Home Buying in 06051>Question Details

Xiomintito, Renter in New Britain, CT

Are there any programs for individuals with bad credit looking to purchase a home?

Asked by Xiomintito, New Britain, CT Mon Mar 3, 2014

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6
In CT there is the CHFA home loan option, or the option to not buy and get your finances on track before taking on such a responsibility like homeownership.
0 votes Thank Flag Link Mon Mar 10, 2014
does loan officer receive any compensation when doing CHFA loan?
Flag Wed Dec 10, 2014
First and foremost, what do you consider bad credit? I review credit reports all day long so I can tell you straight up that you will need a 580 FICO score to qualify for mortgage financing. Aside from the actual score, it's equally important to understand what's influencing it to be low.

Is the low score due to late payments? Over-utilization of credit in comparison to your allowable line? Major derogatory marks such as a Foreclosure, Bankruptcy, or Short Sale? ...these are all very important pieces of information for a mortgage professional, such as myself, to understand.

The thing is not many loan officers want to work with individuals with poor credit simply because it takes a little more time in their part. I, however, enjoy the challenge. Please contact me at your earliest convenience so we can discuss your scenario in greater depth. If I can't qualify you for a loan at least we've taken the first steps to become eligible. There are many ways to increase score without resorting to a credit repair company.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
info@paulmarzolla.com
Web Reference: http://www.PaulMarzolla.com
0 votes Thank Flag Link Mon Mar 10, 2014
Yes, you need to contact the credit repair agency. You must contact a mortgage agent in your area. They'll suggest you what you need to do and how long will it take before you're ready to purchase. If you work seriously with a credit repair agency, you might be ready to buy within 3 to 6 months.
0 votes Thank Flag Link Sat Mar 8, 2014
Yes there are and if you happen to not fit into those programs I can get you started on the right path. I also have some great credit repair specialists who can help you. feel free to email or call kevinlmace@gmail.com or 860-460-6499 I am a local mortgage broker in SE CT.
0 votes Thank Flag Link Sat Mar 8, 2014
Good Morning,

It depends on what you mean by "bad credit". There are many programs out there that allow lenders to qualify people with bad credit, but there are waiting periods that must you must satisfy after a serious derogatory event (such as foreclosure, bankruptcy, short sale, etc.). The best way to proceed would be to contact a Loan Originator and have them tell you exactly what can and cannot be done, based on your unique credit situation. If you'd like to have a conversation, feel free to reach out to me at:

954-626-6414 (Office)
954-242-3563 (Cell)
0 votes Thank Flag Link Tue Mar 4, 2014
There are 3 things ALL lenders look at in approving you for a loan: Income, Credit, Down Payment/Assets.

Ever since the financial crisis, you need all 3 in order to obtain a mortgage...

Stable income that is high enough to support the new house payment as well as your current debts.

A satisfactory credit history, especially in the last 12 months, with a minimal amount of late payments and collections. Credit scores and how you manage your credit is the best predictor lenders have to go by to decide if they are safe lending you large sums of money. How you've managed your credit in the past indicates your willingness to pay financial obligations as promised.

Money to cover your down payment, closing costs, and taxes and insurance.

If your credit is truly bad then you have no business buying a home unless you can pay cash for it. Get your finances in order before you take this huge step. Speak to a loan officer to see where you stand today and what you will need to do to become approved in the future. From there, you can go onto http://www.hud.gov to seek a HUD-approved housing counselor in your area who can assist you in executing your plan.

I hope this helps!
Tony

Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
24901 Northwestern Highway Suite 407
Southfield, MI 48075
Direct (248) 728-0078 | Fax (248) 595-7130 | Cell (313) 622-7383
tony.grech@pmac.com
0 votes Thank Flag Link Tue Mar 4, 2014
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