Can you get a Loan if your Credit Score is lower than 700? Mortgage Broker Joe Petrowsky says, "There are many folks coming into the Housing Market that have had a Foreclosure or Short Sale in their history. I am doing more and more preapproval for folks that have this kind of credit history. Unfortunately, many people are not even aware that they might qualify to buy a home again."
“Sub 700 Credit Scores on the Rise”
I am always tracking credit scores and how they relate to mortgages. For the last couple of months, the information reported indicates that nearly 50% of all mortgages written had sub 700 credit scores.
There are many folks coming into the housing market that have had a foreclosure or short sale in the history. I am doing more and more preapproval for folks that have this kind of credit history. Unfortunately many are not even aware that they might qualify to buy a home again.
There are so many folks that want to buy a home, many that have credit challenges and don’t know what they can do or how to begin the repair process. When I find someone in this kind of situation I begin the coaching process of what to do and how to do it. Once they have repaired or paid off and obligation, we have them send us the paid receipts or evidence of payment we’ll send it to the credit bureaus for them.
Most of those who want to be a homeowner, will be able too, if they got a little help. Reach out to these folks and let them know they can be helped.
image courtesy of stuart miles/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.
Frederick Griffin, Licensed Florida Real Estate Broker
Tallahassee Florida Metropolitan Area
Disclaimer: Nothing in the above blog article is to be construed as legal advice, tax advice, or financial advice. For legal advice see an attorney. For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.