I've been self-employed for 3yrs with a good savings account but my credit score is below 600. Can you please advice me on what to do. I need a home

(0) | asked by: Jason Whyte | share | 47 months ago | Report

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answer by Miekeba Jones    |   Contact Me
Hi Jason, I know a lender that will help you. Or your Realtor may be able to help you find the right lender.
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40 months ago  |   Report   |   share
answer by Debbie Martin    |   Contact Me
The best thing for you to do is find an agent local to your area. Ask them for a local lender recommendation. Usually self employed buyers can qualify with 2 years of tax returns while being self employed. Have the lender check your credit and then they can make suggestions as to how to bring up the score. Sometimes there are unpaid medical bill, etc. that you are unaware of that make a difference in the number. Your local lender will be a great resource to get the process started and then the agent will be able to get you into a great home.
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41 months ago  |   Report   |   share
answer by Bobby Sappington    |   Contact Me
It is possible a lender can work with you on alternative trade lines. I would advise that u speak with a lender in person, take all of your documentation such a tax records, your P&L statement, and bank statements to a good lender.
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41 months ago  |   Report   |   share
answer by Richard McCollim    |   Visit My Website   |   Contact Me
Dear Mr. Jason Whyte, How far below 600 is the question. There are some loans which are offered for those with a credit under 600. I refer clients to a lender I work with who helps people track and improve their credit score. I recommend you inquire on that. Your employment and savings are two other critical factors, so that will help you along.
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41 months ago  |   Report   |   share
answer by Teresa Reed    |   Contact Me
I would recommend that you get in touch with at least 2 lenders to get some answers on this one. I am here for your real estate needs.
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47 months ago  |   Report   |   share
answer by Sandie Goldstein    |   Contact Me
Self employment plus a low credit score makes it more difficult in obtaining a loan, not impossible. Familiarize yourself with current lending qualifications by doing a simple search on the web. Before you go directly to a Lender, educate yourself, as much as possible. You will then know what to ask of a Lender before your credit is "pulled". Each time your credit is reviewed there is a downside to your credit rating. Real Estate is not only about location, location, location...it is also about education, education and more education. There was an old advertisement that said, "a smart consumer, is an educated consumer", (something like that). This applies to Real Estate as well. You may want to consider renting a while longer, saving more money for a larger down payment, also making it easier to get a loan at a better interest rate. Your credit score is tied directly to the interest you'll pay on a loan.
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47 months ago  |   Report   |   share
answer by Kirsten Prizzi    |   Contact Me
Talk to a lender or mortgage broker to get prequalified. If they can't prequalify you at least you know on what part of your credit history you have to work on.
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47 months ago  |   Report   |   share
answer by Aissa Sires    |   Visit My Website   |   Contact Me
Shop around for your loan. If your score is at least 580, a lot more lenders are willing to work with you. I always recommend to talk to at least 2 people to get a better understanding of where you stand. Good luck to you!
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47 months ago  |   Report   |   share
answer by Frank Nolan    |   Visit My Website   |   Contact Me
Sometimes simple adjustments can increase your score dramatically. The first thing you need to do is pull your credit report from all 3 agencies to determine if there is any negative information that is incorrect. If there is, you would need to have it corrected. You can do this yourself for free by writing and disputing the information or call a non-profit credit counselling company to help you. Then contact a reputable mortgage broker to assist you further with the process. Some brokers have programs that will analyse you credit report and suggest ways of increasing the score, such as consolidating some credit card accounts and closing others.
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47 months ago  |   Report   |   share
answer by Christie Lane Craven    |   Contact Me
Financing can be different for those of us (like Real Estate agents) who are self employed. Your best bet is to speak with a knowledgeable loan officer. I have one I highly recommend. He will take a look at where you are now (credit-wise) and tell you realistically what you need to do to improve your score. He has helped many of our buyers repair their credit and be able to purchase a home. Please feel free to contact me for his information.
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47 months ago  |   Report   |   share
answer by Nikki Shelley    |   Contact Me
There a lot of options. My advice is to speak with a direct lender and see what programs they have. Feel free to email me or call me and I will put you in touch! Have a great day and good luck!
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47 months ago  |   Report   |   share
answer by Nelson H. Bayne    |   Visit My Website   |   Contact Me
CREDIT COUNSELING - From a Free HUD counselor in your community!! They are out there - there is no cost....FREE....credit counseling!
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47 months ago  |   Report   |   share
The best thing to do would be to connect with a reputable mortgage loan officer and/or credit counselor to determine the best way to raise your credit score. I'd be happy to connect you with someone - just email or call if you'd like some assistance.
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47 months ago  |   Report   |   share
answer by Eric Lewis    |   Contact Me
I would happy to give you some advice and help with your question. Please email or call me.
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47 months ago  |   Report   |   share
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