Financing in Sheboygan>Question Details

James T, Home Buyer in Sheboygan, WI

Where can i get a loan around here for first time buyer,with no money down.Not perfect credit

Asked by James T, Sheboygan, WI Mon Apr 30, 2012

Found a house but cant findhow to go about getting the financing

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Answers

4
Contact Partners for Community Development, INC. (920)459-2780. We have down payment grants for first time home buyers.

Andres Araujo
Housing Programs Director
0 votes Thank Flag Link Thu May 2, 2013
Try talking to Joshua Grupe from Waterstone Mortgage at 414-688-0814. He's actually from the Sheboygan area, and even though he works down in Germantown he travels up there quite frequently. Also, he's a pro with USDA and WHEDA loans - I'm sure he'll find something that's a good fit for what you're looking for.

Good Luck!

Kelly Sly
(262) 391-8207
KellySly@RealtyExecutives.com
http://www.kellysly.com
0 votes Thank Flag Link Tue May 1, 2012
Good morning James,

Not sure what "not perfect credit means." If your credit score (using FICO scoring) is less than 640 then it is unlikely you could be approved for mortgage financing at this time. Get a referral to a Local Mortgage Banker so you can be thoroughly prequalified.

IF your credit score is less than 640, here are some tips to prepare to become a homeowner in the future:

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue May 1, 2012
Good question. Here's a new flash: Lenders now require decent credit and actual money to buy a house (among other things, like stable employment history, good debt-to-income ratio, etc.)!

FYI -- This is why we're in the financial crisis we're in! People took out loans who had bad credit, who couldn't afford it and had zero money to put down. Banks took people at their word on what their income was. And because people put zero money down and therefore had nothing to lose, when things got tough, they just walked away and let the bank deal with the fall out.

BUT....While lenders have gotten pretty tight, it's still pretty easy for your average Joe to buy a home. Look on the bright side -- you only need a 640 credit score. And with an FHA loan, you can put as little as 3.5% down. I think that's still a pretty good deal. My advice to you: work on your credit score, and SAVE SAVE SAVE.
0 votes Thank Flag Link Mon Apr 30, 2012
FYI, SALLY: The problem was indeed, NOT the fault of the purchasers, but, the bankers who, foolishly lent them the money; knowing the odds were in their own favor when they, in fact, "bet others' money" that these people would default. The only reason "the lenders" are, now, requiring the decent credit they should have, all along is that they got caught. You're an agent, not a banker, don't defend them.
Flag Wed Dec 12, 2012
thanks SALLY I DO HAVE A STABLE JOB AN SO DOES MY WIFE WE HAVE BEEN RENTING FOR 25 YRS, AND JUST THOUGHT IT WAS TIME TO GET SOMETHING OF OUR OWN BUT I GUESS THAT IS NOT A GOOD IDEA IS WHAT YOU ARE SAYING.
Flag Mon Apr 30, 2012
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