How do I get 28 more Points to be able to get a stated mortage loan?

I have done everything up under the sun and it has improved my FICO scores tremendously. I have paid all credit cards down to zero balance, had 30 day late payments removed, and have paid bills on time. My FICO went from 539 to 565 to 584 to 645 which is where it is now. But my middle score is 622 (experian). My income is not effecient enough to get approved for the amount I need to purchase a house in a good location. I want to buy a house but Im also trying to buy location for future investment oppurtunities. I’m trying to get in position to get a no-doc or stated loan because I need to be able to get a loan for at least 175K. And I need to get to at least 640 mid score. At least that is what I was told from a broker. I don’t know what else to do to get the other 28 points after I have already paid cards had 30 late payment removed. Its always something. Now my scores are somewhat o.k. my DTI is around 18-20% but now I don’t make enough money. My salary is only 31K. Any suggestions?

1) You can opt out of getting any credit card offers, which will help. @ www.optoutprescreen.com
this will bring your score up from 10 – 20 pts usually in a couple of weeks normally.
2) Just wait a month or so and it should be right where you need it to be as long as you’re not using your credit cards.
3) If you had some authorized user accounts added to boost your score to where it is that will all end in September when all the new score systems are updated.

Going stated
this is where it gets a little tricky. Basically you are overstating your income to buy a house that you want. A lot of lenders are frowning on this and considering it fraud (usually only if they loose money on the loan from foreclosure or late payments…..funny how this happens) It was basically designed to streamline you getting your loan closed without supplying paperwork (usually for self employed borrowers) but who is to say your wife/ significant other isn’t helping you either. basically don’t buy more then you can afford.

Start off with your house first and see how it goes. Maybe find a foreclosure in those same neighborhoods that needs some fixing up. You would be surprised the work you can get some friends to do when you bbq and get some beers.

you also mentioned future investment opportunities … watch out for scammers there are a ton of them out there (buying investment properties from investors, foreclosure bailouts, buying a bunch of houses all at once)

get yourself a good realtor that is key…. a real baller …. one who knows the neighborhoods …. checking every day to see if something new came up that morning and calling you on it. they work for you. They have the contacts at the banks know where to bid and who to talk to to get it done. (You don’t want one who spends as much time at starbucks as they do fixing there hair) Find one you can relate too …

Good Luck with the new house!!

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