Zillow Advice RSS: Question-Discussion-Guide,Credit Scores,OK http://www.zillow.com/advice/OK/mortgage-credit-scores/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate first time buyer http://www.zillow.com/advice-thread/first-time-buyer/477117/ Hi Shanna,<br/><br/>First of all, it is great that you are considering purchasing a home at this time since mortgage rates are the lowest that they have been in recent history. This will allow you to save substantially on mortgage interest while still obtaining the "American Dream" of homeownership.<br/><br/>I would suggest that you to talk to an experienced mortgage broker in your area, as they will be able to give you the most accurate information. &nbsp;Also, I would advise you to look into an FHA mortgage which would allow you to put down as little as 3.5% on the house. &nbsp;Also in certain situations, an FHA mortgage will allow you to use "gifted money" from a family member for your downpayment. &nbsp;This loan program is guaranteed by the federal government and is subject to certain terms and restrictions. &nbsp;There are also lending limits, which is determined by the area that you live in. Check here for more info http://portal.hud.gov/hudportal/HUD?src=/buying/loans<br/><br/>If you or your spouse is a veteran, you can also look into a "VA Mortgage". In certain instances, a VA Mortgage can be obtained with no money down. You can check out more info here:&nbsp;http://www.benefits.va.gov/homeloans/<br \><br \>0 replies Sun, 03 Feb 2013 17:39:00 GMT http://www.zillow.com/advice-thread/first-time-buyer/477117/ 2013-02-03T17:39:00Z Wondering if there is any hope for a home loan http://www.zillow.com/advice-thread/Wondering-if-there-is-any-hope-for-a-home-loan/508338/ Call Kurt Swink at Financial Concepts Mortgage, tell him Josh sent you. &nbsp;<br \><br \>0 replies Sat, 24 Aug 2013 12:15:00 GMT http://www.zillow.com/advice-thread/Wondering-if-there-is-any-hope-for-a-home-loan/508338/ 2013-08-24T12:15:00Z Is a credit repair company helpful? http://www.zillow.com/advice-thread/Is-a-credit-repair-company-helpful/420888/ Cindy, I completely agree with Ashley. &nbsp;The trick is finding someone that know what to do. &nbsp;The credit repair companies tend not to know a lot about mortgages (my experience anyway) and a lot of mortgage lenders don't know about credit repair. &nbsp;As Ashley mentioned, you do need additional credit - especially revolving credit. &nbsp;If you get an unsecured card or two, make sure the balance is at $10 when your credit is run. &nbsp;Don't pay it off and don't have higher balances. &nbsp;This is where you will optimize your score.<br/><br/>Good luck. &nbsp;Tom<br \><br \>0 replies Fri, 28 Oct 2011 21:08:00 GMT http://www.zillow.com/advice-thread/Is-a-credit-repair-company-helpful/420888/ 2011-10-28T21:08:00Z Can we get a loan with mid scores of 609 & 646? http://www.zillow.com/advice-thread/Can-we-get-a-loan-with-mid-scores-of-609-646/536961/ FHA is a Federally backed program that multiple banks and institutions can use for initiating mortgages.&nbsp; FHA can be done by some lenders as low as 580 mid score, with 10% down.&nbsp; Not all people with that score or even a higher one will be approved, because it takes more than just a score, but the possibility is there if everything else is right. <br/>Talk to some other lenders and consider finding one who can help you improve your scores.&nbsp; You may find more options. &nbsp;<br \><br \>0 replies Fri, 18 Apr 2014 05:49:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-loan-with-mid-scores-of-609-646/536961/ 2014-04-18T05:49:00Z any banks still accepting a 620 mid score? http://www.zillow.com/advice-thread/any-banks-still-accepting-a-620-mid-score/456560/ I know Gateway does, and they have offices in OK, Tulsa for sure. I can send you the Broker who is doing my personal mortgage.