Foreclosure in Atlanta>Question Details

Abena Langfo…, Renter in Brooklyn, NY

l want to buy a home in Atlanta next year, with a 60K income and poor credit, Can I qualify for an FHA loan and buy a foreclosure?

Asked by Abena Langford, Brooklyn, NY Wed Apr 11, 2012

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14
Hello Abena,

I would consider getting in direct contact with multiple reputable mortgage lenders to verify the possibility of qualifying for a FHA loan and to receive the steps necessary to accomplish your goal. If you need lender recommendations, visit the "buyer resources" section of http://www.Search-Atlanta-Homes.com

Best Regards,
Adrian Provost
404-910-9924
2 votes Thank Flag Link Thu May 10, 2012
Depending on your circumstances, I represent investors that will purchase a home and sell it to you on a lease purchase program. Send me an e-mail and I will provide more details.
0 votes Thank Flag Link Sat Apr 14, 2012
Abena,

I agree with the other comments you have received, it's best to talk with a qualified lender who can help you to straighten out your credit and get everything on track for you to purchase when you are ready.
0 votes Thank Flag Link Wed Apr 11, 2012
Due to the fact you are saying your credit is poor you can have your credit reviewed by a qualified lender just to see what is on it. They will be able to explain what is on your credit report that needs resolving and what time frame it may take for you to correct those issues. If you really want to purchase a home next year, then it is important for you to start now in correcting the issues on your credit report. You have to set a goal for yourself as to when you wish to purchase a home and focus on getting your credit straighten out and make that a priority.

Gwen Harvey
Solid Source Realty GA
770 475-1130 Ext 6104
0 votes Thank Flag Link Wed Apr 11, 2012
My advice would be to contact a mortgage lender and have them consult you on how you can improve your credit and what type of loans you may qualify for. I have lenders that are working with a couple of my buyers to improve thier credit so they may possibly be approved for a home loan within the next few months to a year. Then team up with a Realtor to assist you with finding a home that would best suit your needs.

Laquita Baez
Better Homes and Gardens Real Estate Metrobrokers
770-901-0956
Email: findurhome@laquitabaez.com
http://www.LaquitaBaez.com
0 votes Thank Flag Link Wed Apr 11, 2012
I can help you work on your credit, see the link below. The higher your credit score, the better.
0 votes Thank Flag Link Wed Apr 11, 2012
I would suggest that you spend the next year working to clean up your credit report. If you have outstanding collection accounts, you should look at negotiating pay offs with them. Many will continue to report you late each month the account remains unpaid. This will continue to drag down your credit score.

FHA is for a primary residence only. This means that you must be living and working with a reasoanble commuting distance to the property. HUD requires at least one current pay stub from your employer. This means that you will need to be living and working in Atlanta at the time of your closing.

Most lenders have a 640+ FICO requirement for FHA mortgages. At Prospect Mortgage, we offer a 580-639 FICO program for FHA.

Due to national licensing laws, loan officers are not allowed to engage in credit repair. Be very cautious of anyone doing this as they may be violating laws.

Regards,
Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
0 votes Thank Flag Link Wed Apr 11, 2012
Currently FHA requires a 680 credit score and recent changes to FHA are as follows:
Increases to FHA’s Up-Front Mortgage Insurance Premiums
• Up-front premiums will increase by .75% (from 1% to 1.75%) of the base loan
amount for all loans, effective with case numbers issued on or after April 9, 2012.

Conventional Mortgages are currently requiring 620 or 640 minimum credit score with 5% down.

I work with some amazing lenders that will work with you to clean up your credit, so you will be in a better position next year when you are ready.

Feel free to email me and I'll connect you with a couple of lenders that can assist you.
amanda3200@bellsouth.net
0 votes Thank Flag Link Wed Apr 11, 2012
The issue in your question is not income or that you want to buy a foreclosure. the issue is poor credit. You need to concentrate on getting your credit and your score raised.
0 votes Thank Flag Link Wed Apr 11, 2012
FHA is the subprime lender in today's market but without the higher subprime rate. Speaking with a knowledgeable lender that can advise you on how to improve your credit score is the correct move. Happy to assist you find a competent lender.

Bruce
0 votes Thank Flag Link Wed Apr 11, 2012
Build up your cash reserves...

Try to buy a HUD property for $100 down.

If you qualify for the Good neighbor Next door program, then you can buy one for half price as long as you are pre-approved with an FHA or VA loan for full price...best deal in the country.

Oh, qualify - talk to a smart, conservative mortgage lender. Do you need a name or two for recommendation?
0 votes Thank Flag Link Wed Apr 11, 2012
You might consider contacting a Lender, Abena. The FHA guidelines got stricter last quarter and mortgage qualification standards seem to be changing almost weekly. If you have any questions for me on housing, please call, email or text and I will be glad to share my thoughts with you. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
0 votes Thank Flag Link Wed Apr 11, 2012
I would like to know what you consider as poor credit. I have a few partners that can finance below 620. My team also can advise you on what to to raise your credit score.

Give me a call to discuss 770-394-2131
0 votes Thank Flag Link Wed Apr 11, 2012
Poor as in 560!! No credit cards or auto loans just student loans and I am working on paying that on time for the next few months.Thank you so much. I will contact you soon!!
Flag Wed Apr 11, 2012
Mortgages are a bit tougher to get than it used to be. Work on getting your credit score up to at least 620, save furiously for your down payment and maybe by next year you will be in good shape to purchase a new home. Best of luck!
0 votes Thank Flag Link Wed Apr 11, 2012
I know that conventional loans are tougher to get, but I have been attending alot of home buying seminars and know quite a few people that were approved for FHA financing. I also recently found out that FHA minimum was 600 but now has lowered it to 500 in addition to wells fargo. I am working on my credit paying bills on time and my student loans. I have no credit card debt or auto loans. Thanks again
Flag Wed Apr 11, 2012
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