Home Buying in 48220>Question Details

Hershel Woot…, Home Buyer in Ferndale, MI

Hello, My wife and I moved back to Michigan from Florida. We are currently renting but we would like to purchase a home.. Home Buyer

Asked by Hershel Wooten, Ferndale, MI Tue Jan 19, 2010

I know our chances of getting a home ourselves is slim..We are self-employed..My credit score is low and my wife's credit score is fair we are going to use a co- signer with great credit and income to purchase a house in Ferndale in the $20,000 price range. As pathetic as our situation sounds does anyone think there's a chance for us to purchase a house? We'd hate to pay rent when there are so many house deals..

Help the community by answering this question:


Don't let the low purchase price scare you. There are many credit unions and banks that will loan for that amount, especially in Michigan. When you get answers to your questions please look for the "Michigan" agents responses. Other states may vary in their customs and norms.
Web Reference: http://macombhomes.com
1 vote Thank Flag Link Wed Jan 20, 2010
If the purchase price is $20,000 try a local bank many lenders won't do these size loans, usually a minimum is $50,000 or more
1 vote Thank Flag Link Tue Jan 19, 2010
Hi Hershel:

There are options out there, including rent to own and land contract. Contact me and perhaps we can discuss some options.

Joy Santiago
Broker Owner
Dwellings Unlimited, LLC
1 vote Thank Flag Link Tue Jan 19, 2010
Why not visit with any qualified loan officer(s) first and see what your budget can handle, and check on those scores again--the loan officer may have some good suggestions on how to improve the scores in the shortest time possible, then take it from there.
1 vote Thank Flag Link Tue Jan 19, 2010
Hello Hershel, there are plenty of homes in Ferndale Michigan right around that price range. Here is a web link to help with Your home search: http://www.mlsfinder.com/mi_realsource/amadormelgoza?so=a&am… Feel free to contact me with any questions.

Best Wishes,

Amador C. Melgoza
Keller Williams Realty
35427 Dodge Park
Sterling Heights, MI 48312
Email: amador@kw.com
Web Reference: http://www.Home123store.com
1 vote Thank Flag Link Tue Jan 19, 2010
Hello Home Buyer, my name is Roger Belue. There are always opportunities for you to purchase real estate. They are seller finacing options that are available to you as well. Please give me a call to further discuss some possible options for you.

Keller Williams Realty
Web Reference: http://rogerbelue.com/
1 vote Thank Flag Link Tue Jan 19, 2010
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