Financing in Raytown>Question Details

Angeluu, Other/Just Looking in Raytown, MO

does anyone have advice on programs that can help me buy my home?

Asked by Angeluu, Raytown, MO Thu Jul 15, 2010

hello,help.i lost my home 5 years agodue to forecloser except mine was different.i had a escrow.my mortage company did not pay my taxes for 4 years i think anyhow once they paid it my mortage went up to $2.000 a month in hyde park.nice home but not worth the money so i put i up for sale and had to end up leaving it.
my current problem is my landlord just died.he wants to sell this home to me for what it appraised only about $45.000.we have been waiting on my credit score to go up.i hate renting.his widow is needing to sell soon.i dont know what to do?can someone help me with a suggestion please.i need a home for my kids.thanks

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I would check your credit - there are many sites online to do this - but annualcreditreport.com is free. You need a minimum credit score to qualify for a 100% government loan like USDA, so I suggest you call an area lender to see what that minimum number is. 5 Years is a long time, so if you've maintained your other bills and have paid your rent on time - you may be surprised.
If that isn't an option, see if owner financing would be an option. Many sellers will offer that to you if you have been a good renter and have paid on time. The rate of interest will be higher, but having a record of on time payments can dramatically increase your credit score.
Let me know if I can be of further assistance.
Good Luck!!!
0 votes Thank Flag Link Thu Jul 15, 2010
With all home buyers or with life is based on credit scores

Have you made attempts with local bank less than $50K smaller bank might assist you however they could require down payment 3.5% or more, 2 year employment, credit scores, debt / income in check.

Best resolve your credit issues move forward.

OR do you have a family member who can assist you ?

Would the property owner consider a lease purchase option then immediately work on credit scores?

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 15, 2010
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