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pwo4545 · Joined: 27 Apr 2011 Posts: 1 1.41 Dollars($)

Ok...I have recently been looking to purchase a town house or condo but had some issues with my credit in the past about 5-7 years ago that has hurt my credit score.

I am looking at short sales and such that are in the 35,000-45,000 dollar price range atm but am concerned about whether or not I could get a loan for something like that.

I work full time and make about 25k a year with very little other bills atm but my credit score is low around 530. I do have my parent's who would cosign the loan and have good credit and good incomes so maybe that would help my case but I don't know.

Would it be out of the question to think that I could possibly be approved for mortgage?

Please any help would be greatly appreciated.

jameshogg · Posted: Wed Apr 27, 2011 8:31 pm Post subject:

Hi pwo,

With a credit score of 530 it will be difficult for you to qualify for a mortgage. However, if your parents co-sign for you, then you will be able to get a mortgage. You and your parents should contact the local lenders and start applying for mortgages.

Thanks

JCDLending · Joined: 05 May 2011 Posts: 8 2.24 Dollars($)

i have a friend who offers loan, i think with that credit score you avail a loan. i could connect you with him to be able to help you with your loan.

davidbaker · Joined: 21 Apr 2011 Posts: 24 7.49 Dollars($)

It's been awhile since I've been in the lending game, but from what the professionals in my network tell me - 640 is pretty much the new minimum. There is always hard money if you have a lot of money to put down, but the interest rate will kill you.

If what's hurting your credit is 5-7 years old then it shouldn't be too hard to get off. If they are collection accounts then depending on the state you're in there are different statutes of limitations for collections. In other words, they're only allowed to report to your credit for a certain amount of time and technically only allowed to collect for that same amount of time. In AZ, for example, the statute of limitations is 3 years for consumer accounts.

If you have not been able to re-establish positive credit there are a couple of things you can do. You mentioned that your parents have good credit. See if they will put you on one or two of their cards they've had for a long time as an authorized user. You won't receive a card or access to their account, but it will report all of their good payment history to your credit immediately. This will give you an almost instant boost in score.

If you don't have anyone who would do that for you then it will take a little more time, but you can get a secured credit card or line of credit.

Whether you have your parents co-sign for you or not, my advice? Fix the negative items on your credit and become an authorized user on a couple of your parents cards. 3-4 months from now you'll probably have the credit necessary to obtain a mortgage on your own. Plus it will help you in every other aspect of your life. Insurance will be cheaper, you'll get lower rates on credit cards, vehicle loans, you'll be able to get better jobs! Yes, a lot of jobs do check your credit worthiness.

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