Arizona Digital Mortgage Finder

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First Name*
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Last Name*
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Preferred Email*
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How would you describe your credit?*

Rebuilding Credit for Home Buying or Refinancing Thank you for your interest in Starboard Financial. Based on the information you have provided we are sorry to inform you that at this time you do not qualify for the mortgage or refinancing for which you applied. Among the reasons is that your credit score is 599 or below. This does not mean you will never qualify. Our team values you and your dream of homeownership which is why we offer this guide to rebuilding credit for home buying or refinancing. While credit score plays a significant role, there are other factors our team considers when reviewing your loan application. Some of these factors apply to refinancing while others apply to a new home purchase financing. Ask a loan officer for details specific to your account. If you think some of these factors may be in your favor, please reach out to one of our Loan Officers at (480) 897-9777 via phone or text.
- Equity in your current home
- Debt-to-income ratio (DTI)
- Loan-To-Value (LTV) which is the mortgage divided by the home value after refinancing
- Amount of savings
- Type of mortgage currently on your home (i.e. conventional, FHA, VA, ARM, USDA)
- Length of credit history
Paying down debt while increasing savings and/or income is an effective starting strategy. Not only will this increase DTI, but it may also increase your credit score. I was declined for buying or refinancing my home due to a credit score of 599 or less. Will I ever be able to afford to buy or refinance a home? The simple answer is that it depends. While our team can guide you, it is your responsibility to take steps toward rebuilding credit for home buying or refinancing. Begin by running your credit report. Annualcreditreport.com offers free credit reports once a year from all three credit reporting agencies. Credit reports may differ so it is important to review all three. What if there are discrepancies in my credit report? Go to the credit reporting website and file a dispute. These can take 30 days or more to resolve, so it is important to track your progress. Inform your loan officer when the issues have been resolved so they can re-evaluate your application. How do I improve my credit score? Improving your credit score may be as simple as addressing the discrepancies on your credit report. For other borrowers, it may mean a longer-term plan.
- Earn additional income
- Pay down debt
- Increase savings
- Apply for a secured credit card
- Work with a credit repair agency
Our team can assist you in determining which items on your credit report are impacting you the most so that you can address those first. A credit repair agency can assist you in understanding the types of debt and how to address each of them. What is a secured credit card? A secured credit card is one that is initially funded by you. The bank will likely have a minimum requirement, some as low as $500, which you add to the account. You then use the card like a conventional credit card, paying it on-time every month. Over time, you will likely see your credit improve. Using a secured credit card, you are showing the lender you are less of a credit risk because you borrow and pay debts in a timely fashion. How do I avoid a decrease in my credit score? While it may sound counterintuitive, the best way to avoid a decrease in your credit score is continuing to use credit and pay the balance on-time. Often borrowers will close credit cards once they pay them off and in some cases, this can ruin your credit. The reason is that closing accounts can decrease the length of credit history which is a factor considered by loan officers. Instead of closing zero balance accounts, utilize the credit card for one expense like gas or groceries. Pay off the balance immediately. That will show credit reporting agencies that you are less of a credit risk. Another way borrowers decrease their credit scores is by continuing to open lines of credit like store credit cards and car loans. Stop borrowing and just utilize what you currently have. Focus on earning, saving, and paying down debt. My credit history is complicated, can someone help me? Yes, there are credit repair agencies that can assist you in understanding your credit report and guide you through issues more complicated than what we have discussed on this page. We encourage you in your process of rebuilding credit and look forward to working with you in the future. Call our team to discuss the specifics of your loan application status.

In which county do you plan to buy your home?
Counties are listed by population.

What type of home do you want to buy?

Do you currently rent or own?

What price home do you plan to buy?

How much do you have available for your down payment?

When do you plan to buy a home?

Are you working with a real estate agent?
- Yes
- No

Have you already found a home?
- Yes
- No

Are you (or your spouse) a Veteran or active Military?
- Yes
- No
Veterans may be eligible for special loan programs and additional down payment assistance.

I certify that I am the subscriber to this phone number and the email address.*
- Yes – this is my phone and email.

Arizona Digital Mortgage Finder

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© 2019. Starboard Financial. All rights reserved. Starboard Financial is not a government agency and is not affiliated with HUD, FHA, VA, USDA, FNMA, FHLMC or GNMA.