Financing in Philadelphia>Question Details

D_americandr…, Home Buyer in Philadelphia, PA

Could I qualify for a fha loan with down payment assistance as a first time home buyer, self employed and less than perfect credit?

Asked by D_americandream, Philadelphia, PA Fri Jul 22, 2011

I live in Phila, and am tired of renting. I've been working on my credit for the past two years and have had an attorney remove a significant number of negative items on my credit report. I was in the 400 range two years ago, and in the begining of the year was in the 540 range, however more items have been removed since then, but I don't know what my score is now. Im self employed for the past 4 years, did have a full time job as well up until november 2010- now just working business full time.

I've been reading about this fha program and wonder if its for me and my unique situation. I dont have a lot of money to put down so I would also be interested in any first time home buyer down payment assistance programs as well. Any advice would be greatly appreciated. It seems that I need a preapproval to even take a look at a home on the market. I would also be interested in homepath/fha 203k as well. Any advice would be greatly appreciated.



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BEST ANSWER
Good morning, many colleagues have given you a lot of good advice to absorb and consider. I would like to add my two cents:

I recently had this exact discussion with my trusted mortgage professional about my cousins. The official government credit report site is http://www.annualcreditreport.com Please consider paying the extra $9.99 for a score. If we can get you up to 580, I am confident we can make something work for you. There are 100% financing options that I can guide you through. Self-employed is always harder, but since it has been 4 years, there is history there. We can show that and try to get you a mortgage.

Feel free to contact me to discuss the next step. I pride myself on "no pressure" discussions!
Web Reference: http://www.FamousEric.com
0 votes Thank Flag Link Sat Jul 23, 2011
I think all the advise you recieved was wonderful and agree. NACA is great because they are not credit score driven. Most of the lenders can also provide you with assistance by just looking at your report to see what is dragging your score down. I know the lender I use can do a rapid rescore and on the report he pulls it actually gives you the amount of room for impovement. When they get this they can the run you through a program that will tell them what to and how many points it will bring your score up. I do not know the name of the program - but if you contact one of the lenders like the guy Famous Eric maybe they would know. I wish you luck, just hang in there and do not give up. All the things worth having are worth fighting for and you will appreciate this home that more knowing how much effort you put into getting.

Best Regards,
Jerri
Web Reference: http://www.jerrisims.com
0 votes Thank Flag Link Tue Jul 26, 2011
If you are not satisfied with the credit help from your attorney please consider our credit repair services at Credit Rescue, Inc. We are local (2nd and Chestnut Street). We have been repairing credit for over 12 years and have helped thousands of people qualify for mortgages. Also, we offer a free credit consultation.

We can usually raise most people's credit scores 50-100 points in as little as 90 days. We can get you to a minimum score of 640 so that you can qualify for a mortage.

Josh Buchter
Credit Rescue Inc.
124 Chestnut Street
Philadelphia, PA 19106
215-821-1109
http://www.CreditRescuePhilly.com
0 votes Thank Flag Link Tue Jul 26, 2011
call me at 215 421 2121 i am a local realtor

Michael Solomon
0 votes Thank Flag Link Mon Jul 25, 2011
There is something out there that might work for you. first I need you to go to http://WWW.NACA.com Next call me at VIP Realty Corp 215-725-5700 X49 and I can tell you how to get started. I know a few short cuts Thanks for your question
Philip Cunningham Sr
Realtor,e-PRO
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Sat Jul 23, 2011
Hi D,

You can check your credit score for free here.

http://www.creditkarma.com

This will not effect the dispute process, nor will it effect your score in a negative way. You can also contact Fred Glick in your market, he will assist you with a mortgage product which fits your needs and then you would locate a home.

Good luck!

http://www.fredglick.com


Hannah Fliegel, FICO Pro
Web Reference: http://www.marinreia.com
0 votes Thank Flag Link Sat Jul 23, 2011
I would never tell anyone that they would or would not definitely qualify for a mortgage. It's obvious you are motivated and have already done a lot of the tough work on your credit. Is it now "good enough"? We don't know. FHA generally requires a credit score in the 600's. In order to qualify, three things are taken into consideration: 1) Credit Score and history, 2) Income, and 3) Cash on hand.

I would be happy to discuss your particular situation with you, but I can tell you that it may help you to get some pre-purchase counseling from one of the community organizations that offers it FREE OF CHARGE. Firstly, the classes are fun - you meet lots of people in the same or similar situation as you. Secondly, you'll get a general overview of the homebuying process. Third, you can get some one-on-one counseling to deal with credit issues and budgeting. Finally, you can get $500 toward your closing costs! Call me, and I'll help you find the program most convenient for you.

Marilyn Silberstein
Elfant Wissahickon Realtors
(215) 859-1749
0 votes Thank Flag Link Fri Jul 22, 2011
You definitely need to go through a preapproval and deal with the specifics of your situation. It is possible, if you have sufficient verifiable income and an acceptable credit score, but it will have the meet the parameters set forth by the lender.
0 votes Thank Flag Link Fri Jul 22, 2011
That depends on several factors. To qualify for a mortgage, you have to provide proof of sufficient income, have enough money in the bank for closing costs and your credit score has to be in a certain range. The best way to know is to have a loan officer from a mortgage company get you a pre-qualification. Make sure it is a mortgage banker and NOT a mortgage broker. There is a big difference in the two. I can refer you to a highly qualified, reputable and respected person if you'd like. Email me at andy@thecondoshops.com, and I will put you in contact with him.
0 votes Thank Flag Link Fri Jul 22, 2011
Hello,
I will start with the pre-approval.Need that before house hunting.Don't want to full in love with a home,then find out a mortgage is not possible at this time.

The middle credit score needs to be 580 or more.Of it is not your hard work you are doing with the credit,will bring you to mortgageabilty.
FHA program would be great for you.
The ist time buyers programs will be good for you.
Speaking with a Realtor about the buying process is important so you will not be left to swim for yourself.
I would be happy to meet with you,to talk and to help you obtain a mortgage pre-approval.Then look for homes.
I do have 14 years of full-time experience,which will enable you to get a full understanding of what & why each step is done.
My name is Don Sherman with
Remax City & Suburban
6701 Roosevelt Blvd.
Phila,Pa 19149
Cell- 267-716-8228
email- realestatepro2@verizon.net gT t wRe
0 votes Thank Flag Link Fri Jul 22, 2011
Phfa has a program that's takes a 580 score please call me 215-868-4906
Wayne Frink
0 votes Thank Flag Link Fri Jul 22, 2011
Phfa has a program that's takes a 580 score please call me 215-868-4906
Wayne Frink
0 votes Thank Flag Link Fri Jul 22, 2011
I will tell you something you don't want to hear, it will be very difficult. I'm not saying impossible but you have a low credit score and little money to put down. If you want honest answers and not just what you want to hear, call me at 215-620-3798.
0 votes Thank Flag Link Fri Jul 22, 2011
Its best to get a preapproval that way you know what you're able to qualify for. There are a lot of programs through pHFA that can help with your down payment and I also have a lender that works with people with not so great credit that may be able to help you. You can reach me on 3025214454 and I can talk to you more. Good luck
0 votes Thank Flag Link Fri Jul 22, 2011
There is a 100 percent loan program with no closing costs.
0 votes Thank Flag Link Fri Jul 22, 2011
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