Many of the folks who are interested in purchasing a home these days have questions about their credit. If you are interested in a “do it yourself” plan, we offer information on this site that we’ve gathered for over 3 years, and invite you to read all about it under “Credit Scores“.
If you have unique questions about your specific credit file, and what needs to be done to purchase a home in NC – please contact us below. We help MANY MANY home buyers each month who want to purchase a home – but need to do some work on their credit files. We CAN help you be in a position to buy a home!
No matter what you decide to do to improve your credit score – remember these few things when it comes to Mortgage Credit Reports:
- Mortgage Credit Scores generally differ (usually a little lower) than the ones you get from your “annual” report from the agencies. That difference is normally something we can EASILY help you make up, with minor adjustments – usually paying a credit card down, or adding credit.
- Paying off Collection Accounts is not always required, however if you have THOUSANDS of dollars of collections outstanding, you will likely be required to make some sort of payment arrangements. IF YOU ARE APPLYING FOR A FHA MORTGAGE LOAN – be aware that they are changing their FHA Credit Guidelines about collection accounts on July 1, 2012.
- You don’t have to wait forever if you’ve had a Short Sale, Foreclosure or Bankruptcy to buy another house! Each situation is different, and we’ll be glad to review your situation and let you know if you can purchase any earlier than the “regular” guidelines.
- In general – you sill need 2 of your 3 credit scores at or above 620 to purchase a home. We do have the ability to accept lower scores if you qualify for NC Housing Finance Agency, meaning you meet the Maximum Income and you have not owned a home you lived in during the last 3 years.
- If you have used one of those Credit Counseling Companies, that disputes EVERYTHING on your credit report... that might be a problem. Right now, we are seeing Underwriters deny loans that have EVERYTHING disputed…
Look through our site, and you’ll find even more information about Minimum Credit Scores needed per Mortgage Program, and Tips on how to Raise your credit scores
You can also call us Steve Thorne, 919-649-5058
Mortgage Loan Originator #60596