Location: Massachusetts
Submitted 05/30/12 12:56 PM

Q. We are looking to purchase a home and our credit scores are in the mid 500s. Annual household income is $150,000.

 

Answer #1
Submitted 05/30/12 02:02 PM
Don Alexander (1st Prime Realty): Real Estate Agent in San Diego, CA Don Alexander (1st Prime Realty)
Real Estate Agent
San Diego, CA

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A.

Set an appointment with a knowledgeable Lender, that will assist you in getting your Credit score to qualifying standards. Or consult with a reputable Credit Repair company, research these companies before you sign anything.

Answer #2
Submitted 08/26/12 05:08 PM
Nancy Butterly (ZipRealty, Inc.): Real Estate Agent in Framingham, MA Nancy Butterly (ZipRealty, Inc.)
Real Estate Agent
Framingham, MA

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A.

Your are going to need to speak to  a reputable Credit Repair Company. A lender will want your scores,

minimum of 640 to get a FHA loan.  A bank or mortgge broker can provide you with one. Good luck.

Answer #3
Submitted 10/18/12 01:25 PM
MaryBeth Mills Muldowney, Massachusetts Broker Owner (TradeWinds Realty Group LLC): Real Estate Broker/Owner in Norwell, MA MaryBeth Mills Muldowney, Massachusetts Broker Owner (TradeWinds Realty Group LLC)
Real Estate Broker/Owner
Norwell, MA

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A.

I would suggest you look to a USDA loan program or MASSHOUSING.  Your local Housing Office can make suggestions for counseling to assist you.  If you are in the Southshore or Plymouth vicinity of Massachusetts contact Veronica or her staff at SouthShore Housing, a good first time homebuyers course would be a great investment for your future.  

Answer #4
Submitted 10/24/12 08:26 AM
Susan V. Gregory, Helping You Live Your Ideal Lifestyle (Newman Realty): Real Estate Agent in Dana Point, CA Susan V. Gregory, Helping You Live Your Ideal Lifestyle (Newman Realty)
Real Estate Agent
Dana Point, CA

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A.

Most lenders require a 640 credit score-so you will need to work on getting your scores up.  You could also consider a "hard money" loan-these lenders require a larger down payment, but if you are able to put 30% down or more you could get a loan immediately-then work on getting your scores up and refinance later.

Answer #5
Submitted 10/26/12 08:50 AM
Manuel Ramirez (Expert House Buyer): Real Estate Agent in Sherman Oaks, CA Manuel Ramirez (Expert House Buyer)
Real Estate Agent
Sherman Oaks, CA

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A.

Hi,

My advice to you would be to consult a real estate agent. I am sure you will get some useful advice from the real estate agent if you want to purchase a house.

http://www.experthousebuyer.com/

 

 

Answer #6
Submitted 10/28/12 10:36 PM
Johnny James (Real Estate Broker): Real Estate Broker/Owner in Palmdale, CA Johnny James (Real Estate Broker)
Real Estate Broker/Owner
Palmdale, CA

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A.

Payment history, outstanding debt, and types of credit make up 75% of your credit score. 500 out of 850 would make you a pretty high risk. $150,000 of income does not mean much if your debt to income ratio is out of whack and you have a history of not paying on time. Wit 30% down or more you would still be able to purchase a home but your rates would reflect your credit score.

Answer #7
Submitted 11/21/12 01:10 AM
Ryan Moses (Realtypin): Services for Real Estate Pros in New York, NY Ryan Moses (Realtypin)
Services for Real Estate Pros
New York, NY

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A.

Granted, your credit score can't be fixed overnight, but there are some steps -- both short-term and long-term -- that you can take to improve your score

Here's How To Fix Your Credit

 

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