Financing in Howard>Question Details…, Home Buyer in Howard, OH

I am currently fulfilling a land contract on a house in Apple Valley which expires in the fall of 2012. I have the option to buy the house at a

Asked by richard.w.bentz, Howard, OH Tue Jan 3, 2012

reduced price or walk away from the home with no penalties. I have a previous house that I had to sell via a short sell which closed in the spring of 2010. My credit score is about a 625 currently but my debt to income is great. I really do not want to apply for a mortgage unless I am pretty sure I will get approved so I do not hurt my credit score. Any advice or lenders I should try?

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Richard, YOu have a number of replies and I believe most of them suggest that you speak with a Lender that you would likely deal with when the time comes to purchase. My concern is many lenders require a waiting period after a short sale before they will consider you for a loan. Remember those rules are always changing. Presently, the lenders I deal with will as for 3 years after a shortsale. Check with a local lender and explore your options.
0 votes Thank Flag Link Tue Jan 3, 2012
First, what you're describing is a lease-option, not a land contract. (Option to buy . . . right to walk away with no penalties.) Just wanted to clarify that.

Advice: Apply for a mortgage. (How else do you have any chance to buy?) There's this myth that having your credit checked is akin to blasting a hole in it with a shotgun. Untrue. As is already noted, it'll have a minimal effect at worst.

So, check with a good lender. Listen to what he/she has to say. But if you want to buy the house, then you'll have to apply for a mortgage.

Hope that helps.
0 votes Thank Flag Link Tue Jan 3, 2012
Don Tepper, Real Estate Pro in Burke, VA
Hi Richard,

I would be happy to meet with you to discuss the possibility of eliminating the land contract and getting the house put into your name. I would be happy to call you directly if that is better for you or if email works best you can reach me at

Having your credit run to check this out should not effect the score much at all.


Nathan Paff
0 votes Thank Flag Link Tue Jan 3, 2012
Hi Richard...

I have asked a mtg lender the same question. The reply is, it will not effect your credit score with one or two inquiries. If you jump from lender to lender, it would raise concern.

I always reccommend that you do busines locally... this way you can walk right into your LO to ask questions, etc... also, a local LO wants to keep an excellent reputation in the community. They appreciate future buiness from you and your referrals, I also suggestion a reputable Company that the LO works for. One that you can read up and and have heard of.

Nathan Paff is with Union Mtg. He and Union Mtg meet both of the above criteria. Union Mtg has been in Buiness since 1970. Nathan is up on the hill by the Verizon Store... not the one by the Staples plaza but the one east of that on Coshocton Rd. He has been in the business for years and carries a very reputable buiness reputation and is known for being a good, good person in our community.

Nathan Paff
Office: 740-392-3000
Cell: 740-398-9585
Efax: 614-355-0151

My very best to you... Feel free to drop me line and let me know how this works out :)

0 votes Thank Flag Link Tue Jan 3, 2012
Hello Richard,

Did you ever go late on your mortgage when you were going through your short sale? How do you know your credit score if you don't want anyone to take a look at it. In fact having someone that is an expert in credit taking a look at it could be the best thing for you so they can advise you in ways that you could further improve your scores. Everything really boils down to what your credit report actually score is not everything.

Please see my blog on credit, it may help you out.

I would be happy to help you with your financing. Our company Residential Finance Corporation is a National Direct Lender with access to some of the industries lowest possible rates and more importantly service second to none. We close loans on average in about 18-20 days start to finish. We underwrite and process your loan in house so you are informed every step along the way.

I look forward to hopefully hearing from you.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
0 votes Thank Flag Link Tue Jan 3, 2012
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