If you have ever looked at your credit score recently? Or the main question is have you looked at what is required now in order to buy a house? 640! Yep you read that correctly, all investors are now requiring 640 credit scores. ALL THREE credit scores higher than a 640. Now the government and Fannie Mae and Freddie Mac are still saying anyone above a 600; but does it really matter what the government says, if investors are not buying any loans with a purchaser who has less than a 640. So now lenders can not sell their loans to investors if they approve a buyer with a score below a 640. What does this mean in ENGLISH?
If you are looking to purchase a home, you must have great credit. Check your credit score before you even think about buying a home. I understand the housing market was bad, because everyone was approved. Just two years ago I was doing loans with 540 scores, but this is a dramatic change. Basically this is going to assure that if you are buying a house, than you WILL be able to afford it AND MAKE PAYMENTS and the banks are going to make sure of that. There are two things you can do to help yourself in this situation.
1. CALL JOHN PAYNE AT FIRST NATIONAL BANK. THEY ARE STILL DOING 620 SCORES
2. BUY CASH
and the number one thing you should NOT do is to pay someone to fix your score. If you want free advice and help, call a lender or myself. All the companies out there that say they can fix your credit for $XXXX are all there to make a quick buck and will stay around as long as they can while the requirements are high.
Johns number is :972-673-1909
My number is: 972-322-1717