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I claimed bankruptcy that has been charged off 3 years ago. Can I get a first time home loan with a Beacon score of 583?

s.mckaybiz's picture
s.mckaybiz | Joined: April 24, 2008 08:05 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome to the forums skins09,

In all honesty you wouldn't be able to qualify for a conventional mortgage of any kind with a score like that and I would be afraid of the rate you would get if you could find a way to get approved with someone right now.

I know you probably really want to buy a house right now but you are so close to the 620 score that you'll need to qualify for a normal 30 yr. fixed rate mortgage with a good interest rate. I think if you could it would be best to wait just a little longer and try to raise your credit score a bit more first. You could literally be saving yourself 10's of thousands of dollars in the long run if you do.

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 18:27 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

precisely, scott...skins you have to build back your score to 620 and then jump into the market. it's not that hard to do in a reasonable amount of time.

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 19:07 | Post subject:

Garysnober's picture
Garysnober | Joined: March 17, 2009 12:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you have time to do this, And you follow the correct steps you can accomplish this in a very short and timely manner. 40 points is not much to gain over a few months time. You will have to go for an FHA loan for the 620 score. Is the BK why your score is soo low or are there other factors effecting your score?

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 22:32 | Post subject:

gunz.ijjistaff's picture
gunz.ijjistaff | Joined: April 7, 2009 02:40 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:e96e5a1fe0] Can I get a first time home loan with a Beacon score of 583?[/quote:e96e5a1fe0]

Hi,

You cannot get home loan @ 583 Credit Score, You may make it 620 Here is you want to make 37 More points to get home loan.

Thanks. :roll:

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 23:12 | Post subject:

lynnbrown's picture
lynnbrown | Joined: March 24, 2009 10:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been in the mortgage lending industry for over 20 years. Not so long ago 580 was an acceptable score - Keep working on getting that score to 620 or higher. Higher credit score will give you the better interest rate which equates to being able to buy more home. And I think even in a year you will still be in a good position to buy a home at a very reasonable amount.

Are you also working on a down payment? 5% or more also will help to qualify you for a home loan and keep those payments down.

Best luck to you!

Like | Dislike | Share | Posted: Fri, 04/10/2009 - 16:54 | Post subject:

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