Will a mortgage broker work with me if I have good job (2+yr), 500 score, and 20% down?

user4671857
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May 17 2012 - US

Answers (4)

Jason Hall, "RapidRescoreCredit"
- (5 reviews)
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Pay off your collections, request a "deletion letter" before you pay. Rapid rescore the collection off of you credit if you can get the deletion letter. This will help raise your scores quickly, but you also need to have some good credit accounts. If you don't know where to go for credit, google "credit cards for rebuilding credit" and you'll find a couple that will approve you.

If you need help with the rapid rescores, I can help.

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May 24 2012

Cindy Quinton, "Cindy Quinton"
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I can tell you this much, most people can't get a mortgage with a 500. You can speak to a lender about what your options are, and begin to direct you down the right path. But there is a reason your score is that low, and it will likely keep you from getting a mortgage AT THIS TIME, but you can fix it. You can get copies of your credit reports at www.annualcreditreport.com. You can learn a lot about credit and how to repair it yourself at www.myfico.com. I can tell you from personal experience that it takes some effort, but virtually ANYONE can get their scores up with the right action.

I just don't believe there are many lenders who will completely walk you through the process, when it could take many months. And, please, please, avoid using a credit repair company, I have yet to hear a good result. Good luck, and I hope it all works out well.

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May 18 2012

Allison Fishwick, "Allison Fishwick"
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The right person to ask this question to is a qualified lender in your area. A 500 credit score will probably be hard, but they will give you the best steps to take in order to improve your score and eventually get approved.

Good luck!