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Discussion in 'Credit Talk' started by Sindy, May 23, 2000.
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how bad is your credit? and how long have you lived at the apartment? if it's been years, then you've established some character in the eyes of potential lenders. try the following link out:
and visit the loans section. there are a couple loan brokers listed who may find what you are looking for. remember to try out the one that appeals to you. both of them are reputable, and have been around for quite some time. and they don't charge you for their services. good luck. -malcolm
Thanks so much.
You are going to be hard pressed to find decent housing to purchase in Boston (I live here too) if you only make $40K unless you are able to come up with a considerable down payment. Probably the only thing in your range might be a small condo. You're certainly looking at something around $100K using a 28/33 ratio and assuming no other debt and a 5% downpayment. This assumes you can get a market-rate mortgage which you might not be able to do if you do have poor credit.
Before you become completely discouraged, make an appointment with a mortgage lender in your area. They will run a composite credit report with the three CRA's and advise you how to proceed, and possibly prequalify you for a Firt-Time Home Buyer program. Since you have a few months before you will have to move you have time to devise a plan. Also, HUD has a new program under Section 8 to assist people like you who are steadily employed but unable to achieve home owenrship because of income and/or high housing costs. Contact your local housing authority for more information. Also, most banks who offer mortgages are required to provide a certain number of low income home loans to meet state and federal guidelines. I live in New York and many people buy under those circumstances. Bottom line....don't listen to the nay sayers, buying a house is a lot easier than getting a credit card.
Getting the credit to buy a house is easier than credit cards....but here is the caveat. Do you have a large amount of money, say 15%-25% to use for a down payment? My husband and I have been searching for a mortgage lender for months. We have found several that are willing to loan us money IF we can pay 25% down. My husband makes 60K a year, we live in a small town were housing prices are reasonable and our delinquent credit is all 6+ years old. So, in essence, unless we have 25K down plus closing costs on a normal sized home, we are SOL.
Not trying to be discouraging to you. But when I started this whole process of looking for a loan I was told by so many people, "no problem - subprime mortgages are out there, you can get a mortgage almost anywhere." They forgot to mention the large chunk of money it would take. With two kids, car payments, high rent payment and bills it is kind of hard to take and put away that kind of money in a short period of time.
If anyone knows of any lenders or other programs that don't require such a large down payment...feel free to share!
I'm getting an FHA loan and am only required to put down 3%, seller contributing 2,500 to closing costs.
Can you tell me where you went for infromation about the FHA loan. Should I consult a mortgage broker- do they have this kind of advice? The saddest part about all of this is I Know NOTHING about mortgages or buyig houses but I will hve to learn REAL fast.
Also, people on this board always mention FICO scores. How do I even begin to find out what mine is? I have a very spotty credit history.
I appreciate your interest and help...
Do you have decent credit? I am just asking because I have damaged credit, most of which is over 5 years old, but no lender has even mentioned FHA to me. This leads me to believe that FHA won't back a loan for me. Any advice?
Fha mortgages go back and check your credit for past 2 years. My friend just received an FHA loan and they have been out of BK for 3 years now. They checked their history from 2 years back and it was perfect. They also got a no money down mortgage. They did this at their local bank, which found them a lender. HTH
Sindy and SM
I must say, I'm in Atlanta and real estate is booming around here (there must be 10 new subdivisions going up in my area), AND the majority of the housing is geared towards first time homebuyers who require special financing (bad credit). It may be different in your respective areas, but around here they are really focusing on community empowerment and development.
My lender is HomeBanc (don't know if there local or nationwide). I honestly assumed that FHA is a commonplace type of loan. My loan is considered non-conventional; meaning the debt/income ratio is not as stringent and, like Kelly A told me earlier, i'm only required to put down a measily 3%.
Because i'm only putting 3% down, i'm required to pay Mortgage Insurance, and I was also required to attend a First Time Home Buyers seminar (not bad and it reduced my MI percentage).
By the way SM, as far as my credit ~~LOL, yours sounds better than mine. I've just recently paid off my collections.
Sindy ~~ my loan officer told me what my FICO score is and also gave me a copy of my consolidated mortgage credit report (don't know if that's the proper term).
~~ I hope I've helped you some.
I live in Boston, too (small world). You'd be lucky to get a shack for $100K
RE: Sindy and SM
Thanks so much. I guess now I just have to go to a bank or mortgage lender and let them know I am clueless about the whole process.