Posted on: 23rd Apr, 2011 03:51 pm
(Louisiana)Credit score 551 and rising! First time home buyers/builder. I said that first so anyone who is just looking at a number and nothing else can stop reading now. I am 30 years old. Married with kids. My wife is a stay at home mom. We own 1 acre of land outright with no mortgage on it (worth 30K conservatively) We wish to build a house. I am a nurse by profession. I work 2 jobs. Steady employment. Good salary. I recently got a $200 credit card to boost my credit score with a "new account" since we have not financed anything in a long time. Other than that one card, the ONLY debt I have is $41,000 in student loans. I am in the Army National Guard and have student loan repayment to assist with paying it off. No vehicle debt. No boat. No toys. I am in a position to comfortably pay a mortgage and my potential for greater earnings increases every year. My question is, is there a lender out there who will look at my SITUATION rather than a number????
Welcome jeremymilton,
Though you consider your credit score just a number, the lenders will look into that number and not your situation. With a credit score of 551, you won't be able to get a mortgage. You should raise your credit score to around 580-600 and then you may qualify for a FHA loan. If you wish to take out a conventional mortgage, then you should have a credit score of around 700-720.
Though you consider your credit score just a number, the lenders will look into that number and not your situation. With a credit score of 551, you won't be able to get a mortgage. You should raise your credit score to around 580-600 and then you may qualify for a FHA loan. If you wish to take out a conventional mortgage, then you should have a credit score of around 700-720.
What is in your credit files that are driving your credit scores down to where they are? Is it possible there is some info being reported that is inaccurate or outdated that should be deleted?
While you definitely want to get your scores up, your best bet could be contacting various credit unions which are less stringent on credit scores and also checking out the Louisiana Housing Finance Agency to see if they have any special programs available.
While you definitely want to get your scores up, your best bet could be contacting various credit unions which are less stringent on credit scores and also checking out the Louisiana Housing Finance Agency to see if they have any special programs available.
I have some delinquencies from years agi that i have been paying on and am within 2months of paying them off. Just paid my truck off and it hurt my score too. I understand the score says alot about you, but the score also requires you to be in debt. I dont want to be "house poor" like so many people are. With less debt i am able to pay the note on the house easier is all im saying.