I work with several lenders who can advise you on the best steps to improve your credit so that you can qualify for a mortgage in the shortest time possible. Your agent should have provided you this information. Lenders not only loan but advise on steps to improve credit. I can provide you with several great lenders in the Greensboro area who can help! Call today 336-509-1923. Thanks for asking!
I have four medical bills that was posted to credit in the last 6 months. I need to get these items removed. This is keeping me from getting a mortgage. Any suggestions or the quickest way to get my credit score up or help with removing these negative items
I will be glad to do a complementary credit review for you or anyone in your situation. I have helped many people in your exact situation determine what was needed to boost credit scores and qualify for a mortgage loan. There is a lot more to qualifying for a loan than just the credit score; so a comprehensive credit review is a great place for any potential home buyer to start.
For USDA we would need to see at least a 620 credit score or even better, a 640 score for an automated approval through USDA which is not as strict as a manual underwrite at 620. There may just be a couple quick things to do so you have scores in this range such as paying down credit card balances to under 10% of their credit limits. If USDA doesn't work, there could be a chance of FHA but USDA is the better option if you are under the income limits for the area and number of members in your household.
Dede is correct. Speak with a reputable and knowledgeable mortgage lender. It may be possible to finance with FHA with a 600 score if you have enough "paid as agreed" accounts over the last 12 months. You sound like you have other good characteristics as far as time on the job and income. A great lender to contact is Russell at PrimeLending. He is a wealth of knowledge on these loans and credit reporting.
Joshua, Kathy is correct. Your agent should be putting you in touch with a lender to determine your next step. And, as Kathy says, if you do not have a buyer's agent, you should make that your first step. Good luck.
Here is what may help: Are you working with a real estate agent? It sounds like you know alot about the house, so you probably are. I hope you have spoken with lender and found out what you need to do to get your score where you can get a great interest rate. Then, have your buyer's agent ask the agent who is listing the house if the Sellers would accept a lease option. You will give them a option fee(downpayment), focused work during the time period your lender says it will take to bring your credit score up and then close on the home when that happens. If you are not working with an agent, feel free to contact me and I will help you!
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