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Credit Score in Ohio : Real Estate Advice

  • All354
  • Local Info13
  • Home Buying206
  • Home Selling39
  • Market Conditions1

Activity 15
Thu Apr 4, 2013
Andrew Wilkinson answered:
Hi there Tracy,

It certainly sounds like Regions Bank is acting very shadily with you here. I hope you can get it sorted out soon. I'm also sorry that you haven't received any new answers to this question from one of our local experts.

It would help greatly if you rephrased your question (the text in bold where you start with "I short sales my home in Florida") as a question, because it will help agents get to the crux of what you're asking for. I'd recommend going with "Can my bank refuse to update their false records of my loan until it is paid off?" That would help get more attention for you. Refrain from going into specific in the title of your question. Instead add them in the next part of your question as you did here.

Also because your question is fairly broad and not specific to living in Lebanon, I'd recommend asking the question in our Cincinnati section instead so that more people will see your question, and therefore right more answers for you.

You can find our Cincinnati section here:

Good luck with getting your loan sorted out!

Community Manager
Trulia Voices
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0 votes 2 answers Share Flag
Tue May 14, 2013
Matt Helpling answered:
I do have lenders that will go down to 580 credit score. I will have to double check the minimum loan amount. The mortgage would have to go FHA which means you will need 3.5% down payment. Shoot me an email or feel free to do my online application. ... more
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Wed Jun 17, 2015
Trevor Curran answered:
Good morning bdremployment,

Many Lenders today require a minimum credit score of 640 to qualify for mortgage financing. If your credit score is less than 620, this is BAD credit.

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.

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.

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 7 answers Share Flag
Tue Aug 21, 2012
Dan Tabit answered:
Only an attorney can evaluate what your situation is and advise you. To be successful in most law suits, you have to prove damages. If the bank's activity cost something, meet with an attorney, bring in your proof and as concise of a description of what happened, how you were damaged and what you hope to get out of it. The attorney will then be able to advise you as to your rights, obligations and options. Some attorneys will provide a free initial consultation, so find an attorney and see what they suggest. ... more
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Mon May 21, 2012
Duane Johnston answered:
That depends on the lender, but for the most part 620-640 is about the lowest the banks are going.
0 votes 1 answer Share Flag
Tue Jun 9, 2015
Alain Picard answered:
Your credit score of 632 should be good enough for a lot of lenders however your debt to income ratio and some other things will need to be good enough as well. The best thing to do is talk to a few lenders and see about getting pre-approved for a loan. ... more
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Mon Aug 6, 2012
Hermine Niesz answered:
Not a great still have the debt.....Can you transfer to a lower interest rate and pay off faster? I would talk with a lender that can help you improve your scores and take their advice. HERMI ... more
0 votes 4 answers Share Flag
Thu Feb 23, 2012
John Walin answered:
620 is minimum, but on top of that, debt to asset ratio, job stablity and income verifiable. At low score you also pay a risk adjustment premium to the rate, so you hear 4% now for best credit, that means a low credit borrower would actually get a loan at 5 or 5.5% ... more
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Tue Oct 25, 2011
James Deskins answered:
Rod: Andy Deutschle, American Eagle Mortgage, 614-737-2508. He will be able to help you.

Good luck.
0 votes 4 answers Share Flag
Wed Mar 14, 2012
Tim Taylor answered:
Hi Michelle,
The acceptability of a credit score depends on the lending institution and the type of loan you're pursuing. FHA hasn't had a minimum score for some time, but most FHA lenders require at least a 620 score. The FHA guidelines are changing and a minimum score is likely. Some lower credit scores are workable for select lenders dealing with higher risk loans. Their requirements at these lower scores might be more money needed for down payment or considerably higher interest rates (or both). I'm not a lender and may be missing something. I suggest you call Pam Mahon with Real Living Mortgage at 614-273-6366. She is an FHA expert and Real Living Mortgage has a joint venture with Wells Fargo Mortgage. They have many, many loan programs and lower credit scores can be improved over time if not accommodated immediately. I hope this helps. Call my office if you need additional resources or have other questions. 614-273-7735.
Thank you for your inquiry,
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Tue Jun 7, 2011
Brian Rayl answered:
Absolutely not!

There are some lenders who can work with lower credit scores. The difference between a 560 and a 640 really is not that much at all. I would suggest that you find a REPUTABLE credit repair person to work with. They can probably get you from 560 to 640 within a couple of months. During that time, make sure you are saving up money for a down payment and closing costs, because you will soon be a home owner!

Again, make sure the credit person is REPUTABLE. I cannot stress that enough. Perhaps some of the local real estate agents here on Trulia can be so kind as to recommend someone that they have worked with. Hope that helps...

It's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®
Keller Williams Elite
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Wed Feb 23, 2011
Robin Silverberg answered:
There are 2 issues here, 1 is your credit score, which will not allow you to qualify. The other is whether there is a specific reason that your mother asked about this? If your parents live in the home and are behind on mortgage payments, you will not be able to "buy" it from them to get a better rate. This is considered a non-arms length transaction, and a bail out of sorts. I can't think of another reason why your mother would want to do this. ... more
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Sat Feb 28, 2015
Chris Schilling answered:
I've seen this take 30 days really depends on which day the creditor uploads their data. Depending on the timing it could be a couple days to 2 months....

Best of luck to you!

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Sat Aug 25, 2012
Anna M Brocco answered:
Visit with any qualified loan officer(s), see exactly what your budget can handle and check your credit score--their scoring is different--your loan officer may offer suggestions on how to best improve your credit in the quickest time. Currently FHA loans do require a minimum score of 620 and 3.5% down--there may be lenders that will work with a lesser score, however the interest rate may be higher. ... more
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Mon Oct 26, 2009
Cindy answered:
why did that make a difference and why will it delay your closing.

you can sign the contract on the home you want now. if you don't it is going to be too late to get it closed by 11/30 anyway. you have less than a week to play with there.

there is a chance it will be renewed and there is also a chance that it will be increased to $15,000. if that happens it will be to your benefit to have it delayed.

good luck

also i thought they were suppose to throw out the high and low score and use the middle score.
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