Financing in Hampton>Question Details

mrstaylor1127, Home Buyer in Hampton, GA

I dont have good credit. I do have stable work history are their any first time homebuyers programs out there that can help me?

Asked by mrstaylor1127, Hampton, GA Tue Sep 11, 2012

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I offer several first time home buyer options that include down payment assistance. I also can help with repairing your credit free of charge. Please feel free to contact me anytime.

Marc D’Angelo
Mortgage Banker
678.442.3405 Office
678.985.6834 Fax
404.925.8291 Cell
mdangelo@brandmortgage.com
apply online: mdangelo.brandmortgage.com



50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
0 votes Thank Flag Link Wed Jan 23, 2013
Check with the local government. Each city can offer its own first time home buyer programs even if there isn't a national or federal program available. We have lots of incentives put on by our local government in Portland. Also, sometimes regionally local banks and credit unions will run special programs just for first time home buyers.
0 votes Thank Flag Link Wed Sep 12, 2012
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. HUD does require that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Wed Sep 12, 2012
Go to your local non profit housing group for credit counseling. The credit counselor will go over your credit report with you. They will tell you what you are doing wrong and how to fix it. If there are any special loan programs in your area, they will be able to let you know.
0 votes Thank Flag Link Wed Sep 12, 2012
Mr. Pollack is correct, MrsTaylor1127. And what is your definition of not having good credit? Is it because you have defaulted on several accounts? Or is your credit history not mature or extensive?

There may be one or two programs that may help people that have a “fair” credit score, but these cases are rare and would require jumping a lot of hoops to obtain approval for a loan. In addition, it may not be worth going this route, as you would be losing out on being rewarded a decent interest rate. This day in age, to obtain a loan with a negative score would be the equivalent of having a sub-prime mortgage from years ago: large, beautiful home courtesy of majority of bank financing satisfied with outrageously high interest rate…maybe even an ARM. You would ultimately be setting yourself up for failure with costly payments and paying more for a home than it would possibly be worth. I can imagine you don’t want to throw your money away.

When the housing market began to crumble in 2007-08, not to mention the failure of many banks, the financial industry became fearful of lending, and what was once an uncomplicated industry to come into, homeownership now resembles a secret society. Banks are extremely strenuous of their requirements and as a rookie in the field you must come with your best game. Be patient and take a year to recover your credit. Again, as Bill stated, if you have income, you should be able to maintain good – if not GREAT – credit. Plus, lenders want/need to see 12 months of “green marks” on your credit report – in other words, consistency of payments (no 30/60/90 days of late payments, charge offs, settlements, etc.)

It can be just a matter of months of responsible and consistent payments and lowering of debt that can lead to increase in score. Trust me. Real life example: this past summer, I lowered my debt by $13K in three months, and witnessed a “jump” in my credit score by 39 points. Of course, this was by having not one but three incomes, as I have one full-time and two part-time jobs. These jobs were not to have “extra money”, but were obtained strictly to pay down in credit card and student loan debt I had accrued. Keep in mind that you have a goal you want to obtain, so irresponsibility is NOT an option. If you have to cut the “little things” (a short term adjustment) such as eating out and shopping, then do so. Nevertheless, pay down your debt. Also, if you are able, pay more than the minimum. This way, you are able to save money by paying more towards principle balances and less towards interest charges.

Implement a project, starting with September 2012. This would consist of reviewing your credit report/history, paying down debt, having your taxes in order, copies of bank statements of savings and checking accounts, and copies of pay stubs. Yes, all of this IS part of the home buying process! By September 2013, you should be scouting properties and begin the process for pre-approval for financing.

Again, patience is the key. Homeownership is fulfilling and rewarding. It has the potential to become “The American Dream” once again, but you must be realistic and WIDE AWAKE in achieving it.

P.S. – You can review your credit and implement your financial goals by visiting this website: http://www.creditsesame.com/. It’s FREE and is awesome. Good luck to you!
0 votes Thank Flag Link Wed Sep 12, 2012
Not anymore. 10 years ago your phone would be ringing off the hook so much, you'd pull the plug. Don't ask a 20 year old what that means.
Most likely you don't have enough credit and if all you have is bad credit, you'll need to wait about a year. With 5-10% down, a 580 score can be used BUT you still need 3 credit lines paid on time.
Ask yourself this question: would I lend $50,000 to someone who can't pay their bills? Then ask: Shouldn't I wait until I can afford to pay my bills before taking on such a huge debt?
If your work is stable, then your credit should also be that way. You need to save up 6 months of income as a safety net for home repairs, auto repairs and life situations OR you can go ahead in put yourself in a stressful situation like countless others before you.
I'm not trying to be mean, I'm trying to prepare you.
0 votes Thank Flag Link Wed Sep 12, 2012
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