Sometimes Credit Repair Takes A While... Be Patient

By
Mortgage and Lending with 214-728-0449 http://TexasLoanGuy.com NMLS # 322646

Ideally, it wouldn't matter what your credit score is, we would just approve you for a loan and into a new home. Reality says, that's just not going to happen. Credit score plays a HUGE part of a someone qualifying for a mortgage.

The good part is that you can qualify for a FHA with a credit score of 620. Where as on Conventional, you can go down to 640 but with a slight adjustment to your interest rate due to you being a 'higher risk'.

This post is not about 'qualifying for a texas mortgage'.

If you had credit issues in the past, it's going to take time to work out those issues. Your mortgage originator could probably tell you about one or two reliable and trustworthy credit repair companies, so be sure to ta

lk with them about it first. Something to keep in mind is that whatever the issue is, it didnt happen overnight... so, it wont be fixedovernight either.

I try to be very upfront with the clients I work with that are going through credit repair. I ensure they know that this process can take 3-6 months, depending on the amount (and types) of issues that are reported. But it never fails, I'll get calls from the client 3 weeks later or from the Real Estate Agent asking if I heard anything lately.

Don't get me wrong, I'll be happy to answer any questions but don't be surprised if I remind you that this can take some time. As a matter of fact, there are some cases where it can take up to a full year to resolve some very derogatory accounts and/or judgements.

Recently, I have been working with Dana LaRue of The Carter Law Firm here in Dallas. Dana is very thorough, patient, and easy to contact. I've found that their process is outstanding! They color code the entire report so the clients know the problem areas, strengths, and places that could use some attention. If you need Credit Repair, give me a call about Dana.

Overall, be patient. Credit repair can take some time, but it does not have to take forever either. Typically corrections will last 3-6 months.

When you fill out a loan application but your credit does not allow you to qualify, my response is that you do not qualify 'YET'. We work together to put you in a position to buy your new home or refinance your existing mortgage.

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Dan Edward Phillips 08/15/2011 10:01 AM
  2. Judi K Barrett 09/14/2011 10:41 PM
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Rainmaker
783,650
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

I think it likely took you a while to get IN the mess, be patient and loyal to the program and it will still take a while to get OUT of the mess.

Aug 09, 2011 06:18 PM #1
Rainmaker
491,098
Teral McDowell
Murphy, TX

John, there are so many folks that would like to buy a home but needs someone to help them. Thanks for the encouraging words.

 

Aug 09, 2011 06:40 PM #2
Rainmaker
398,633
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Ron - So true. It took some time to damage the score so it will take months to resolve it. Doesnt happen with just a phone call to the credit repair company. Now they have to actually stick to the program and re-evaluate their financial situation.

Teral - They just need to know that it takes time, but doesnt mean they can never buy a home.

Aug 09, 2011 06:43 PM #3
Rainmaker
486,392
Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

Hi John! Great post & very encourgaging!

Aug 09, 2011 09:06 PM #4
Rainmaker
512,981
Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Good Morning John, excellent input for clients who have credit problems.  It will take time to make the repairs.

Aug 10, 2011 05:42 AM #5
Rainmaker
398,633
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Thank you Maggie.

 

Aug 11, 2011 03:43 PM #6
Rainmaker
398,633
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Thanks Dan. I have found that many people want it done NOW and don't have the patience.

Aug 11, 2011 04:25 PM #7
Ambassador
1,935,527
Judi K Barrett
Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma - Idabel, OK
Broker/Owner, Integrity Real Estate Services -IDAB

People can mess their credit score up so quickly but it takes time and effort to repair it.  Great reminder.

Sep 14, 2011 10:40 PM #8
Rainmaker
198,869
Ed Gillespie
Rocklin, CA

Saw Judi's re-blog and wanted to stop by!  Like you, I have found folks who do not wnt to take the time to do the work.  I really enjoying helping buyers who are committed and willing to go through the steps.  Very often they will say to me, "I wish I had done that sooner!'

Sep 15, 2011 12:25 AM #9
Rainmaker
398,633
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Judi - Credit is easy to destroy and can be very difficult to clean up.

Ed - I agree, this is something we hear a lot. Too many people live in the moment instead of thinking about the consequences. Other times, it was just out of their control due to a job loss, family death, or a number of other speed bumps we face in life.

Thank you both for the comment.

Sep 15, 2011 09:30 AM #10
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Rainmaker
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John Cannata

Texas Home Mortgage - Purchase or Refinance
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