Home Buying in Mesa>Question Details

meagain, Home Buyer in Mesa, AZ

First time home buyer HUD 580fico

Asked by meagain, Mesa, AZ Sat Mar 30, 2013

I was doing some research online about the importance of your fico score. i noticed that it stated that all you need, as a first time home buyer, is a score of 580 to purchase a HUD home. We have seen several HUD homes we think can work for us. We know these properties come with risk. as well as repairs and that is not a problem I would love to know if this is true. I know that the better your fico score is the more opportunities for finance will come. I am currently working on improving our credit score. we have one car loan and 2 credit cards with small limits. They can easily be paid off. The problem is the home we live in is being put back on market. Our lease will expire within 2 months. Feels this is a good time for us to buy. So many questions. Would love a push in right direction. We know e don’t qualify for a loan till our score reaches 620. Thank you for all for taking the time to answer.

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HUD Homes are just government insured properties. Some are in better condition than others. Because it is a a HUD doesnt mean that there are issues with the dwelling. HUDs online bidding process is very simple especially if you have had a hard time getting an offer accepted. My understanding from my lender is that in order the get an fha loan a 620 fica score is required for most investors. The lending source I use has a FREE credit rebuild program and my lender can tell specifically what you need to do to change your credit score in time for your lease expiration. There is a rapid rescore process as well. Credit scores arent required for a purchase of a HUD Home, just for the financing approval. Please give me a call and I can walk you right thru the process. The great part of HUD the value listed is the appraised value and with certain loans you will not be required to purchase an additional appraisal. Bob Knapp DPR Realty 480-248-4309 bobtherealtoraz@cox.net (email) bobtherealtoraz.com (web)
1 vote Thank Flag Link Sat Mar 30, 2013
Yes you get a loan now with a 580 FHA can go down to 580 but lenders set their own score requirements.I tell all my clients with lower scores to visit The Lenders Network, They have helped me close many homes by getting my clients approved even with scores under a 600. So if anyone can get you a loan they can..

Good luck
0 votes Thank Flag Link Wed Jul 10, 2013
Hey Brenda, how's it going? I work with a great lender that generally gets scores up quite quickly, and they also offer a plan that might work great for you! Let me know if you would be interested in getting started!
Feel free to give me a call at 4980-275-9566
I look forward to hearing form you soon!
0 votes Thank Flag Link Mon Apr 1, 2013
You should speak with a lender and possibly credit repair company.
0 votes Thank Flag Link Sun Mar 31, 2013
You need a credit score of 620 to 640 in order to get a pre-qualification
0 votes Thank Flag Link Sat Mar 30, 2013
Dear Brenda:

The first thing you MUST do is get a prequalification from a lender. Your Realtor will have to have this to place a bid for you on a HUD home. Keep in mind most HUD homes go quickly. The first 10 days on the market no bids are opened. The winning bid is selected from the highest offers and best terms (cash buyers usually preferred over mortgage buyers). HUD homes in the current market usually go for more than the HUD list price unless there is something wrong with the home. Your Realtor can tell you what homes have been selling for in a particular neighborhood. HUD prices start low and go up from there.

There is no cost to use a Realtor to represent you as the buyer in most cases. Ask your Realtor to tell you about free grants you may qualify for.

Your Realtor can also refer a lender to you.

Call if you need more information.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Arizona homes and land for purchase or sale
http://JeffMasich.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
0 votes Thank Flag Link Sat Mar 30, 2013
A HUD home is usually as such a discount because they need the most work. Buying a foreclosure can be risky and costly for repairs both what you can see and what you can not. Your best bet may to meet with a local and trusted loan officer who will prequalify you and then guide you until you are able to get a mortgage. A HUD home may not be a short cut but recipe for disaster unless you have a good buyer agent who is looking out foryou.
0 votes Thank Flag Link Sat Mar 30, 2013
Brenda, I have 2 lenders that will help you get qualified right now.
Give me a call or visit my web site at http://www.BestAzHomeBuys.net to find a home and start the pre qual process.

Blessings,

Craig
0 votes Thank Flag Link Sat Mar 30, 2013
Hi Brenda,

Great name.

First thing you would need to do is talk to a lender.

Please call me and I will give you a couple names to talk to.

Always,
Brenda Sanford
Sun Canyon Realty

480-215-9863

http://www.brenda-sanford@hotmail.com
0 votes Thank Flag Link Sat Mar 30, 2013
Hi Brenda,

Great name.

First thing you would need to do is talk to a lender.

Please call me and I will give you a couple names to talk to.

Always,
Brenda Sanford
Sun Canyon Realty

480-215-9863

http://www.brenda-sanford@hotmail.com
0 votes Thank Flag Link Sat Mar 30, 2013
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