THERE HONESTLY A FEWW DIFFERENT WAYS TO BUYING, 1) IS GOING THRU THE ACORN PROGRAM 2) FHA (WHICH LAST MONTH I COLSED ON A DEAL WITH A 479 SCORE) 3) YES OWNER FINANCE WORKS DEPENDING ON HOW LOYAL THE SELLER IS!! JOHN TRIM 281.685.0792

Mon Apr 28 2008, 00:14

Hi again Brett,

Seems I forgot to answer the second part of your question. Owner finance makes total sense - it is the same as a bank finance only it is the owner who is financing. Downside: there are less homes out there with owneres that wnat to finance, so you have less options.

Hope this helps

Juan Carlos

Fri Apr 25 2008, 13:45

The answer is ...it depends.

Mortgage lenders will pull your credit report from the three major credit reporting agencies and will use your "middle" score. If it is below 620 you will need a nice downpayment ( no less than 10%). If it is below $580 you will need no less than 20%down. Anything below 580 will be very difficult (if not impossiblle to finance).

There are houses out there in which the seller is willing to finance the purchase , no mortgage lenders involved.

Hope this helps.

Juan Carlos

Wed Apr 23 2008, 14:26

I use to own a credit repair company lectured for 10 years, sold it ... however I am a Dallas real estate agent, and Dallas home mortgage loan officer

If your negative items are over 2 years you could have a shot on obtaining a mortgage under 2 years will be difficult. Also if your debit ratio is high on credit cards reduce those balances your scores can increase, dont' be a late pay current late pay will drop your scores by 30 per item

IF I knew more I might be able to obtain a loan for you many more questions that need answers.

Wed Apr 23 2008, 14:16

Brett email me at jeremy@thelarkinteam.com so i can get you email and forward some information to you, and so we can discuss the different options.

Wed Apr 23 2008, 13:32

I have hired a credit repair company and am on my way to recovery, but currently am below the minimum for FHA.
I did own a condo in Austin for approximatly 18 moionths on a Trust Deed and eventually sold it and paid off the seller.
The "lease options" would not have given me a Sell option, when I moved.
I do have some cash, 10-12k, I could put down if I could find a Owner/Investor willing to work with me.
I almost signed a lease for $1,250 on an apartment, but hate to rent...
I would like to know some opinions on ( lease option Vs Trust deed for sale)
Or if the best choice is lease for 6 months and get an FHA

Wed Apr 23 2008, 13:21

I agree that FHA may be the way to go. A lease option situation may be a way to go as well while a credible credit repair company works to repair the derogotories on your credit reports. I have an in house mortgage broker who will be able to answer the mortgage questions for you, but don't be discouraged there are alternatives. I know plenty of investors who would sponsor a purchase for someone in your exact situation, even a brand new home. Money in the bank, a good income, low FICO sounds like a perfect fit for our companies Lease Option program, if we can't get you into a mortgage. Contact me for the details of a Lease Option.

Wed Apr 23 2008, 13:06

Owner finance may make sense but only if you plan to refinance and work a baloon into the deal. Just use it as long as you must to clear up any derog. records etc. You might also consider using a private lender. Someone who would like to earn more on his money than a bank will give him and would not mind tying up his money for a few years.
Here in New Mexico this is considered buying the home on a real estate contract where you would make payments to the title company and the seller would receive anything over what is owed every month.

If your FICO is above 580 you may be able to go with an FHA loan but the best person to answer this question would be a motgage lender or mortgage broker.
There are many ways to accomplish the goal of home ownership, especially if you have down payment money.

Wed Apr 23 2008, 12:55

Really the only way i would be able to answer your question is to really evaluate your situation. There are options and i may have just the program for you. Contact me so i can send you an application or we can just go over your situation on the phone.

Wed Apr 23 2008, 12:50