Home Buying in Little Rock>Question Details

Anglia, Other/Just Looking in Little Rock, AR

HI LOOKING FOR RENT TO OWN HOMES OR LENDERS FOR LOW CREDIT SCORES. PLEASE HELP!!!!!!

Asked by Anglia, Little Rock, AR Sun Jan 11, 2009

Help the community by answering this question:

Answers

7
BEST ANSWER
My first question is--do you have a down payment? you would need this for either rent to own or financing. FHA is for first time buyers--credit scores are not taken into account,but you need a 3.5% down payment. There is also USDA and RD financing available and the RD areas are not necessarily rural. For example, Slidell,LA where I live is a city,but is eligible for RD(rural development) Stipulations are single family home and not over 170K. I suggest you contact a reputable,local mortgage broker to discuss your options. And do not be taken in by online roboscammers.
1 vote Thank Flag Link Sun Jan 11, 2009
Anglia, You most likely are not going to like my opinion..You need to fix your credit scores..You do not need to find ways to borrow money until you can show yourself and others you are a good risk as a borrower.

I know everyone has a different situation but the bottom line is you are not doing yourself a favor by getting involved in another financial obligation until you correct those you've already been a part of. Nobody is going to offer you a loan because they are nice guys, they are going to do it for profit not any other reason. Be responsible, work on your credit and buy a home when you are ready financially so you can better protect your interests..

Check these out in the meantime...http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p…

http://www.ofheo.gov/PublicInformation.aspx?Nav=136 ......about mortgages and predatory lending..



Good luck, Dunes
1 vote Thank Flag Link Sun Jan 11, 2009
You can get approved with under a 600 credit score for home loan. I have had clients with a 580 credit score get approved for an FHA loan just 3.5% down, The Lenders Network is the place to start for any questions loan related.
Good Luck!
0 votes Thank Flag Link Sat Aug 10, 2013
Keep in mind also that while FHA technically does not require a minimum FICO score, the lender will. FHA is not the one making the loan; the lender is, and the requirement is usually around the 580 mark.

Work on paying down your debts to increase the credit score, and try to stash some cash for the down payment.

Please give me a call or email if you want some tips on how to get your FICO score up. Best of luck.
Web Reference: http://www.jeffpoleet.com
0 votes Thank Flag Link Tue Jan 20, 2009
Thank-you Dana, I very much appreciate your comment as I've noticed you dish out a little honest opinion yourself..
0 votes Thank Flag Link Sun Jan 11, 2009
I gave you a thumbs up,Dunes. Your honesty is refreshing.
0 votes Thank Flag Link Sun Jan 11, 2009
We have a number of sellers that are willing to work with buyers on lease/purchase options. The terms are going to be dependent on your credit and the explanation of any derogatories.
We can often times secure permanant financing on people that didn't realize they qualified.
Give me more information at http://www.FinancingAtYourFingertips.com and let me know what it is that you are looking for and where and we shall see what we can do for you.
0 votes Thank Flag Link Sun Jan 11, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer