Home Buying in Atlanta>Question Details

rettop, Home Buyer in Atlanta University C...

Hello, I am interested in buying a home for my family with a FHA loan.

Asked by rettop, Atlanta University Center, Atlanta, GA Thu May 16, 2013

I have stable W-2 employment with my current job for close to two years at $74,000/year, however, I have been in the same industry for 12 years.

I have low debt to income ratio.
I have 12 months verifiable rental history with no lates.
I have savings of $5000
My Experian (pulled by creditor) is 630, my TU is 641 and my EQ is 619.

******My issue is that I have a 30 day late on a credit card. I have three credit cards and I only have a late on one of them, the balances on all three cards are at very low utilization, like 7% or less. The late is on my oldest card which I have had for 14 years with good payment history. I also have 2 revolving accounts with no lates.
I would like buy way below my means.

My future mortgage payment is expected to be close to half my current $1050 rent on my 2 bedroom apartment. So I am doing down in housing expense.
I would just like to get approved for $90,000. Is it possible??
Any help or info is appreciated.

Help the community by answering this question:


Yes, it is possible. Are you working with an agent already?
0 votes Thank Flag Link Tue Jul 2, 2013
I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Borrowers using TIN
Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
Finance up to 20 properties with us
Non warrantable condos
580's OKAY
Past foreclosure or short sale, OKAY
65% of appraisal value financing for commercial purchasing or refinancing
20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
Email: thegocp@gmail.com
0 votes Thank Flag Link Thu Jun 20, 2013
The answer is yes. You are the kind of buyer that I would like to work with. I know a mortgage company that loan their own money. Laura Gresham 478-919-1897. I am a realtor.
0 votes Thank Flag Link Fri May 17, 2013

While everything else seem good the late is an issue but i can direct you how to solve that issues within 72 hours and raise you score in the process in order to qualify for a healthier mortgage file.
Are you shopping for a Home? It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.

Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?

Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and receive expert advice from an FDIC member Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry.

I look forward to working with you! And making your dreams a REALITY

Lowell Sterling
Mortgage Banker
NMLS# 968898
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Fax: 214-614-4637
Bank of England Member FDIC /Dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Thu May 16, 2013
Hi Rettop!

I have two lenders who I could get you in touch with. The first is Sue Hamilton at Fidelity Mortgage and she can be reached at 3 Corporate Square, Suite 700
Atlanta, GA 30329

Office Phone: 404-639-6567
Fax: 678-302-6996
Cell Phone: 404-587-8034

Email: sue.hamilton@lionbank.com

The second is Joseph Miller - joseph.miller@southeastmortgage.com

Feel free to contact one or both of them to see what they can do for you. I trust both immensely and know they work hard for customers.

If you would like to get started looking for properties that may fit your criteria or just want to get set up with your own search engine where you can browse up to date properties at your leisure, feel free to contact me.

I can be reached at (912)220-1878 or at missy@commongroundrealestate.com

Wishing you the best in your home search!
0 votes Thank Flag Link Thu May 16, 2013
Hello Rettop,

I will be happy to have you speak with my a Great Loan Officer, who can get you APPROVED..

Please call 770 475-1130 ext 9495, I can help you Find the Home your looking For..


Sharon Dumas.,Solid Source Realty
0 votes Thank Flag Link Thu May 16, 2013
A lot will depend on when your late payments were. Having a late payment in the last 12 months is a red flag for a lender. For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Thu May 16, 2013
Hi Rettop,
Please contact me at your convenience, I can recommend loan officers that can help you with your loan.

Maria Vassileva
Realtor ®
BHGRE Metro Brokers
Office: 404.843.2500
Mobile: 404.409.9750
Fax: 770.645.7201

0 votes Thank Flag Link Thu May 16, 2013
It looks like this is a possibility. I am surprised your credit scores are this low with a low utilization and one 30 day late. Unless the 30 day was within the last 90 days or there are some other issues.

I would recommend you challenge the 30 day late on all 3 reporting agencies. They are required to verify with the credit issuer within 30 days or remove. You may or may not have been late, the lender may or may not have proof, either event if it is not verified it must be removed. Removal would help your credit score.

I would recommend you have a quality mortgage loan officer check your credit, sometimes what the consumer gets from others is not an official score. Your real score may be different. Based on what you described, unless there are other issues your score should be higher.

0 votes Thank Flag Link Thu May 16, 2013
Rettop....And once Gregory has you approved, I'd be happy to help you find your new home. While I specialize in Midtown Atlanta, I also work numerous other areas in Atlanta and we can find you a great home.

Thom Abbott
Thomas Ramon Realty @ Palmer House Properties
0 votes Thank Flag Link Thu May 16, 2013

Please give me a call at 770-864-7926 as soon as possible to discuss your options.

Based on the information you provided, I can have you a pre-approval this evening.

I look forward to speaking with you.



Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
NMLS#: 162522

Apply online! http://www.gregoryjpeters.com/
0 votes Thank Flag Link Thu May 16, 2013
I am in Atlanta Ga. Not sure why it says New York. Thanks
0 votes Thank Flag Link Thu May 16, 2013
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