Posted on: 30th Jan, 2010 09:34 am
Hi,
I have been trying to get approved for months with scores reporting a 600, 586, 619. I have gotten through pre-approval, but I get denied for the committment letter due to derragatory items on my credit report. I am to the point of giving up on purchasing a home at this time. Is there anyone who can help or give me some advice? The inquiries from trying to get approved ," I'm sure has lowered my score," :cry: but it should be around 580 or above.
I have been trying to get approved for months with scores reporting a 600, 586, 619. I have gotten through pre-approval, but I get denied for the committment letter due to derragatory items on my credit report. I am to the point of giving up on purchasing a home at this time. Is there anyone who can help or give me some advice? The inquiries from trying to get approved ," I'm sure has lowered my score," :cry: but it should be around 580 or above.
even with the 580 lenders (those who'll work with that kind of score), you are going to find that they want all derogatory information on your report cleared - paid in full. keep in mind that with the lower-score lenders you are also likely to pay a premium for the right to borrow with that kind of score.
On FHA financing on below 620 credit scores, you'll be required to have 3 active trades. Also,George is correct that most derogatory credit will have to be satisfied (minus medical) one way or another.
The derogatory credit statement maybe generic. When they send out denial letters they only have so many choices. The lender you were working with may just opt not to go with credit scores below 620. There are a few lenders out there that will lend on your credit score do some research and obtain a copy of your credit report. I am glad to provide any assistance.