We just had another success story with a client who needed a little boost to her credit score to be able to write an offer and close on her first home. The client came our way because she wants a 203K mortgage on her home. We are seeing more first time home buyers in Denver tackle buying a home and adding in the remodel costs up front. So if you are looking to buy your first home you should seriously look into the 203K loan.
She came my way because her real estate agent’s lender didn’t offer 203K mortgages. As a result I needed to pull her credit, but when I did so, she was short on points to qualify. Now you can imagine the disappointment for someone who thought they were ready. Given her credit report was pulled 4 months back (when she started looking), it had expired and of course the score changed.
Why did it change? Well given I never saw the original report I couldn’t tell you this part. But I can say I reviewed her new report and gave her a couple quick things to do in order to re-score her credit. She did it that day and sent me documentation the next. I sent it off for a re-score and within a week we received the expected results. Not only did she find out today that she was awarded the HUD home she put in a contract on, but I was also able to share with her that her score is now high enough to qualify. Yes, a week of emotion, but when working with an experienced lender you will get the advice you need to be able to qualify. This is just one example of things that can come up when you are getting ready to buy a house. So make sure you sit with a lender early and make sure you look your credit over in advance of looking at houses.
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Branch Manager , Summit Home Mortgage Denver, 303-779-0591 x101