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I make $90kyr I have 30%down on a $195000 home , I have a 540 credit score. My credit report has fraud on it, I need a mort. ASAP

by Dickiegdaddy371 from Fayetteville, New York. Sep 20th 2014 Reply


Finding a lender to go below 600-620 is going to be difficult even with your income or your down payment. I would suggest contacting the 3 Credit Reporting Agencies and asking how to protest and remove fraud. It can take some time. Or you could contact a company like 360 Credit who helps people work with the Reporting Agencies and get it resolved. If you have any more questions I can be reached directly at 316-206-3158. Jeff Schnell- BNC National Bank JSchnell@BNCBank.com NMLS-409473

Sep 20th 2014
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Melissa Stutes (MelissaStutes)
#28 ranked lender in Hawaii - 100 contributions

Contact the 3 credit bureaus now!!! My website has more information on correcting credit errors, http://www.melissastutes.com/credit-errors.html. This will take time as you will need to submit information to them and they will have to investigate the matter. Until then...you may want to see if a small local lender will service your loan request using a portfolio loan product. This is when the lender keeps your loan to service it instead of selling it after consummation. Since they aren't selling the loan and will service it, they may provide more leniency. Best of luck!!!

Sep 20th 2014
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Ted Ark (tark@goldmortgage.com)
#31 ranked lender in New Jersey - 33 contributions

Gather hard copy proof that the derogatory credit items are not yours. Typically a letter from the individual creditor. Sometimes the credit reporting company can do a credit rescore to get the score higher. However, any OPEN, disputed credit items with any of the credit agencies are not factored into your credit score and may "inflate" your score. We have a mortgage program for a middle credit score of 550, 10% down payment. No lates in past 12 months on mortgage payment. Good luck.Ted ArkGolden Mortgage Corporationtel 908-722-9217licensed in NJ and NYNMLS #27281

Sep 20th 2014
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Without seeing your credit report, your best bet is to 1st find a loan officer you are willing to work with. Your Loan officer of choice can come up with a strategy foryour homeownership. Need more info? e -mail me at pete.bass@everbank.com

Sep 20th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

A loan is available, but at a higher rate (7% +).

Sep 20th 2014
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Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 71 contributions

FHA has options down to a 580 credit score, but before applying for a loan it would be best to try to get that fraudulent data removed. You can get a free report from all three credit bureaus once per year at www.AnnualCreditReport.com. The reports you obtain there will have an inside 800# to a real person you can speak to at the credit bureaus. Reference the code you have on the report and they will discuss it. Identity theft is one of the fastest growing crimes in America. You can also file an ID Theft Affidavit which is available on the FTC.gov website: http://www.consumer.ftc.gov/articles/0277-create-identity-theft-report

Sep 22nd 2014
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