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Looking to buy a home, I am a first time home buyer.

My credit score is 579, and I have been on my job for more than 11 years- and make around $50,000/yr. I have been told that I need a 620 to get any financing. What are my options?
(0) | asked by: Joy Worley | share | 3 weeks ago | Report
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answer by Ray Amberson   |   Visit My Website   |   Contact Me
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pick an experienced banker/mortgage broker, with a great reputation and schedule a "sit-down" with him/her. put together a 2-6 month "game plan" to raise your scores. also, go ahead and select your Realtor, your Realtor will have tools that will alow yolu to begin studying the market so that when u are ready, you can make an educated decision.
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1 week ago  |   Report   |   share
answer by Nathan Hepler   |   Visit My Website   |   Contact Me
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if you have credit cards what are your balances vs available credit line, keep them below 33%, if you dont have any revolving credit it will take a longer period of time to see a increase..
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answer by Nikki Tucker   |   Visit My Website   |   Contact Me
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Joy, Do you know why your score is low? No credit? Bad credit? Having No credit can be just as harmful as bad credit when trying to buy a home! I would speak to a lender/mortgage specialist to find out what you need to do to get your score up! Nikki Tucker, Cedar Bluff Real Estate
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answer by Theresa Daniels   |   Visit My Website   |   Contact Me
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Joy, Yes lenders are looking at scores as an indicator of how you repay debt. To improve this impression you want to increase your scores. First you need to determine why your scores are low. If it is late payments, then obviously you have to start paying on time. You will need 12 months of on time payments. If it is not enough credit, then carefully open accounts that are reported to the credit bureaus. These things take time, but will help to improve your scores and allow you to get better interest rates.
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2 weeks ago  |   Report   |   share
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