Home Buying in Oklahoma City>Question Details

Bill Hughes, Home Buyer in Pittsburgh, PA

Do we have a chance to get an FHA loan and OKHA Advantage grant?

Asked by Bill Hughes, Pittsburgh, PA Wed May 8, 2013

My fiance and I are trying to buy a home in the price range of 100,000-150,000 by Aug. We want to get an FHA loan and OKHA Advantage grant. My credit is a 600. I have been working on getting my credit up hopefully by Aug it will be over 640. I am using a car loan and two credit cards to boost my credit.She has a credit score of about 710. Together we have a combined debt of about 50,000 ( two car loans, Student loans, CCs ) All debts have been paid on time no late payments. We have a combined Income of about 58,000 a year. Would we have a hard time getting approved. I have a few negative things on my credit. All most all collections are hospital bills. I only have one collection from 4 years ago on a credit card the rest is hospital bills. Let me know what you guys think if we have a shot to get approved

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Answers

5
Michelle Foy Belknap’s answer
Hi Bill,

It sounds like you are on the right track! You definitely need to touch base with a lender to help you through the process. They are the "experts" on this particular topic and will be most helpful.

From what you have told us it appears that the only thing that holds you back from qualifying for the program is the collections and your credit score which coincide. You may want to speak with a lender prior to paying off any collections however. There is always a possibility of it knocking your score down further in the beginning....especially if there has been no activity on the account in years. New activity often causes a drop. A lender may require that you pay it off prior to closing your loan but there may be a way to do so without hindering your credit even further, like paying it off at closing if it is a condition of the loan.

If you can get your credit card utilization down to 30% that will help your score as well. You can sign up for creditkarma.com free of charge and this allows you to monitor all of your debt and credit card utilization. It also shows your Trans Union credit score (which will be different from the score the lender pulls, FYI).

I like to use Lindell Shoemake at BOK 405-216-2888. BOK processes and services their loans locally and Lindell has been in the business for decades so he is very knowledgeable.

If I can help you by setting up a home search to automatically notify you when something comes up so that you can stay on top of what the market looks like here until you are ready to purchase please give me a call!

Best of luck,

Michelle Foy Belknap
Verbode
A Better Way to Real Estate
405-365-5320
0 votes Thank Flag Link Mon May 13, 2013
I work with some great lenders who can help you through the process. Feel free to contact me and I'll get you their contact information.

Bridgett Wells
Keller Williams Realty Elite
405-651-9320
bridgettwells@kw.com
0 votes Thank Flag Link Wed May 8, 2013
First United Bank keeps their loans. Call Ken Janz, 205-4845. He can answer all of your questions. We as Realtors have lots of Info, think we know everything, but only a lender can actually help you.


Karen Moseley, Realtor
Coldwell Banker Select,
405-650-3548
0 votes Thank Flag Link Wed May 8, 2013
Hi Bill:
Are you trying to buy a home in the Oklahoma City area or in PA: If you are trying to buy in Oklahoma City the Yes I can help you with you loan and OHFA grant:

Contact me
Thanks
John Phillips
405 413 0791
0 votes Thank Flag Link Wed May 8, 2013
Call Kurt, owner of Financial Concepts Mortgage at 405-722-5626, go over your situation with him and let him know Josh sent you.
0 votes Thank Flag Link Wed May 8, 2013
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