Unfortunately no, you will need to work on your credit to be able to do anything. Keep rebuilding your credit and keep using your credit cards but keep the utilization levels low at or below 30%. It just takes time for your bad credit to have less of an impact on your total score. Usually once it falls outside of 24 months it is not having a major effect on your credit if you have established good credit since.
Hope this helps.
REALTORÂ® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
office: 512.669.5599 mobile: 512.633.4157
www.AustinListed.com | www.360LendingGroup.com
Michael, even if someone is willing to lend you money with a score that low it may not be in your best interest. Credit scores are nothing more than a number that represents the probability an individual will repay the debt as agreed, the lower the score the less likely they will make the payments in a timely manner. How bad of a bet are you willing to make against yourself?
The conventional rate pricing tier stops at 620 in my shop but anything below 640 is an issue.
I would fix whatever issue is causing my score to be that low before trying to take on more debt, you canâ€™t borrow your way out of debt.
NMLS # 6395
Financing Kentucky One Home at a Time... more
Honestly, without suffering from an extremely nasty interest rate I strongly recommend we get that credit up prior to purchasing an estate. Feel free to contact me in the AM. and I will gladly guide you in the dirrect you need to be headed. Let me assist you, together we can figure out a solution, thank you.
Keller Williams Realty
3xUS Army Vet/ Real Estate Consultant
trulia: http://www.trulia.com/profile/josephfernandez/... more
Conventional loans require a 7 year waiting period. Now with that said, if you did not go late on the home loan tied to the house you short sold, you could qualify right away for a FHA loan. If you short sold due to an illness or loss of job, or something of that nature then more often than not you can qualify after about 2 1/2 years. Hope this helps.
Joshua A. Lerette
Residential Finance Corp.
You need to really buckle down and start repairing your credit. Why is your score so low? Do you have recent lates? Do you have collections? Do you have any judgements? Judgements HAVE to be paid in full. If you have collections you need to start paying those off. If you have recent lates than you have to wait 6 months from that late payment before you can buy(check with the lender because some lenders have different guidelines). I have attached a blog entry that I posted awhile back. This has helped so many people increase their scores quickly.... more
Do you need the spouses income to qualify?
A 'trailing spouse' can be a good compensating factor if the debt ratios are on the high side.... But we cannot use income that just isn't there for qualifying.
I would like to learn more about the new job and the previous experience. Is this in the same line of work? Just a new job title? Is this a salaried position?
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055... more
You will only know if you apply. Go to a local bank and to a loan officer who comes recommended and knows special programs. But it really depends on how good or bad your credit is and how much cash you have. Be prepared that if you can get a loan it will be higher in interest.... more
Your homewowner's association is separate from your financing. One is not tied to the other. So to answer your question, no you can not withdraw from the Park Glen (or any other) HOA with a refinance. Hope this helps. Thanks, Cheryl Wages, Coldwell Banker Residential Brokerage, Keller, TX... more
My recommendation is to go with a fixed rate but if you want to roll the dice or are pretty sure you might be moving on in about 5 years or so there are some attractive Adjustable Rate Mortgage's with interest rates in the 3s.... more
H Thompson the loan origination fee is standard. The Up-Front MI is mandatory. The doc prep & Admin fee is based on the company you are dealing with. The only way to truly gauge the fees is speak with other mortgage companies in the area... more
I have several products for borrowers with 580 to 620 scores. I also have had alot of success with working with borrowers to get their scores up to a 620 while working toward a closing. In doing that, they have an approval and a loan to close on with the lower score while working towards the goal of being able to close on a better rate at closing. My number 817-529-0739 and I am located in Fort Worth.
LO/Branch Manager- #116589... more
I am not familiar with "owner to owner" unless you mean a For Sale By Owner. Bad credit is only a problem buying a home if you need financing, which most FSBO's require. You may find owner financing through a conventional listed property or FSBO but with bad credit most sellers will require an incentive for them to take the risk. Typically the incentive would be a large down payment and a high interest rate.... more