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Answers (17)
- NANCY AFIFI (TOP AGENT), "NANCY SELL HOMES"
- Contributions:57
How bad is the question ?
1st you can repair the credit by working with acredit councelor whom they do not charge you hundreds of dollars for nothing and how you find out .Get agood loan officer that your rela estate agent refers to you and then they shall refer you or do it them selves for free somtimes as per my experience with my loan officer with my clients !
After repair if your credit is 580 we can get you a jump start loan of 210000 (Depends on both your income !) and loan to dept ratio ..
With being careful on your payment habits on time and calling yourself your creditors and finding a possible solution to better your credit can be a possible solution fo rdo it yourself (get guidance from your loan officer and he shall guide you what to do next )
Hope thisis helpful if you have any questions dont hesitate to ask !
Good luck!
1st you can repair the credit by working with acredit councelor whom they do not charge you hundreds of dollars for nothing and how you find out .Get agood loan officer that your rela estate agent refers to you and then they shall refer you or do it them selves for free somtimes as per my experience with my loan officer with my clients !
After repair if your credit is 580 we can get you a jump start loan of 210000 (Depends on both your income !) and loan to dept ratio ..
With being careful on your payment habits on time and calling yourself your creditors and finding a possible solution to better your credit can be a possible solution fo rdo it yourself (get guidance from your loan officer and he shall guide you what to do next )
Hope thisis helpful if you have any questions dont hesitate to ask !
Good luck!
- SteadyState
- Contributions:787
And the winning analogy for REAs wishing to sell to unqualified buyers who should may not be in a position to buy is ---
1. Ambulance chasers on the street
2. Piranha in the Amazon
3. Sharks in the ocean
...
Daughter: "Mom, I want to commit suicide"
REA Mom (Instead of dissuading the child): "The church on the other side of town does not regard suicide as a sin. In fact, they have several painless options for you. But choose carefully and seek the advice of a professional as all suicides are local."
1. Ambulance chasers on the street
2. Piranha in the Amazon
3. Sharks in the ocean
...
Daughter: "Mom, I want to commit suicide"
REA Mom (Instead of dissuading the child): "The church on the other side of town does not regard suicide as a sin. In fact, they have several painless options for you. But choose carefully and seek the advice of a professional as all suicides are local."
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
Hi Jazzy, I agree that you should be wary of credit counselors. Speak to a few loan officers, A good loan officer will review your credit with you and may be able to correct some things on your report at no charge. This is not to imply the loan officer can do anything but from my experience a good majority of the people I see have incorrect items or misrepresented items on their credit reports and these they can help you with. There should be no charge for this service, this is especially helpful for a person who needs to raise their scores by 10 or 20 points. If there are major derogatory items then you may need to work with a counseling agency. Your loan officer should again be a good resource to refer you to a reputable firm. After all the loan office rwants your business and if he/she sent you to a bad service you would not us that loan officer of ryour loan. We only get paid if your do a loan and even if you decide not to buy, a good loan officer will be greatful for the referrals you send to them for helping you out. I'm in Crofton, and serve all of Maryland. Best of luck- Gordon
- Maria Avellaneda, "MAvellaneda"
- Contributions:278
While Credit score is no all generally today you need a minimum score of 640; sometimes more depending on the type of loan. You credit history is an inidication of how likely you are to repay your loan in full and in time. The question is, why is your credit bad? What do you mean by bad? Debt to income ratio? Spend less and pay off your debts. Keep credit cards at about 50% or less dont stop using one and charging another 100%. not sure why but this gives you extra points. Don't close any credit cards or lines of credit this decreases your debt to credit ratio. Review your credit report carefully and pay collections, write letters of explanation , etc.. Don'st ask for credit from any one as denials take points off and don't get into any more debts. It is crucial that you look into your situation and talk to a loan officer. There are many things that you can do to improve your credit rating and your situation. I worked with clients that didn't have a rating period and brought them to have a decent rating to buy in 4-6 months . This all depends in what situation have brought your credit down some can be improved in a few months others take longer; You can aslo try to get a cosigner that has a better situation to help you qualify. The cosigner needs to understand his resposibilities clearly. I work closely with several loan oficers that can tell you exactly what is wrong and what steps to take. So a loan officer is the way to go. . Definetely talk to a good loan officer. I can recommend one.
- Tyler McKenzie, "RE_Leader"
- Contributions:2
Good Morning, Jazzy28.
Clearly, you've touched off a spark and have received excellent feedback. Only yesterday, NPR ran a substantive piece on the risks of seeking credit counceling or modification services. While there are reputable agencies providing useful resources, beware the counselor asking for up front fees without guarantee of results. At this juncture, it appears your best strategy is to spend some time improving your credit scores as so many before me have stated. I find my preferred loan consultant a valuable resource for such questions and refer to my clients accordingly. She then works with them to lay out a several month plan to make the improvements necessary to secure a loan at a better interest rate. Underwriters will be looking at you employment history, tax records, assets and any other number of factors. If bad credit is the only thing you have working against you, then it's worth taking a crack at improving it.
