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HELLO! i have a credit score of 531...not bad credit just not that much. I have 2 credit cards with $300 limits on both and i own $50 on each, and i have a car loan that i owe $8,500 on. I want to get approved to buy a home but I cant get 100% financing due to low credit score. I have paid every bill early or on time, I need to build credit quickly as possible.....any help?
HELLO! i have a credit score of 531...not bad credit just not that much. I have 2 credit cards with $300 limits on both and i own $50 on each, and i have a car loan that i owe $8,500 on. I want to get approved to buy a home but I cant get 100% financing due to low credit score. I have paid every bill early or on time, I need to build credit quickly as possible.....any help?
Check your credit score. All 3. There may be things you didn't realize. If yo're young and a short work history, this may affect your credit worthiness with a lender. Inquires on your credit report lowers your score unless you inquire. Try Nationpoint as a lender. They were very helpful with me on my first house
Also with the larger amount of foreclosures and the large number of home lenders that have recently filed bankruptcy you are not going to find as many 100 percent loans as you did before.
Check your credit score. All 3. There may be things you didn't realize. If yo're young and a short work history, this may affect your credit worthiness with a lender. Inquires on your credit report lowers your score unless you inquire. Try Nationpoint as a lender. They were very helpful with me on my first house
Not get get into your personal info..but do you remember your credit score? was it around mine?
HELLO! i have a credit score of 531...not bad credit just not that much. I have 2 credit cards with $300 limits on both and i own $50 on each, and i have a car loan that i owe $8,500 on. I want to get approved to buy a home but I cant get 100% financing due to low credit score. I have paid every bill early or on time, I need to build credit quickly as possible.....any help?
You could try something unique and save up a downpayment for the house. Renting for a few years will cost about half what your house payment would be. Take the remaining amount and save for the downpayment. Get a weekend job and add that toward the downpayment. If you get to 20% you won't have a problem getting the loan and you also will save around $100 a month in PMI fees. It's just a thought
There is no way that your credit score can be at 531 without derogatory items. Get your reports from all three bureaus, and find out what those bad items are. If they are errors, dispute them; if they are yours, take care of them.
You could try something unique and save up a downpayment for the house. Renting for a few years will cost about half what your house payment would be. Take the remaining amount and save for the downpayment. Get a weekend job and add that toward the downpayment. If you get to 20% you won't have a problem getting the loan and you also will save around $100 a month in PMI fees. It's just a thought
While I agree that this is a viable alternative, I wonder whether you have checked out the rental market. In the areas I know of, rentals are generally close to what a house payment would be.
Only thing on my credit that is negative is a credit card from a store that i have paid off in full and closed the account out..i made the store send me a letter stating that this is true. there is nothing else i can do to take care of that item.
That is bizarre. If you have two credit card accounts and a car installment loan, with no lates on any of them; and just the one bad paid account, your score should be substantially higher than 531. When the bureau gave your score, they should have provided the four factors, in order of decreasing importance, that lowered your score. Try to get reports and scores from the two other bureaus, as they will be different. For mortgage purposes, the high and low scores will be thrown out, and the middle score used.
If you want to buy a home, credit-wise your chances will be better on FHA, than Conventional, because a human underwriter can more easily overrule a turndown by the computer, and more readily use alternative credit such as timely rent and utility payments. FHA requires a minimum 3% investment from the borrower, which can come from a gift, or a local Down Payment Assistance program. Contact a competent and ethical Loan Officer to review your situation, and to see what assistance programs may be available in your area. Good luck.
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