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Can I Buy A House With A 650 Credit Score All Locations : Nationwide Real Estate Advice

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Showing results for Can I Buy A House With A 650 Credit Score [Clear search]
Kevin Mcgrath,  in Meridian, ID
Sat Mar 22, 2014
Kevin Mcgrath answered:
Hopkins Financial is a private money lender in Idaho that can help individuals with credit that might not be as strong as banks require. Check out www.hopkinsfinancial.com or give me a call for more information. ... more
0 votes 3 answers Share Flag
Helen Honeyc…, Real Estate Pro in Charlotte, NC
Wed Aug 24, 2016
Helen Honeycutt answered:
Hi Jenni,

you need some advice from a credit repair expert. They will be able to advise you on what to do to fix the situation. Most mortgage companies will offer this service, there are also some independent advisers. If you need my help with getting someone to help you and look at your options feel free to give me a call,

Good luck,

Helen
... more
0 votes 11 answers Share Flag
Trevor Curran, Real Estate Pro in Great Neck, NY
Sat Aug 15, 2015
Trevor Curran answered:
Rent today; Buy tomorrow. How to convert from Tenant to Homeowner.

When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlordâ€s mortgage. I longed to become a Homeowner.

That’s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.

• Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Don’t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.

• Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.

How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.

• Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.

• Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!

I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!

Trevor Curran
NMLS #40140
www.tcurranmortgage.com

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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0 votes 5 answers Share Flag
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Fri Jun 7, 2013
Tim Moore answered:
As you might imagine there is no way anyone here could actually answer your question based on what you have posted. You need to contact a lender or two or three and ask them. They will ask you the questions they need to know to actually be able to answer your question. ... more
0 votes 10 answers Share Flag
Nick Seevers, Real Estate Pro in Sacramento, CA
Fri Dec 9, 2016
Nick Seevers answered:
You can get an FHA loan but not with 3.5% downpayment. It will be either 5 or 10% down depending on your credit at the time of purchase.
0 votes 77 answers Share Flag
Nic Netherton, Real Estate Pro in Loveland, CO
Sat Jun 30, 2012
Nic Netherton answered:
Hello-

I would be happy to take a closer look at your situation if you would like to send me a message with some additional details at nnetherton@houseloan.com

How much does your boyfriend make on his own? What price range are you looking in? Do you have a history of working for a temp agency prior to the 10 months you describe? ... more
0 votes 5 answers Share Flag
John Wesley…, Real Estate Pro in Huntsville, AL
Fri Aug 16, 2013
John Wesley Brooks Family of Realtors answered:
HI SAHI,

I KNOW ONE LENDER IN MY CITY WHO WILL WORK WITH A 600 CREDIT SCORE, WELLS FARGO. MIGHT GIVE THEM A RING. IF YOU DON'T WANT TO WORK WITH AN OUT OF STATE LENDER THEN I WOULD SUGGEST ONE SIMPLE BOOST FOR INCREASING YOUR SCORE. TALK WITH A LOCAL BANK WHO WILL EITHER DO A SECURE LINE OR CREDIT LIKE A CD OR SOME WILL DO AN UNSECURE CREDIT. A SECURE LINE OF CREDIT IF BORROWED AGAINST EVER MONTH WILL INCREASE YOUR SCORE FASTER.

HOPE THIS HELPS.

JOHN BROOKS
... more
0 votes 13 answers Share Flag
Justin Maimo…, Real Estate Pro in Baldwin, NY
Fri Nov 23, 2012
Justin Maimone (516) 469-8300 answered:
20% or more is a great down payment. With banks being so strict, due to your BK, it will be at least a few years before you can even apply for a mortgage. Feel free to contact me with any further questions you may have. ... more
0 votes 13 answers Share Flag
Doug McVinua, Real Estate Pro in Gilbert, AZ
Wed May 23, 2012
Doug McVinua answered:
Rose

I have a buyer that is moving in to the new home next week that has a scenario very close to yours. It is possible!

We have a few lenders that are really good at helping you prepare, lets get you started right away. ... more
0 votes 13 answers Share Flag
Ron Kahn,  in San Mateo County, CA
Tue Mar 19, 2013
Ron Kahn answered:
Good evening Raylan,

The answer to your question requires more information than just income. You need to take into consideration what you might owe such as car loans, credit card debt, student loans, etc. Most lenders use what is called a debt to income ration and depending on the loan product, the amount you are putting down, and your credit scores that ratio will vary. As interest rates are at their lowest levels ever you will qualify for more loan/home than at any other time. ... more
0 votes 7 answers Share Flag
Robert Chome…, Other/Just Looking in San Diego, CA
Sun Nov 17, 2013
Robert Chomentowski answered:
Here are the wait times to get a home loan after short sale:
1. VA - 2 yrs
2. Conventional 20% down 3 yrs
3. FHA 3 yrs

In the rare case of an extenuating circumstance, sometimes you can get a FHA or VA loan immediately. The extenuating circumstance has to be something major where you were force to sell because of a major illness that can be fully documented or a job transfer. A loss of job, divorce, etc...will generally not work for the extenuating circumstance.

