Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for flowerintrg

I just finished paying all my debts on my credit report that were from 2006 when I was having proble

I just finished paying all my debts on my credit report that were from 2006 when I was having problems.  All collection agencies, no bankruptcy or anything heavy.  I just opened a secured credit card account.  My score was 545, now I am waiting for it to go up.  I already found the home I want.  It costs 29,900, and I have steady income and can afford the estimated $161 a month I would have to pay.  Does anyone know of a place I can get preapproved from..or do I have to wait for the score itself to actually go up?.  And if I have to wait for the score to actually go up, it shouldn't take long because everything is paid off...right?  I live in Philadelphia, Pa
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 15 2011 - North Central
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Best Answer
[Deleted for self promotion]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 15 2011
A mortgage rep recently told me of programs that may be available for people with scores in the 500 - 579 range.  However, you need a higher down payment.  10%  Once the score is 580-599, the down payment is 5%.  The brochure was handed out at my NJ office.  I am going to see if program is available in PA.  Good luck!

Just saw Gene Fish's posting.  There's your answer. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 24 2011
News Flash GENE!

That happened back in October 2010

Finding a lender that does not have an overlay to the FHA guidelines is the challenge.  It's hard enough finding a lender willing to accept 620 scores...545...will be next to impossible!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 16 2011
Maybe you should give your credit agency a call and ask them why despite of the fact that you have already settled all of your obligations, your credit rating is still not improving. Sometimes, you actually need to show them proof that you are no longer in the financial straights before they can upgrade your scores. If you do not have the time to wait for your score to improve, there are home equity and LTV, 


[Link deleted for self promotion]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 15 2011

This was announced yesterday:
NEWS FLASH: Effective immediately FHA financing is available for home buyers with credit scores of 500 and up. Down payment required is based on the home buyer's score as follows:

500-579 allowed with 90% LTV

580-599 allowed with 95% LTV

600 and higher with 96.5% LTV

Seller contribution limited to 3%

Gift funds may not be used for the required 5% or 10% down payment.

Additional requirements regarding debt ratio and reserves will apply for all transactions with credit score below 600

Good luck!

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 15 2011
 
Related Questions
I just finished paying all my debts on my credit report that were from 2006 when I was having proble
Profile picture for Bill Strehle
Latest answer by Bill Strehle
January 24 2011 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2006 Cambridge St, Philadelphia, PA Home For Sale
    2006 Cambridge St, Philadelphia, PA 19130

     For Sale: $284,000

    • Beds: 4
    • Sqft: 1992
    • Baths: 2.5
    • Lot: 1281
  2. 846 N Ringgold St, Philadelphia, PA Home For Sale
    846 N Ringgold St, Philadelphia, PA 19130

     For Sale: $414,500

    • Beds: 3
    • Sqft: 1208
    • Baths: 2.0
    • Lot: 871
  3. 2321 Parrish St, Philadelphia, PA Home For Sale
    2321 Parrish St, Philadelphia, PA 19130

     For Sale: $565,000

    • Beds: 4
    • Sqft: 2200
    • Baths: 3.0
    • Lot: 1306