Home Buying in 48362>Question Details

Ruthannreyes…, Home Buyer in Ortonville, MI

Approval financing

Asked by Ruthannreyes53, Ortonville, MI Mon Mar 10, 2014

I have a credit score of 580
I don't have a down payment
What are my chances of being approved
As a 1 st time buyer
Is there any incentive for 1st time buyers
My income is 52000 per year

Help the community by answering this question:


Hi Ruth,

Assuming that you are not a veteran, you likely have two main options:

1) USDA loan and property which limits your choices possibly, but requires no down payment
2) FHA loan with a local or state govt. grant to cover the down payment and/or closing cost requirements

I have a loan officer working for me that specializes in USDA loans and I could put you in touch with him if you wish. As far as the local grants, a realtor is your best bet for being on top of these programs. I could also give you a list of realtors that we have done business with in the past in your area if you wish.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

0 votes Thank Flag Link Tue Mar 11, 2014
We have a program that allows for 580 score but it would require 3.5% down plus closing costs. You could call me at 248-860-3555. Many times just a few tweaks to your credit can increase your score. If we ca get your score up you may be able to qualify for a Rural Development loan which is zero down.

Mike Skelton
0 votes Thank Flag Link Tue Mar 11, 2014
Hi Ruthann,
The best way find out whether or not you qualify for a mortgage is to speak with a qualified loan officer from a reputable company. They can also tell whether or not you qualify for any first time buyer incentives (like a MSHDA loan). For a free, no obligation analysis of your particular situation, please call Joe or Ronya at John Adams Mortgage at 248-855-8800. Tell them Mark Mergener sent you.
Best wishes,
Mark Mergener
Cell 248 935-0335
0 votes Thank Flag Link Tue Mar 11, 2014
There are some programs, but I am not a lender.
I am sure some lenders will chime in, but MSHDA did announce some new programs last week to help folks get in with low to no money down.

This does go without saying, though, with all due respect - instead of trying to buy a home now, saving up some additional money and/or building your credit will have a better long term impact for you. While myself and all other agents would love to sell you a home, we want our clients to have lasting happiness. Paying down any debts, building your credit score and having cash to customize your home will lead to lower payments, lower interest rates and higher satisfaction.
0 votes Thank Flag Link Mon Mar 10, 2014
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