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Answers (10)
- Betsy Head, "Betsy Head"
- Contributions:4
If you get a referral for a good lender who works in your area, they can be a great resource for mapping a route to improved credit so that you can, perhaps, purchase a home.Good luck!
- Derek Shaw, "shawderek"
- Contributions:40
[website removed by Zillow moderator]
Visit my website. I help many people repair their credit. I cannot help everybody, but once I review your credit report I'll let you know what we can do.
Visit my website. I help many people repair their credit. I cannot help everybody, but once I review your credit report I'll let you know what we can do.
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
I have a referral for you to a free service from a not for profit. They're great and I recommend people to them all the time and they get great reviews. Feel free to click on me and get in contact and I'll gladly pass the contact info along. I had many clients I've had to turn away speak to them and come back a few months "good to go." The odds of it getting up to 580 in 90 days probably isn't great, but I've definitiely seen it! They'll be able to tell you how realistic it is.
- Tony & Travis, "Atlas Group"
- Contributions:4
Yes, credit coaches do work. However, and I'm speaking plainly here, to get your credit score where it needs to be for any loan (over 100pts higher) it's not probable in 90 days or less. Don't get me wrong, it's not impossible; credit coaches can do some amazing things and it's worth a try to pursue the American Dream.
In my opinion, and others may disagree, your first step should be to talk to a loan officer. Yes, a loan officer is going to tell you that your score needs to be higher to get a loan. BUT, he/she can give you more specific details about what does or does not qualify you for a loan surrounding and/or beyond your credit score. I put a lot a weight on the shoulders of my loan officers (that I use) to assist my buyers through this entire process (and as you can see below, many loan officers/mortgage brokers already have a relationship with credit coaches).
The other reason for starting here is all the other things you can be doing in the meantime. Anyone will tell you, there is a lot that goes into getting a loan. All those other things that need to be gathered and collected during the process (i.e. taxes, bank statements & explanations, employment questions/issues, etc..) can be done in the time that your credit score is being worked by your coach. By the time your score is where you need it to be, you have built a relationship with your loan officer and everyone is ready to go.
As far as hard money goes, everyone has their own opinions on this. My opinion, from personal experience and watching others use it for homestead property, it's better to work with a financial institution and get a loan that way. It may, perhaps, take you longer, but is much less headache in the end. It may work for some people, I just haven't met any personally that were happy about doing it, in the end.
I closed a deal with a guy about 3 1/2 weeks ago that was in a similar situation as you. I'm not saying this will happen for you but is just a testament to how these people can all help. He was purchasing a home for, approximately, $100,000. He had enough for 20% down and had a very good job with a poor credit score...just like you. He was advised on what to do, listened, and we closed escrow less than 60 days later by bringing his credit score up over 60 points and resolving some revolving debt that he didn't need to have. He took part of his down payment, paid off 3 credit cards that didn't even total $1,000 (1 of them was still open from over a year prior that he didn't even know was affecting his score), paid off his school loan, and fixed an issue he was having with the energy company. His debt to income ratio went down and only ended up needing to put 5% down (he still put down a lot more but didn't need to). Obviously everyone is in a different situation but, the point is, there's always a way. Loan officers/mortgage brokers are great guys and make their living helping people in every type of situation, good or bad. There are reputable ones in this thread...contact one and see what they can do for you!
Good luck!
TF
In my opinion, and others may disagree, your first step should be to talk to a loan officer. Yes, a loan officer is going to tell you that your score needs to be higher to get a loan. BUT, he/she can give you more specific details about what does or does not qualify you for a loan surrounding and/or beyond your credit score. I put a lot a weight on the shoulders of my loan officers (that I use) to assist my buyers through this entire process (and as you can see below, many loan officers/mortgage brokers already have a relationship with credit coaches).
The other reason for starting here is all the other things you can be doing in the meantime. Anyone will tell you, there is a lot that goes into getting a loan. All those other things that need to be gathered and collected during the process (i.e. taxes, bank statements & explanations, employment questions/issues, etc..) can be done in the time that your credit score is being worked by your coach. By the time your score is where you need it to be, you have built a relationship with your loan officer and everyone is ready to go.
As far as hard money goes, everyone has their own opinions on this. My opinion, from personal experience and watching others use it for homestead property, it's better to work with a financial institution and get a loan that way. It may, perhaps, take you longer, but is much less headache in the end. It may work for some people, I just haven't met any personally that were happy about doing it, in the end.
I closed a deal with a guy about 3 1/2 weeks ago that was in a similar situation as you. I'm not saying this will happen for you but is just a testament to how these people can all help. He was purchasing a home for, approximately, $100,000. He had enough for 20% down and had a very good job with a poor credit score...just like you. He was advised on what to do, listened, and we closed escrow less than 60 days later by bringing his credit score up over 60 points and resolving some revolving debt that he didn't need to have. He took part of his down payment, paid off 3 credit cards that didn't even total $1,000 (1 of them was still open from over a year prior that he didn't even know was affecting his score), paid off his school loan, and fixed an issue he was having with the energy company. His debt to income ratio went down and only ended up needing to put 5% down (he still put down a lot more but didn't need to). Obviously everyone is in a different situation but, the point is, there's always a way. Loan officers/mortgage brokers are great guys and make their living helping people in every type of situation, good or bad. There are reputable ones in this thread...contact one and see what they can do for you!
Good luck!
TF
- Jeany Hong, "jeanyh"
- Contributions:130
Hi hewittmoten,
Here is a link from our website that I thought might be helpful.
Good luck with everything.
Jeany
Here is a link from our website that I thought might be helpful.
Good luck with everything.
Jeany
- hewittmoten
- Contributions:9
508
- Lance Holtman, "First City Financial"
- Contributions:111
What do you mean by "poor"?
- Russell Smith, "RussellMortgage"
- Contributions:109
Yes, I have had great success with Chris at Luxetree. You can contact him at [Email address removed by moderator. Please refer to Good Neighbor Policy]. He has turned a lot of borrowers from credit denials to closed loans in 2 - 6 months depending on the severity of the credit issues.
- hewittmoten
- Contributions:9
Companies like credit matters typically have a 6 month period which they do there work, If I have a signed purchase contract with a 90 day financing clause, could I get results? And if not, what would be involved (rates/costs/etc) obtaining a "Hard Money Mortgage"?
Thanks in advance for the advice.
Thanks in advance for the advice.
- Thomas Van Dusen, "moneylinetom"
- Contributions:7
YES, I m a Loan Officer and I send everyone to Credit Matters and it does help!!! Here is a link http://www.creditmattersinc.com/ Good Luck !!
You can get a hard Money Mortgage if you need to buy now then refi when your scores go up.
You can get a hard Money Mortgage if you need to buy now then refi when your scores go up.
I need a loan, great income (&10% $ DP) poor credit. Can simulations/credit repair companies help?
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