What should we do?

kmbe · Joined: 10 Jun 2007 Posts: 1 1.44 Dollars($)

We have two very sub prime scores (485, 494) and one just above prime score (520). We cannot get traditional lending and need to refinance our ARM. It already rose once and we cannot afford to let it rise again. We have until October before this happens. Should we look for a hard money lender or try to repair some credit before then. Is it even possible in that short amt of time to raise the credit enough?

sara

Hi Kmbe,

Welcome to the forums.

I think you should try to repair your credit by October. There are a lot of credit counseling agencies who offer help to people in order to improve their credit. But I feel self-help is the best helps – I mean, you can yourself take care of your credit and try to improve. Just follow the simple steps given in our section on How to Repair your Credit.

Take Care

Guest 0.10 Dollars($)

I just helped my sister with the same issue kmbe. if you want I can send you a free copy of a credit repair book that Has helped me and my family get out credit in the low 700's

Guest 0.10 Dollars($)

here's my email address "mmtrevor@aol.com"

[Email address deactivated as per forum rules. Thanks. Caron]

miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

I agree with Sara, it would be much better if you try to improve your credit instead of looking for subprimes.

It is quite possible to raise your score to a decent level within this period. Check your credit report thoroughly to see if there are accounts listed which have crossed their sol period and try to get them removed with the bureaus. Keep payments on all accounts current and you will start to see improvements within a short while.

Miller

ezmortgageloanz · Posted: Wed Jun 13, 2007 1:39 am Post subject:

Although efforts to improve your credit scores are always a good thing to do, it isn't necessary for homeownership.

The OP could consider contacting a FHA lender Laughing

---FHA loans are not credit score driven---I have personally assisted families with FICOs as low as 400 secure FHA financing.

The great thing about FHA---you'll get a great rate (even if your FICOs are bad) and when your done improving your scores, you can do a no income/asset/appraisal refi to lower your rate.

Regards,

Scott Miller

ceo · Posted: Wed Jun 13, 2007 1:44 pm Post subject:

I have worked with home onwers with low fico scores which is not always a factor in obtaining traditional financing.. Brokers have hundreds of loan programs for low qualified fico scores... Please tell me more..
Frank C

[Link deleted as per forum rules. Thanks.]

Guest 0.10 Dollars($)

But Ceo, don't these loans have high rates because of the low score borrower has?

ezmortgageloanz · Posted: Wed Jun 13, 2007 4:50 pm Post subject:

I can't speak for CEO, but can speak to FHA---it delivers near conventional rates at the highest LTV in its class...

Regards,

Scott Miller

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