<br \><br \>0 replies Tue, 21 Aug 2012 01:22:00 GMT http://www.zillow.com/advice-thread/any-banks-still-accepting-a-620-mid-score/456560/ 2012-08-21T01:22:00Z Money down, great income, poor credit? Any way to get a mortgage? http://www.zillow.com/advice-thread/Money-down-great-income-poor-credit-Any-way-to-get-a-mortgage/420098/ <div class="msg-body inner undoreset"><br/>&nbsp; <div>We had been overextended back in the early 2000 and did some consumer credit counseling and paid on those bills for years. We having a hard time doing that and eating so we stopped paying. We lived for years on cash and assumed our credit was beyond repair. We lived in a mobile on land we had been able to pay off. On May 23th of this year 2011 our home was leveled in a tornado. We ended up selling our land for $65,000. We found that our credit only had a couple of hundred in outstanding items, so we paid that. We had hoped to get an exception and get approved for an&nbsp;Indian (184) loan, but they say it will be a year from the last paid item before we can qualify. He has a&nbsp;been on the job for 14 years and makes about $6,200 a month. And we have NO debt, at all. We are certainly in a position where we don't HAVE to buy. We live in a reasonable rent house and have plenty of cash. We are doing a few things to repair the credit (secured credit card, getting an installment loan).&nbsp;<br/><br/>However, we had already started looking an&nbsp;fell for a house that is $250,000. It is well priced and will likely sell quickly. Anyone have any suggestions on how we might get the money in&nbsp; a reasonable way and then refinance it in 12+ months with the Indian loan (likely lower&nbsp;interest rates).<br/><br/>Again, we realize we can wait, but would like to get settled back into a home&nbsp;of our own, especially this one...which is our dream home and more. Would love to hear from some of you knowledgable individuals.</div></div><br \><br \>6 replies Fri, 21 Oct 2011 14:06:00 GMT http://www.zillow.com/advice-thread/Money-down-great-income-poor-credit-Any-way-to-get-a-mortgage/420098/ 2011-10-21T14:06:00Z va loans how do they work i am a 100% disable veteran http://www.zillow.com/advice-thread/va-loans-how-do-they-work-i-am-a-100-disable-veteran/400594/ I agree that a VA loan is a great loan program - probably the best loan out there if you have access to it. <br/><br/>Being disabled means you won't have to pay the VA Funding Fee, which is sometimes pretty expensive. Normally it isn't paid in cash - it gets added onto the loan. However, if you don't have to pay it, so much the better. Be sure to ask your loan officer about this. <br/><br/>I read some other replies mentioning lack of credit. I am not sure where that came from, but if you don't have an established&nbsp;credit profile there are still lenders out there who can do your loan.&nbsp;I woudl suggest working with a mortgage broker, since they have access to many different wholesale lenders.&nbsp;<br/><br/>If your&nbsp;disability benefiit/pension is tax free, your lender may be able to "gross it up."&nbsp;That means they get to pretend it is actually higher than it is. The reason for this is most people are taxed on their income, so their&nbsp;"take home pay" is lower. Your&nbsp;potentially lower tax-free income isn't reduced by taxes being deducted. <br/><br/>Of course, the important thing is to figure out who much YOU feel you can afford for a house payment, and let your loan officer know that figure. They can figure out the appropriate sales price of a house you should shopping for. <br/><br/>There's potentially one down side&nbsp;with a VA loan, at least in my area. People don't like to talk about it, but it is a factor. VA appraisers can be a little bit ornery. In my 20+ years of doing mortgages, the majority of appraisals that have come in lower than the sales price have been on VA transactions.&nbsp;It's possible that these houses have all been overpriced, but probably not on every one of these&nbsp;deals.&nbsp;Because of this perception in the market place that the VA apprasial may be troublesome, it is my belief that many sellers prefer to work with a buyer using other financing types. If you make an offer to purchase a home and someone else offers the same price but is using conventional financing, the seller may opt to go with the conventional financing buyer. At least that is how it seems in my market place (the Seattle area). I would be curious to know if it is that way in other areas of the country.<br/><br/>I am not saying this to discourage you. I believe the VA loan to be a great program. Just be aware of this - or at least ask your realtor what their thoughts are on this. <br/><br/>Best of luck!