Clearly, you've touched off a spark and have received excellent feedback. Only yesterday, NPR ran a substantive piece on the risks of seeking credit counceling or modification services. While there are reputable agencies providing useful resources, beware the counselor asking for up front fees without guarantee of results. At this juncture, it appears your best strategy is to spend some time improving your credit scores as so many before me have stated. I find my preferred loan consultant a valuable resource for such questions and refer to my clients accordingly. She then works with them to lay out a several month plan to make the improvements necessary to secure a loan at a better interest rate. Underwriters will be looking at you employment history, tax records, assets and any other number of factors. If bad credit is the only thing you have working against you, then it's worth taking a crack at improving it.
- bmbutler
- Contributions:24
Sorry to be blunt, but I hope not. You have admitted to bad credit and then you want to turn around and buy the most expensive thing you will ever buy?!?
- James Ryan, "GreatRateFolks"
- Contributions:1038
Hi again jazzy....
I see someone recommended a credit counselor to you. Be VERY careful when working with a so called credit counselor. First, they charge for their services, if you work with a good lender's LO, they will not charge for this service (at least the good ones will not!).
But, more importantly, many credit counselor's will contact your lenders, negotiate your rates, ask on your behalf to waive some interest, and in many instances collect the payments from you and distribute it to your creditors. These acts will be reflected on your credit report, and can SERIOUSLY lower your present scores especially in the initial phases.
Many lenders report this interaction with the "credit counselor company" on your behalf, and the credit bureau's treat it similar to a BK in terms of scoring.
Jim
I see someone recommended a credit counselor to you. Be VERY careful when working with a so called credit counselor. First, they charge for their services, if you work with a good lender's LO, they will not charge for this service (at least the good ones will not!).
But, more importantly, many credit counselor's will contact your lenders, negotiate your rates, ask on your behalf to waive some interest, and in many instances collect the payments from you and distribute it to your creditors. These acts will be reflected on your credit report, and can SERIOUSLY lower your present scores especially in the initial phases.
Many lenders report this interaction with the "credit counselor company" on your behalf, and the credit bureau's treat it similar to a BK in terms of scoring.
Jim
- Cheryl Clayton, "cl8tn"
- Contributions:7
If you have bad credit, but good jobs and income, it is possible you could qualify for a loan I just heard about this morning at our agent meeting. I would be happy to get you in touch with the lender if you email me.
- Karri & Eric Billstrom, "Karri Billstrom"
- Contributions:23
As the others have said "get with a reputable lender" and have them help you do things to increase your credit score. Here comes the truth, the reason lending is based on credit score is because it is the determining factor as to how you handle your finances and responsibility, when lending laws got loose it got the ball rolling to the economic situation we are in now. It is possible that something catastrophic has happened to ruin your credit; in that case it is sad that you lost your good credit to unforeseeable circumstances. If that is the case and you have a good amount of savings on hand you could go the owner financing route if you have a good down payment. Just make sure everything is written up to protect you from a dishonest seller.
- Victoria Allen, "AllenV"
- Contributions:8
Email me at my profile if you need further help.
- Victoria Allen, "AllenV"
- Contributions:8
How bad is your credit is a good question? Get with a loan officer willing to work with you. Pull credit and go over what you can do to improve your scores. It may be six months down the road or you may be able to do a rapid rescore to get your scores up. You need to sit with a LO or a credit counselor and that way you will know exactly what you can do. Good Luck
- Steven Pacchiano, "NY Broker"
- Contributions:313
1st off how bad is your credit?
- James Ryan, "GreatRateFolks"
- Contributions:1038
Hi jazzy....the answer depends on many other factors besides just credit. Get with a great lender and get a copy of your credit report, and strategize with that lender on where you are now and how to get to home ownership!
Happy House Hunting!
Jim Ryan, Home Savings of America
Happy House Hunting!
Jim Ryan, Home Savings of America
- Nathan Colmer, "NathanColmer"
- Contributions:257
I think it is indeed possible but be aware you will most likely be paying higher interest rates. It may make sense to try and improve your credit before trying to buy a house. Many lenders will help you with this free of charge in hopes of getting your future business. Also, if you don't have an agent, I would be happy to refer you to one in Gaithersburg!
- SteadyState
- Contributions:787
If the bad credit ratings is the result of the inability to meet payment schedules do you really want to put yourself in a position that could result in significant monetary losses?
REAs, lenders, etc. get a commission when you buy but in the end you will hold the bag.
REAs, lenders, etc. get a commission when you buy but in the end you will hold the bag.
- Marci Yankelov, "MovewithMarci"
- Contributions:116
You and your wife should contact NACA, its a great program and you will get a loan with no down payment and no closing costs once you complete their program.
- Peggy Lyn Speicher and Team, "Peggy Lyn Speicher"
- Contributions:299
In short, yes. However a (reputable) lender is the place to start. If you'd like a recommendation, please let me know.
Thanks!
Thanks!
My wife and I have bad credit but want to buy a home, is that possible?
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