Financing in Sussex>Question Details

Fsfamily1, Renter in Sussex, WI

Does anyone know where I can get financed 100% with a low credit score of 550? Tired of paying $1000.00 for rent in a good school system.

Asked by Fsfamily1, Sussex, WI Tue Aug 24, 2010

Does anyone know where I can get financed 100% with a low credit score of 550? Tired of paying $1000.00 for rent in a good school system for the school that my children need to go to. About a month ago. I was getting approved a few weeks ago with a lender then was told last week that I no longer qualified for a Rural Housing Mortgage. They said there is no money left in the government funding programs. If nothing else does anyone know where I can get a good Mortgage with a low credit score? Please help, want to buy now and here is only one school that I wanted my children to attend in the Hamilton/Sussex School District and that school is Woodside. Kids already attend there and they love the teachers and staff as much as we do. Please, someone out there please help us!! :) Would even consider rent to own options for a house with payments up to $1000 for a 3 bedroom/2 bathroom house with a garage and central air - kids have bad allergies during the spring/summer/fall seasons.

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Just got this from my lender: Well Fargo
"It is official USDA loans are now available with conditional commitments. This means we are taking applications again. Please note that USDA has increase the Guarantee Fee for Purchase transactions from 2% to 3.5% which can be funded in the loan. Just a reminder that USDA loans are 100% LTV for qualified buyers in qualifying areas. " Thought this might help you. His email address if yoy have any questions is
Craig.A.Kramer@wellsfargo.com
0 votes Thank Flag Link Wed Aug 25, 2010
Hello!

I am a Real Estate Agent with Shorewest Realtors, I work and reside in the Sussex area. I'm sorry to hear of your frustration with the Rural Housing opportunity that is no longer available for you. However, working on raising your credit score going forward may be the best options for you at this time. Shorewest Realtors has a business relationship with Wisconsin Mortgage Corporation, I will recommend a Loan Officer to you by the name of Denise Hoernke (262) 827-4111 Ext 331. Denise would be happy to review a copy of your credit report-score and assist you in how to raise your credit score and move forward to help you obtain the possibility of home ownership in the near future. Please contact me with any questions as I would be happy to assist you in the right direction. If you provide an e-mail address I can set-up an automated home finder for you to begin reviewing homes on the market within the Sussex Hamilton School District. Best of luck to you and your family!

Best regards,
Danielle M. Mazza
Shorewest Realtors
(262)437-5831
dmazza@shorewest.com
http://www.danielle.shorewest.com
0 votes Thank Flag Link Tue Aug 24, 2010
A good place to start is by calling WHEDA. They have a new 100% program and will work with you to get your credit score up, it a program specifically for first time home buyers, ask for Rita 414-227-4039. Also, there is a lender I know in Waukesha County that can still get the Rural Housing loan. We had a conversation about this program last week. I can pass along their information if you give me a call 262-617-9333. Sussex is a great area and worth a little wait to get your score up. I have sold many homes in that area and am happy to help you. Thanks for the question.
0 votes Thank Flag Link Tue Aug 24, 2010
Yes Elena is right about working with someone that will help you build up your scores. They can look where you can improve them. It may not take you that long. Have you looked into a WHED loan? They have money again to loan. Email me and I can hock you up with some people to talk to.
DebbyTRealtor-Milwaukee@yahoo.com
Debby Homestead Realty Inc
Web Reference: Http://www.debbyrealtor.com
0 votes Thank Flag Link Tue Aug 24, 2010
550 is just too low for a loan. WHy don't you consider working with someone ( or doing it yourself) on improving your score to 620 which is the minimum for most programs. Within 6 months you should be able to be where you need to.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
800-801-6080
eo@oceanhomesrealty.com
skype: napleshomes
http://www.andrewollick.com/realestateblog
Get Pre-Approved: http://www.faithhomeloans.com/express.html
0 votes Thank Flag Link Tue Aug 24, 2010
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