Home Loan Qualification and Credit Scores

----- Original Message -----
From: Real Person
To: Bobo@oskie.com
Cc: o_greer@yahoo.com
Sent: Tuesday, May 24, 2005 12:47 PM
Subject: concerned person
Your website is great, and very enlightening. I have already disputed some things on my credit report, and I am just waiting to hear. My wife and I are hoping to buy our first home.. My Equifax beacon is 651, Experian 642, and TransUnion 622. Will I be able to get a loan for a home with these scores? I would appreciate some advice on what to do. Thanks, R P

realperson@bellsouth.net

Home loans are much easier to qualify for if you have sufficent downpayment. 10 - 20 percent. And a 640+ beacon score. So I would suppose you can buy whatever you wish as long as you have a downpayent. Even if your score is below the 640 range downpayment, job time, local realatives and other factors can get you financed. There are almost endless ways to buy home with endless lenders. Ther are many people in your area right now who own homes and will owner finance for you with reasonable terms even if a first rate mortgage compny disqualifies you due to the one 622. If they do, I would work on that one. Pay down to 80% of high credit limit on all your accounts. Dispute a few things. you can raise that one 18 points I'm sure.
Good Luck
Bobo Majors
931-455-6066 Work Russell Barnett KIA