Financing in 93257>Question Details

Paula Simoni…, Home Buyer in Porterville, CA

I am seeking a loan. being a single mother of 2 I need a loan that I can pay when my family support stops in

Asked by Paula Simonich, Porterville, CA Sat Jan 26, 2008

2009. I also don't have that good of credit thanks to my bank for sending my payments late.

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Dot Chance’s answer
Paula, if there is a banking error and you can prove it then you should insist on the bank correcting the problem. (A great site for credit issues is - they have some great discussion boards and sample letters to enable you to handle the necessary steps to achieve good credit.

Banks have tightened up on their lending practices and most will require a mid-score of 720 and they require that you have 2 to 3 months reserves (2 to 3 months of your payment) in the bank.

My suggestion is to start working on your credit today and if you don't have any money socked away try to do it now. Can you begin putting that family support check in savings now as if you don't have it and that will be the beginning of adjusting to no more paymenets! (I know it is hard when you need that money to support your two kids!)
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2 votes Thank Flag Link Sat Jan 26, 2008

Up front, I wanted to let you know that I am a mortgage broker in Oklahoma.

Part of the application to every home mortgage is where your income is derived from. Obviously you have a job as well as family support. Any underwriter is going to ask how long you will continue receiving the family support. If it is court ordered (I'm unsure by your question whether or not it is) then you will need to provide documentation to support the court order. If the family support is not court ordered, the underwriters will most likely not allow you to count the income at all.

My heart goes out to you and other single moms and dads who are in your situation. But the worst thing you can do is get a mortgage that is not in your best interest. There are all sorts of mortgage providers out there who will "sell" you something that makes them money and at the same time puts you in situation where you could lose your home and perhaps even more.

Please seek out the advice of a trusted elder person before you take any further steps in this directions. You are in a situation where someone is looking to take advantage of your vulnerability. There will be something out there for you, perhaps just not now. For the sake of your child(ren) and yourself, walk slowly and think everything through before signing anything.

Good Luck!

Trey Bowden
(405) 340-3277
1 vote Thank Flag Link Tue May 13, 2008
Hi Paula,
You posed this question two years ago so I truly hope you got the answers you were looking for long before now...However, if you or someone you know is still in the market for a home loan, there just happens to be a great lender right here in Porterville that I'm happy to refer.
(If necessary, I can recommend a very reputable lender in the Visalia area as well).
You mentioned a portion of your income ending in 2009, I would like to talk to you about a program that pays your down payment and even helps (subsidizes) your monthly payments - for the life of the loan! There are first-time homebuyer programs and 100% financing for "move up" buyers or those who are not first-time homeowners. Basically, there are a multitude of home loans that are as multi-faceted as buyers are...even loans that may be REQUIRED for a particular house! For this reason it is important to find an agent that is well versed, and can recommend a loan and a lender that will best suit YOU and your unique situation.
You say you have "less than perfect credit"? Thankfully, there are some lenders who are more forgiving than others. **Ask about payments that adjust with your income (not an ARM). I know this is a lot of information, but the important thing to note is: "THERE IS HELP AVAILABLE" and most Realtors are more than happy to point you in the right direction.
Have A Great Day!
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0 votes Thank Flag Link Wed Jan 5, 2011
Hi Paula,

I think you would best be served if you asked some professionals. The first step would to speak to a realtor. if both of you, search for a reputable lender, you can discover many things about your credit, and you affordability. A good Realtor can help you find the lender, and all three of you can start working towards fixing your credit.

Also, you can develop a plan that will help you find the best home in the shortes amount of time. It probably seems like you're facing a huge mountain; but with the right team behind you, you can overcome anything!
0 votes Thank Flag Link Thu Jul 24, 2008
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