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drillboy1 · Joined: 20 Aug 2008 Posts: 22 11.81 Dollars($)

My scores are 582- equifax- 602 transunion- 542 experian. Can I refinance anywhere. Help!!

gmakerley · Posted: Wed May 20, 2009 12:47 pm Post subject:

drillboy, you might find a subprime lender willing to work with those scores, but that's about it right now. the magic number is 620, so you'll need to clear up some things, or make a couple more payments or so on existing debt so your middle score can leap.

drillboy1 · Joined: 20 Aug 2008 Posts: 22 11.81 Dollars($)

Thanks, I kind of thought so. I am determined to do so. Just curious when you say subprime lender what are you exactly talking about and where do you find one?

Thanks again

gmakerley · Posted: Wed May 20, 2009 1:02 pm Post subject:

your best bet, i believe, is to speak with a local broker who would have all sorts of contacts in the industry. by subprime, i mean you won't be seeing any of those 4.75% or 5% or 5.5% interest rates.

drillboy1 · Joined: 20 Aug 2008 Posts: 22 11.81 Dollars($)

I am going to be paying a couple of things off next month, I am paying 9.5% now on my mortgage. I know it's bad but that is what happens when you let your credit go, plus I joined a credit counseling co since last sept 08 which I have never missed a payment. So hopefully in a couple of months I will be able to refinance.

Thanks

Guest

I am currently looking into applying for an FHA loan but I'm not sure if I will be approved. I have a 615 credit score but I have a judgement on my credit. I recently paid the judgement and have to turn to the paper that says its been paid into the court house. Will my credit increase at all or will it stay the same because judgements can stay on your report for up to 10 years?

Guest

If I have a 575 but have 20-30% to put down and 4-6 months of $2,000 a week in income will a FHA lender work with me?

jameshogg · Posted: Tue May 26, 2009 12:01 am Post subject:

Hi,

To kaikai,

Congratulations to you for paying off the judgment! Though the negative items remain up to 7 years on a credit report, as you have paid it off, the effect will definitely get lowered. Once your score rises to 620, you can start applying for FHA loan.

To ifuwinitil,

With a credit score of 575, none of the FHA lenders will be ready to give you a loan. You need to raise your credit score to 620 in order to get a loan. To know some simple steps to raise the credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks

gmakerley · Posted: Tue May 26, 2009 7:49 am Post subject:

please, both of you, follow james' timely advice.

Guest

I know that.

I wish you had some thign more to say.
Sad to see peopel taking credit for some one else answer.

gmakerley · Posted: Wed May 27, 2009 7:26 am Post subject:

if, i have plenty to say if you wish.

first, a 575 score isn't good enough to have most lenders consider you at all. you need to analyze the credit report, see what's holding you down and make a concerted effort to pay as much as you can as rapidly as you can in order to boost your score.

second, earnings in a 4-6 month period are not sufficient to qualify anyone for a loan. lenders are desirous of knowing that you have stable income - generally, that means a period of two years of stability. that doesn't mean that you can't switch jobs in that period, nor does it negate raises earned in that period. but if your "stable" income is only that which is proved in such a short period, it won't work for qualifying.

third, your down payment of 20% or more isn't going to convince a lender to take a flyer, due to your current credit score. you'd be better served to take some of that money and pay off, pay down, etc. whatever debts you have that are contributing to your score.

i do not piggyback on others' posts as a general rule; there are occasions on which i will affirm someone else's commentary and usually add my own. if you think i'm trying to take credit by suggesting that the advice given was good, then that's your right. i cannot control other people's thoughts. i learned that a long, long time ago.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

I really enjoyed this thread.

gmakerley · Posted: Thu May 28, 2009 10:34 am Post subject:

geni, i'm not sure what that meant, but i'll consider it at face value.

cheers!

Guest

SO, im currently working on my credit to ontain a home loan, and was curious as to how fast can a score rise? does this typically take weeks, months? i need about 50 points to get to the recommended 620. thanks!

bobh0526 · Joined: 08 Jun 2010 Posts: 2 1.56 Dollars($)

My average score is 653. But I am fresh out of foreclosure. I guess paying my car payment on time and using my credit cards occasionally kept my score fairly good. But can I get an FHA loan since I am only a few months out of foreclosure?

Bob

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What score is needed to get a fha loan?