Foreclosure in Forest Park>Question Details

david.barber, Home Owner in 30228

My son (24) has a credit score of 615, has good job (finally!) and wants to buy a foreclosure. Possible?

Asked by david.barber, 30228 Sat Jun 23, 2012

found a home on North Parkwood Drive in Forest Park that looks great. excellent price. $29,000.00

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4
That one is going to be extremely difficult. Loan amounts that low will generally not pass the requires State and Federal Predatory Lending Fee tests. Usually, the loan amount has to be at least in the low to mid $30's.

That credit score is also going to be big challenge as well. For a 580-639 FICO, he would need a verified 12 month on time rental history along with no derogatory credit items in the last 12+ months.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
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Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Sun Jun 24, 2012
once he gets preapproved, go to http://www.shortsellnow.com and look at our short sale listings.
you will find some bagains there, then give me a call at 850.496.1999, thanks , marcus
0 votes Thank Flag Link Sun Jun 24, 2012
call anthony rice at academy mortgage 770.634.7087. hes very good at helping with credit.
your son would be better to have a 640 and there are a few simple things like acquiring a secured credit card, that could raise his score up. anthony will direct him on what to do.
tell him marcus cutrone sent you. thanks
0 votes Thank Flag Link Sun Jun 24, 2012
I doubt he wants to buy a foreclosure. You would be bidding against the bank and need cash to buy them. Is it possible you mean a house that is bank owned and went through a foreclosure? They are not foreclosures, they are bank owned now and for sale.

Step #1 = speak to a lender and get prequalified
Step #2 = talk to a Realtor to have them show your son homes in his price range both bank owned and regular sales.
Step #3 = make an offer and let your Realtor guide him.

Good luck

Wow, $29,000??? You can't buy a shed here for that.
0 votes Thank Flag Link Sat Jun 23, 2012
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