Financing in Quincy>Question Details

Lindseyj, Home Buyer in Quincy, MA

is there a mortgage that will work for us???

Asked by Lindseyj, Quincy, MA Sat May 7, 2011

basically we have enough money in the bank to pay for this house cash(we would prefer not too). Here is the problem our credit is in the 600's, my husband was with his company for 10 years but is now laid off. I am a Nurse but just got the job(i am newly graduated from nursing school). so Im wondering if we put like 50% down and can show proof(our bank account) of being able to pay for it cash plus plenty left over, is there someone that would lend to us???? Any advice you have is appreciated! thank you!

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Lindsey,
there are programs available, they have different guidelines, that you may qualify for. I work directly with lenders and had clients in similar situation as you. If we can help feel free to contact us

Wen
quincy, ma
wenrealty
Web Reference: http://www.wenrealty.com
1 vote Thank Flag Link Sat May 7, 2011
Hi Linseyj. If your husband is currently laid off, he will not be able to be on the mortgage. You will have to qualify on your income alone. However, your husband can always be added to the title/deed at a later date if you wish. Also, given how much homes are still depreciating, unless this home is going substantial below its conversative estimate of value, and so long as you can still qualify, I would put as little down as possible. Right now your money would earn you a greater return in mutual funds than a property. Also, by getting an FHA mortgage, once the market turns around, you can always put more down on the home or pay it off completely without incurring any penalties.
0 votes Thank Flag Link Sat Sep 3, 2011
Hi Linsdeyj,

Sure... A credit score in the 600's would not preclude you to getting a loan, especially with a substantial down payment. Many buyers think that they need perfect credit to get a loan, when the reality is there are many programs to compare. Your best bet is to speak to a local, qualified lender who has access to many programs for a borrower like you. Get several options and compare the quotes to find the best one for your situation! Good Luck!
0 votes Thank Flag Link Sat Sep 3, 2011
Hi Lindsey

I work as a mortgage banker in the Quincy area and I would be happy to look into your finance options for you. I believe there is a very good chanced based on what you are saying. Please feel free to contact me anytime at 781-277-1792 or bouchermortgages@gmail.com
0 votes Thank Flag Link Sat May 7, 2011
Good afternoon, I am a Realtor in Quincy and I would be happy to refer you to a mortgage specialist I use for all my clients. She is very well respected and can really give you a comprehensive analysis of what mortgage options that are available to you.

Please email me or call
Tgreen617@gmail.com


Thomas Green, Realtor
617-291-0941
0 votes Thank Flag Link Sat May 7, 2011
There are various programs available and I would be happy to help you navigate through this process and to connect you to several lenders who may be able to assist. 617-340-3986
0 votes Thank Flag Link Sat May 7, 2011
The best thing for you to do is to find a good, local lender and they will be able to help you explore your options. I work with Residential Home Funding here in New Jersey, they know almost every program that is available. I feel certain, if there is a program that will work for you, they know about it. If you would like me to, I can talk to my local representative and see if he can recommend someone in Massachussetts. My email address is suzanne@exitrealtygold.com.
0 votes Thank Flag Link Sat May 7, 2011
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