Home Buying in Delaware>Question Details

Alia, Home Buyer in Delaware, OH

Have poor credit and would like to know of any options to purchase an inexpensive home.

Asked by Alia, Delaware, OH Sun Jan 20, 2013

Have poor credit due to student loans and am trying to get approved for a home of no more than $60,000. Would like to know if there are any options for me with my low credit score. I currently am renting and wouold like to stop renting. I live in the Delaware, Ohio area and love it here. Anyone have any ideas?

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An excellent mortgage representative that has helped my clients in the past may be able to help you. His name is Marty Frank with Priority Mortgage in Worthington, Ohio. Good luck!
1 vote Thank Flag Link Wed Mar 13, 2013
Hello Alia

Thanks for your question.

Alia, regret to learn you have a credit issue due to student loans. Its important
to bring them current as these loans are Federal Loans, and there is no way
to Foreclose on them but either pay them off or work them off by taking a Government
job. May want to look into that.

Getting a loan will be dependent on whether you have a minimum down payment
of 3.5% of the $60,000 , your job history, your Debt to Income ration, your FICO and
money for closing costs of your loan and home.

If your score is below 580 it will be tough, but doable based on other above mentioned factors.

1 vote Thank Flag Link Sun Jan 20, 2013
Take care of your student loans and improve your credit so you can purchase a home. Cut cell phone bills, cut cable, get a second job, find ways to improve your cash flow. This is an old saying but true, a dollar saved is a dollar earned.
1 vote Thank Flag Link Sun Jan 20, 2013
Try to find a land contract home or a lease to own property
0 votes Thank Flag Link Wed Mar 13, 2013
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