Credit Reports, a Foreign Language to Most

I always get to my office fairly early and don’t usually have someone waiting for me. Sheila introduced herself and said she wanted to meet with me, so that we could discuss her credit. She told me, that she was referred by her attorney.

She handed me a copy of her credit report for me to review. She had a 668 mid score and wanted to know if she could buy a home with her scores. She told me, she had gone to the credit union where she does her banking and they told her that her credit scores are too low and that she could not qualify for a mortgage.

I sat her down and took her through the qualifying process. In the towns she wanted to buy a home, we can do a USDA loan, with no money down. I qualified her for a purchase up to $200,000. She is presently paying rent at $1,575 per month. We estimated a mortgage payment $1,440.

I referred her to a Realtor, home inspector, insurance agent and attorney. She was now hitting the ground about once every ten steps.

Unfortunately, not all lenders and mortgage companies are created equally. All don’t have the same loan products available and at the same credit scores. 

Understanding Credit Reports

By Daniel Garcia