most important is to Ability to repay, Credit reestablishment and little investment . you can buy a house under fha loan low fico score but you have to provide payment history on time. min 12 month required.
GSF Mortgage will consider applications with credit scores as low as 580 with prior bankrupcies and foreclosures. Conditions apply too numerous to disclose here.
I have 14 years experience. Give me a call and I will assess your situation with you ... free of charge.
â€¢Prequalification: Prequalification is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Because credit and employment information arenâ€™t validated for prequalification, it can only be considered a rough idea of a monthly mortgage payment and loan size. This can be a useful guide as you begin the home buying process, however.
â€¢Pre-approval: Pre-approval is a written commitment from a lender to finance your home purchase up to a set amount. This indicates that the lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, reliant on certain details like a finalized sales contract and professional inspection. Pre-approval indicates to sellers that you are a serious homebuyer.
Regardless of which option you utilize, or even if you take both steps, youâ€™ll be able to shop with much more confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage?
If you would like more information on how either process can help you get into the home of your dreams, give me a call. Iâ€™d be happy to answer any of your real estate needs.
Tammy Hayes, Realtor
RE/MAX Palm Realty, Port Charlotte, FL