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Profile picture for dana2004

Need a home loan in Charlotte/Huntersville with low score/good income

We are planning to relocate to Charlotte NC area and have been resigned to renting due to our credit dings-but for- sale homes are so much better and we hate to have to move again when our score improves. I think score is around 600 but varies-just got a car loan butscores have been 540-620 lately. We have had current mortgage for 5 years, it is current but had a foreclosure 5 yrs ago and some medical collection accts etc- combined income 250- 300k for past 5 several yrs- but applied about a yr ago and was turned down/said i would need to get score up first- any ideas? looking for pymnt around 2000-2400 with 3000 + sq feet-wooded neighborhood not too far from Lake Norman, ideally Mooresville, Huntersville, also like Mint Hill...Thanks!
  • April 07 2012 - Charlotte
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Answers (6)

Without knowing your entire situation, it's hard to make a recommendation.  There are programs out there to fit just about any scenario.  There are a lot of moving parts.  I agree, you should talk to a lender and let them answer your questions definitively.  If you work with a good lender, they should tell you what's available along with providing you a plan to get there if you're not qualified right now.  That way you'd work with facts instead of fears!  It always feels better to know!
  • May 30 2012
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Profile picture for Sharon Lewis
Dana-its so hard to do it all isn't it! I totally hear you on that one. If you can though, it will really serve you to get them fixed, even if you block 15 minutes a day and send one email out. So frustrating when they get it wrong and you have to correct their mistakes. Best of luck to you and I am hoping that it all turns around for you quickly!
  • April 08 2012
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Profile picture for dana2004
I know credit scores in general are such a poor determiner if someone will reliably pay their mortgage. the last report I ran had multiple errors and Ispent days trying to contact creditors, post disputes, search receipts on paid accts etc- working 55+ hours a week and traveling for work constantly we just dont have the time or patience to spend to fix it -ie at this point it is just easier to rent. I agree I need to connect with a buyers agent/or lender at some point soon though -thanks for the input Sharon and Terry!
  • April 08 2012
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Profile picture for Sharon Lewis
This was answered on your earlier posting, I believe...best of luck to you on your move. Again, I would suggest you speak to a local lender who knows the market and sit down with her /him to go over your financial situation. We saw a jump in interest rates which has the market humming a bit more this week. Like Raleigh, NC Charlotte is a busier market than many in the country. 
Lots can change in a year, try to talk to a lender again.
I wish you the best of luck in your pursuit for a home and hope you find one that you love!
  • April 08 2012
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two things, One, you need to talk with a lender and two note that all real estate agents work for the seller by default in NC so don't share anything you wouldn't want a seller to know. You should also hire a buyer's agent to assist you with your purchase. Be happy to have one of our agents work with you if desired. Best of luck to you.
  • April 07 2012
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Going through hard financial crisis is not an easy experience, my family and I lost our every thing we have laboured for, for the past 10 years and since than we been eating from hand to mouth and nobody can rescue

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  • April 07 2012
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