advantage of some of the great mortgage programs, you have to start by improving your credit score.
... more
1 vote 7 answers Share Flag
Mon Aug 6, 2012
Trevor Curran answered:
Good morning Dana,

Most Lenders require a minimum credit score of 640 in today's lending environment, although some Lenders will lend on a 620 credit score. While your score is not so terrible, it is unlikely you could be approved for mortgage financing with that credit score at this time.

AND, if you meet a mortgage professional claiming to assist you with this low score, turn and walk away. Your score indicates there are serious issues on your credit history that you need to address before you take on the responsibility of owning a home and paying a mortgage. I strongly recommend you take the time to put your financial house in order before you take on the challenge of homeownership.

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. https://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/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
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0 votes 2 answers Share Flag
Sat Jun 9, 2012
Rob Weber answered:
I don't know what the state high cost rules are off the top of my head but depending what those are, a 203k refinance after a cash purchase may not even be possible since the loan amount may/will be so small. These restrictions generally don't apply to a purchase which is why it's always a good idea to think this scenario through carefully before doing so or you may end up with a house you can't do anything with. ... more
0 votes 4 answers Share Flag
Mon Jan 16, 2012
Allison Fishwick answered:
There are many programs available that might be able to help you. Your best bet is to speak with a lender and see what types of loans you qualify for and get pre-approved then you can speak with a realtor and work with them in finding the right home, in the right price range. ... more
0 votes 6 answers Share Flag
Mon Dec 19, 2011
Haig Istamboulian answered:
Hello again,

Email me directly and I can give you a contact that will help you fix the remaining issues that you need to fix in the next few months to prepare you to qualify you for a mortgage.

Email me at realtorhaig@aol.com and I will get that information over to you ASAP.

Thanks again,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
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0 votes 4 answers Share Flag
Mon Sep 12, 2011
Dan Tabit answered:
Katrina,
I didn't address your score question. There are FHA lenders able to go into the 500's if the rest of the file makes sense. Your down payment may be higher with lower scores. FHA in the 600's can be as low as 3.5%, but the lower scores may require 10%. ... more
0 votes 3 answers Share Flag
Sat Jun 4, 2011
Trevor Curran answered:
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
0 votes 4 answers Share Flag
Tue Aug 31, 2010
Bob McClure answered:
hi...you're close.....i can help you get your score where it needs to be to purchase..620 will do it..
best regards
bob mcclure
mortgage one
brighton, michigan
0 votes 5 answers Share Flag
Mon Mar 9, 2009
Tony Grech answered:
Hi Adrian,
That is tough to answer. A lot of it depends on how long the process is drawn out for and if you are making your payments during that time. A word of warning though, unless your short sale is due to needing to move because of corporate relocation, most lenders are going to treat a short sale similar to a foreclosure and it'll probably be 3-5 years before you are eligible to get a new mortgage should you wish to purchase another home.

Best of luck
... more
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