March 16, 2009
Dear George: I'm single and have worked at the same job for the past six years. I don't earn much, and my credit score is in the low 500s. What are the chance that I can get approval for a mortgage as a first-time buyer? Should I get a co-signer?
Answer: Working for the same employer for six years shows consistency, which is in your favor. However, most lenders will balk at a credit score in the low 500s. Here's a rough outline of what FICO credit scores mean to lenders:
You should enroll in a credit-repair class with an organization that belongs to the Better Business Bureau. Try this before you enlist help from the co-signer. Raise your credit score before taking on more debt.
Dear George: We bought a home in a 125-unit gated community with only 15 guest parking spaces and no other space available. About half of the units are now sold, and we're already facing parking congestion. The builder is not responding to our requests for more parking spots. What can we do?
Answer: Assuming the builder complied with applicable statutes regarding the number of parking spaces, there's not much you can do. If the lack of parking bothered you and the number of spaces was disclosed before you bought, why on earth did you purchase your unit?
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
