Shop around. Your best bet is to turn to brokers. Get a copy of your credit report and "black out" (or erase) your date of birth, ss #, and any "hawk alerts" that might show. By doing this, you’re preventing anybody else from pulling your credit thereby lowering your score even further.
Take your credit report to any mortgage broker and ask them what is their best offer. Make sure that you tell them that you’re shopping around and they’ll try to out-do the others.
You can also try to clear up items on your credit if you’re willing to wait up to 30 days to improve your credit risk score.
If you have a large amount of money saved up for a down payment you might qualify.Also, some banks offer special programs for people in certain jobs. At Bank of America they offer special programs for first time home buyers with easier requirements for qualifying for the loans. Also if you work in certain industries such as healthcare,law enforcement there are easier requirements. Visit bankofamerica.com for more info.
References :
Shop around. Your best bet is to turn to brokers. Get a copy of your credit report and "black out" (or erase) your date of birth, ss #, and any "hawk alerts" that might show. By doing this, you’re preventing anybody else from pulling your credit thereby lowering your score even further.
Take your credit report to any mortgage broker and ask them what is their best offer. Make sure that you tell them that you’re shopping around and they’ll try to out-do the others.
You can also try to clear up items on your credit if you’re willing to wait up to 30 days to improve your credit risk score.
References :
well I would suggest to go through your credit report and see what you can do with it first before applying. Make sure all of the entries are yours and anything that is over 7 years or whatever is allowable by the state you live in that is negative, delete.
There is no sure way of how not to be taken. I would suggest that you go with a company that uses many loan companies that come back with mutli quotes.
Also if you had a VA you might want to look into your refi options.
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The more money you have to put down on your first home will help significantly with a low FICO score. Having a solid FICO 620 or higher is great but many mortgage brokers work with clients everyday that have poor 580 or below credit scores. I do all the time.
You’ll need a tri-merge report, not just a single report from one reporting agency, there are three agencies that report issues with your credit. You need to know what they are all reporting. If you want to clean up your reports go to a reputable firm like Lexingtonlaw for help. They can clean up issues on your report and they will improve your score if that’s possible in your particular case.
We can pull a report on your behalf anytime. You can call me directly here 951-520-9684. I’m happy to answer any questions you have regarding lending and buying your first home.
I would advise you to know what type of loan program you want, 30 yr fixed vs. adjustable. Know where competitive interest rates are for a person in your credit situation. Know and understand how to read a "Good Faith Estimate".
I’m happy to help off-line if I can or at least offer free advice to aid in your decision making process.
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Mortgage Professional Experience