With a credit score of 630 you can qualify for a mortgage. However a 630 credit score is a very low credit score. Did you know that a 720 credit score can lower the interest rate which would mean for the same monthly payment you can purchase a nicer home in a nicer area and pay less money?
Any good honest realtor should be helping you improve your credit profile so that you can borrow money better. They benefit too because they can sell you a larger home. :)
Down the road you may want to finance a car and you will need a credit score of 680 in order to qualify for that as well. Did you know that utilities cost more for consumers with lowe credit scores.
You pay for credit repair once and that fee is $399.00. with a money back policy. You pay for poor credit for a long long time. Good luck!
Here is a link to the Gov site that has info on all current Fed Gov. housing loans....
You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
@Deborah...USDA....Think Rural housing loan/grant programs. Check out the site above.
USDA is the United States Department of Agriculture and I do not know of a loan program being offered by them.
PHFA is the Pennsylvania Housing and Finance Agency and they offer the State bond to assist with down payment and or closing costs, usually up to $3,000 and there are income restrictions.
FHA is the Federal Housing Administration and they provide mortgage insurance on loans offered by
FHA approved lenders. And it is also the largest mortgage insurer in the world.
The Tax credit advance loan is offered by PHFA and they are only offering up to $5,000 in advance, to help towards closing costs (there are income restrictions with this product also). I suggest contacting a local bank (Sovereign, Citizens or PNC) to get pre-approved, and write or give me a call for more details.
ERA Alliance Real Estate
Office: 215-224-210 ext.119