Make sure you check when the deed transferred out of your name, that is the date to begin counting. Contact me if you would like me to look it up.
... more
0 votes 20 answers Share Flag
Michele Pete…, Real Estate Pro in Rocklin, CA
Mon Sep 12, 2016
Michele Peterson answered:
Sonia,
Congratulations!
Sounds like you have your dream job lined up and a new home on the horizons.

You have options for getting a loan with many banks and also increasing your credit score over the next three months..Simple easy steps to take too.

I would suggest you work with a local lender that you can meet face to face and review your wants and needs.

Please call or email.
I am happy to provide you with several choices for completing your home purchase.

PS. I just found the perfect house for a client last weekend that had asked this very question last summer.
It does work...and they found the house they had in mind...

Happy 2012!

Michele Peterson
Keller Williams Realty
(916) 743-5934
CallMichelePeterson@gmail.com
CA DRE 01872795
... more
0 votes 40 answers Share Flag
Myra Gouger, Real Estate Pro in Las Vegas, NV
Tue Jul 21, 2015
Myra Gouger answered:
You need a minimum of a 620 credit score. In addition to that, you have to have a low debt to income ratio, 2 years of job history preferably with the same company or in the same industry and several months of bank statements showing that you make the money you say you do. Myra Gouger / Realty ONE / 702-858-9311 / myra_gouger@yahoo.com ... more
0 votes 11 answers Share Flag
Annette Levi…, Other/Just Looking in New York, NY
Mon Jan 23, 2012
Annette Levinson answered:
Edith,
Without looking at your income and debt, I nor anyone else can say why Wells Fargo turned you down. You can contact me with more information for me to analyze.
0 votes 2 answers Share Flag
James Mauldw…, Real Estate Pro in Saratoga, CA
Fri Aug 23, 2013
James Mauldwin answered:
I have had buyer relationships as short as less than a month and as long as a couple of years. It all depends on you and your comfort level. What is most important to you?

Jim Mauldwin
Intero Real Estate
Selling the South Bay since 1991
Dre# 01125380
408-863-3020
... more
0 votes 18 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Mon Jan 9, 2012
Anna M Brocco answered:
There are other factors besides credit that determine mortgage qualification, income, debt, assets, down payment, etc.; therefore do visit with any licensed loan officer to determine qualification; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. As for a downpayment, FHA loans require 3.5% down. ... more
0 votes 14 answers Share Flag
Philip Sencer, Real Estate Pro in Chicago, IL
Wed Jul 10, 2013
Philip Sencer answered:
Chicago is a huge city and prices can vary tremendously, but for $600 you are likely to get a studio in most areas or small one bedroom that you might find too small for you. I can send you listings for avarious areas if you like so you can get a feel for what I mean. ... more
0 votes 11 answers Share Flag
Mack McCoy, Real Estate Pro in Seattle, WA
Mon Nov 7, 2011
Mack McCoy answered:
Well, young females graduating with a Masters degree in Public Administration are a great and wonderful thing! Finding a decent job is a problem, even if you have a lot of good connections. And of course, students today take on an awful lot of debt.

Buying a house with a fiance is a great plan, and I think that if you took out a pen and paper and wrote down, "MPA," "Great fiance," "Have a little money," you'd see that some things do ever work out for you, and that your single friends and friends who have rocky relationships probably envy you a little bit.

So, to your question. Stop. It's probably not a good time for you to buy a house, and tie yourself down when you or your fiance may have to relocate to find work.

Also. Owing $12,000 when you're making $32,000 a year is a lot of overhead. You're making $15,000 a year, and you can't find many real opportunities in front of you right now.

I'd like to see you get a job that you really like and stay in it for a year before the two of you buy a house together. I know the deals out there are great, but sometimes, the timing just isn't right.

All the best,
... more
0 votes 2 answers Share Flag
Carlos Escam…, Real Estate Pro in Miami, FL
Thu Nov 10, 2011
Carlos Escamilla answered:
It is possible but yo may need to be pre-qualified first.
Please give me a call I will help you i the process

Carlos Escamilla
Realty World Executive Homes
305-300-8814
0 votes 11 answers Share Flag
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