I have been trying to buy a house for a long time and I just got approved. First my bank declined me because of the troubles I went through due to some medical bills, so I had to look elsewhere. I don't have the perfect situation but I am going to get into the house and then refi in two years when my credit is good. I only had a 520 score so I had better not mess up! Don't give up hope y'all.
I've been seeing brokers today getting funding at 480 mid. It's not the greatest in terms of rates by any means but, it does allow hope ownership. The new "community" programs that the brokers I work with are terrific products. Essentially, an applicant can get funding with about a 500 mid and up to 5k in outstanding debt. This is great for people with small medical collections, marginal charge-off's and the like. Flagstar Bank is really the best I've seen in terms of approval. However, their are many out there. Oh yea, CONGRATS on the new home!