<br/>Ben<br \><br \>0 replies Fri, 07 Mar 2014 19:05:00 GMT http://www.zillow.com/advice-thread/va-loans-how-do-they-work-i-am-a-100-disable-veteran/400594/ 2014-03-07T19:05:00Z Max Credit Cards to Pay Collections? http://www.zillow.com/advice-thread/Max-Credit-Cards-to-Pay-Collections/542856/ My husband &amp; I are trying to buy our first home as soon as possible. We are in with a mortgage company that is willing to lend to us, but they say that we need to pay off the old collections accounts on our credit report in order to get an FHA mortgage. We are considering maxing out our credit cards to pay off the old collections accounts. We will be able to repay the cards within 2-3 months. Would this be a wise or a poor decision, since it would drop our score because of high limits, but would remove the bad debts?<br \><br \>8 replies Wed, 28 May 2014 05:30:00 GMT http://www.zillow.com/advice-thread/Max-Credit-Cards-to-Pay-Collections/542856/ 2014-05-28T05:30:00Z First time home buyers in Edmond, OK with less than perfect credit http://www.zillow.com/advice-thread/First-time-home-buyers-in-Edmond-OK-with-less-than-perfect-credit/496004/ Need to know who will approve my husband and I for a mortgage (first time home buyers). His credit score (mid score) is 663 and mine is 590. I know our credit isn't perfect but we have positive credit that we have been building for 19 months (auto loan and credit cards, never late). We also have 2 years solid rental history. No gaps in employment, no repos or forclosures. We need someone to recognize that we are on the right track. Most of the old "bad" debt is 5+ years old. Please help!! We have been getting the run around by multiple lenders telling us yes, then no, then to wait and get my 590 score up. We are out of time, our lease is up, we have been waiting a really long time for this.<br \><br \>4 replies Sat, 08 Jun 2013 02:02:00 GMT http://www.zillow.com/advice-thread/First-time-home-buyers-in-Edmond-OK-with-less-than-perfect-credit/496004/ 2013-06-08T02:02:00Z Can I get a mortgage with 590 credit score? http://www.zillow.com/advice-thread/Can-I-get-a-mortgage-with-590-credit-score/567399/ I'm in Oklahoma and would like to get a mortgage for $150k or less, but I have a 590 credit score. I am a first time buyer with a good job history. Where should I look--or how should I go about looking for a mortgage?<br/><br/>Thanks!<br \><br \>8 replies Fri, 21 Nov 2014 02:48:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-mortgage-with-590-credit-score/567399/ 2014-11-21T02:48:00Z how long do i have to wait to purchase after having a bk discharge 1yr ago http://www.zillow.com/advice-thread/how-long-do-i-have-to-wait-to-purchase-after-having-a-bk-discharge-1yr-ago/382702/ Interesting again..... <strong>Mortgage</strong> question and Agent gives a plug rather than an&nbsp;answer. There is no "magic solution" for bankruptcy&nbsp;timing and Patrick gave the required timetable. Some will say 1 yr. for FHA but that is only a possibility with very exacting criteria.... unavoidable, re-established credit,&nbsp; acceptable credit score, and a lender willing to close the loan and&nbsp;get loan insured by&nbsp;FHA..<br \><br \>0 replies Wed, 26 Jan 2011 06:11:00 GMT http://www.zillow.com/advice-thread/how-long-do-i-have-to-wait-to-purchase-after-having-a-bk-discharge-1yr-ago/382702/ 2011-01-26T06:11:00Z USDA Loan Credit requirements http://www.zillow.com/advice-thread/USDA-Loan-Credit-requirements/494162/ My Husband and I have been looking at purchasing our first home, when we started, we applied for a Loan through a mortgage company and were denied due to our credit. &nbsp;Since then we have been researching other loan programs with no down payment options. &nbsp;The area that we are looking to purchase a home is in a USDA Loan Qualifying Area, &nbsp;we have since been working to repair our credit, we now have credit scores of Transunion 623, Equifax 626 and Experian 619. &nbsp;We had been told that with a credit score of 620 we could get into manual underwriting. &nbsp;We are in dire need to move do to a long commute and a new baby arriving at the end of August, We have not reapplied for a USDA Loan because we are afraid of being denied and then having our credit score drop because of an inquiry, should we reapply now with our current scores, or do we need to wait longer to get our score to a 640?<br \><br \>5 replies Tue, 28 May 2013 13:51:00 GMT http://www.zillow.com/advice-thread/USDA-Loan-Credit-requirements/494162/ 2013-05-28T13:51:00Z