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Home Buying - Help / Guidance Needed in San Diego, CA

Hello!
I need assistance/guidance please:

I would like to purchase a home here in the North San Diego County.
My credit score is horrible. I make 90K+ a year and we are a family of 4.
I have been at the same company for 10+ years.
I don't have a lot of debt other than a car on loan. Most of my issues are passed issues from years ago. I could possibly fix this on my own, but it would take a lot of my time and I am assuming that it would be a long process on my own. So, what can I do that will give me results ASAP??
Thank you for any and all feedback!!!
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March 28 2011 - San Diego
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Replies (13)

Hi there,

It depends on how horrible your credit score is. You can buy using an FHA loan with just a 580 credit score, although many lenders will require 620. Your income and work history look good, but a lender will also look at your available credit and payment history.

If your only debt is a car loan, does that mean you're paying off your credit cards each month, or you don't use credit cards? Are you paying your rent and bills on time? Payment history shows your willingness to pay in the eyes of a creditor. 30+ day late payments lower your score.

Bad credit means a higher interest rate because of risk; you'll want to repair your credit, and you can, before you buy. I have some great credit information I can send to you; it'll help you understand your credit score, and tell you how to improve it and fix any mistakes. yes, it is a process, but like anything that seems insurmountable, it's just a series of steps.

If you want to buy now, be prepared for an interest rate that will lower your purchase price for you to qualify. A little patience here could really pay off for you financially.

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March 28 2011
Hi Casa..

You would need to contact someone who can work to get you approved on a loan as a first step.  You have good job history as well as solid income, you would need to know exactly what your credit scores are as well as what is on there that could be corrected or even removed to help get your credit score up.  Also, another big factor is money down, in most cases, with enopugh money down, you can buy a home.

Best,
Matt Davis
Keller Williams OC Coastal
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March 28 2011
Profile picture for LookingForCasa
Sounds great, thank you for the 411 -

Please let me know who I can contact to get this FIX started.

Preferrably an organization or person here in North San Diego County.

Thank you -
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March 28 2011
Hello,
I work with a great lender that has helped several of my clients improve their credit to get a better rate.  They will look at your credit and let you know what you need to do to get your score up, in many cases they have run a rapid rescore while we are in escrow and rate has gone up, but it is better to start working at this in advanced so you are all lined up to make an offer.
Myself and my lender are both located in Carmel Valley, please contact me and I will give you his name.
Best,
Megan Deglow
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March 28 2011
This link can provide you with a list of lenders that I work with and they may be able to find a loan program that would work for you.
This site also has a very good search engine for finding homes.

Jerry Heard                                      

Your Broker

The San Diego Property ShopCA DRE #00648687

[contact info removed by moderator]
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March 28 2011
If your credit is that bad, you don't want unnecessary dings from credit inquiries by lenders. This is why they ask for your social security number. If you haven't pulled your own free credit history this year, do that, and pay for your FICO score. Give that to lenders if you want to pre-qualify to see what your purchase price and interest rate will be. Your FICO score won't be the exact same as when a lender pulls it, but it'll be close enough to give you an idea, and you won't lower your credit score even more.

When you're ready to submit offers, then let lenders run your credit. You should only get dinged once within a 30-day period if the inquiries are all made by mortgage lenders. So don't get approved then wait a month to start looking at homes and submitting offers.
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March 28 2011
Hi Casa, I am a mortgage banker in Orange County and there are programs that will allow you to get into a new home.  Like Cory was saying, patience and improving your credit would improve the chances for you to obtain a better rate.  Every client's needs are slightly different.  If you are up against an expiring lease and need to find a home now, time may not be on your side but know that FHA will allow for credit scores of 580 and greater. If you do have some time, it would be wise to enter a credit cleaning program which I could give you a nice referral to a reputable company.  Feel free to contact me directly if you have additional questions.  Thanks!
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March 28 2011
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Thanks again to all.
I have the annual credit report in hand.
I will now pay for the credit score.

Thanks again!
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March 28 2011
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Casa, have you looked at properties in North SD? You will  need to stay in the low 300's and there isn't much for a family of 4. Bad place to be with that income,,, sorry.
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March 28 2011
I have a great letter about rapid rescoring and ways to increase your credit score yourself!  Please send me a message if you'd like me to send it to you!

Best of luck!

Lauren Lombardi
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March 28 2011
A good lender will typically have a rapid rescoring company that they use to get customers qualified.  Ask your lender about a Rapid Rescore.  Doing it on your own will take time, 30 to 90 days.  You'll want to go to experion.com, transunion.com and equifax.com to get your report mailed to you along with the despute forms...its a process but its free....
Rapid rescore will cost you but it's fast
Worked for a lender for 10+ years a did this all the time....Don't pay extra money just to get your scores....if you fix the bad stuff your score will go up no matter what.
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March 29 2011
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Sounds Great Thank you very much!

I have not gone to a lender yet. I will look into the Rapid Re-score
process.

Thanks!
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March 29 2011
Profile picture for LookingForCasa
Thanks again for all your guidance!
I have received my credit reports and 3 credit scores.
Two are aligned, but one is off. I have disputed some items and we'll see what changes.

I will be back in touch once I am READY to move forward. All I need to do is bump UP this score. Unfortunately, it seems that it is NOT a fast process. Luckily, home prices aren't going up and are not expected to go up based on recent #'s this week. I am looking for a home in Vista, San Marcos, Escondido at the 300K range. 3bds / 2 bath minimum.

Thanks to all again!
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March 30 2011
 
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