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Credit Score in 30321 : Real Estate Advice

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Activity 6
Sat Feb 18, 2017
Tony Grech answered:
Those scores are pretty good, but that is a serious derogatory credit item.

Physician loans are portfolio programs, so the lender is free to implement their own underwriting guidelines, but this also means they can probably make a judgment call on things.

If the rest of your credit otherwise is good and you can provide a good explanation then hopefully this will be OK.

If not then you may have to go FHA. It's 3.5% down and you'll probably have to wait until he starts working. But it's an option nonetheless.

If it doesnt work then try another lender who offers a physicians loan before you give up and go FHA.

Best of luck!
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Wed Feb 27, 2013
Rodney Mason answered:
I am not aware of any lenders doing a Manual underwrite with no credit score at this time. We will allow the Co-Borrower to not have a credit score so long as the occupant Borrower has a sufficient enough of a credit score.

To generate a credit score, you typically need to have 2-3 trade lines with a 12-24 month history.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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Thu Apr 4, 2013
Shane Milne answered:
You can get your credit scores by applying for credit (mortgage, auto loan, credit card, etc.) or you can go to the various online websites to get them there - but since everyone wants to know their credit score, and they are willing to pay to find out, that is why you are being charged or are required to sign up for some additional service, as it's coveted information.

You can get a free credit score estimate at http://www.myfico.com/ficocreditscoreestimator/?AID=10436269&PID=2336164 however it's not your actual credit score.

The BEST place to get your credit REPORT is from the official website https://www.annualcreditreport.com and they are free once a year from each bureau (Equifax, TransUnion, Experian).

The BEST place to get your credit SCORE is http://www.myfico.com because that website provides your FICO score, and that is what all of us mortgage lenders use. Other websites out there will sell you your credit score, but it's based on the Vantage credit scoring system, and no mortgage lender uses Vantage credit scores.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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0 votes 6 answers Share Flag
Mon Mar 19, 2012
Rodney Mason answered:
For all mortgage transactions, a credit report is pulled for all 3 credit bureaus. The 3 scores are ranked numerically, then the middle one is used as the borrower's representative credit score. If there is more than one borrower on a mortgage, the lowest representative score for all borrowers is used.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
0 votes 4 answers Share Flag
Thu Dec 15, 2011
Carlos Herrera answered:
What's your work history and previous rental history like? Have you rented in the past? Any good references?

Many times, you can still rent, even with no credit. It specially helps if you can give at the very least first & last months rent as well as a full security deposit. Anything on top of that will only help your chances at having an owner agree to overlook your lack of credit history.

I have seen this MANY times. The only reasons I don't see this happening is with bad rental history or certain criminal history.

Best of Luck
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0 votes 8 answers Share Flag
Mon Dec 5, 2011
Bob Movin-On answered:
If you do be very careful. Not many other options.

Bob Patrick
Buy a home after foreclosure expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months ... more
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