Home Buying in Troy>Question Details

Teresagriffi…, Home Buyer in Grosse Pointe, MI

First time buyers

Asked by Teresagriffith71, Grosse Pointe, MI Mon Nov 5, 2012

Please help we're first time buys who are currently renting in Troy for 1400 monthly. Our score is 580, and we were turned away from Flagstar bank. We have a 10,000 down payment saved can anyone refer a lender?

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Sigrid Garrick’s answer
Teresa,

I'm sorry but your credit score is just too low for any lender to give you a mortgage. The only way you can purchase at this time is to do a land contract or a lease with opt to purchase..
A land contract is seller financing. You would pay the seller instead of a mortgage company. Lease with opt to purchase is you give an opt amount down with the understanding that you will be purchaseibng that home within a set amount of time such as 3 years. If you do not purchase within the time frame. you will loose that opt amount. If you purchase within the time frame, then that opt amount will be used towards your down payment.
Considering that you are leasing for 1400. You are looking for a pretty good place. 10,000 isn't much to work with. There are other costs involved besides the down payment. There are pro rated taxes & closing fees. When you do get a mortgage, there are fees involved with that as well.
Land contracts are few & the ones that are available are looking for more down payment.
My suggestion to you is for you to work on raising your credit. You can work with a credit councelor or a mortgage person that can help you with that. You also need to save up more money. Don't get me wrong. You can buy a home with 10,000 but it won't be what you expect.

Let me know if you need help finding somone to help you with your credit.
Also let me know if you have further questions.

I wish you the best,

Sigrid Garrick
0 votes Thank Flag Link Tue Nov 6, 2012
Teresa,

Good Evening! As Haig said and Flagstar pointed out your credit score is too low at this time. You need at least a 620 score or higher for most lenders. You need to work on getting your score higher. Work with a lender who can explain to you what you need to do to raise your scores.
If you need the referral of one I would be happy to assist.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Mon Nov 5, 2012
Teresa,


Please contact me at verasellshouses@gmail.com. We can discuss your options.

Vera
0 votes Thank Flag Link Mon Nov 5, 2012
Hello,

Your score is a bit too low to get a loan currently. What you should do is talk to a lender who will work with you to help you improve your credit score so you will qualify for a mortgage soon. Your credit score is only part of the equation in qualifying for a mortgage .

Email me and I can give you a mortgage contact to call to see what you can do to help your self. It may not happen tomorrow or next week, but at least you can start by fixing whatever may need fixing to qualify.

My contact information is below, send me an email and I will email you the mortgage contacts information.

Thankyou,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Mon Nov 5, 2012
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