Home Buying in 60517>Question Details

Rachel, Home Buyer in 60517

Help needed! First time home buyer!!

Asked by Rachel, 60517 Mon Jun 11, 2012

I am a full-time nursing student graduating next December. I have a high amount of student loans, but they are in deferment until June 2014. I work full-time with the same office for 6 years. Due to illness, I was unable to keep up with bills a few years ago, but I have now paid off all past due debt. However, my credit score is still low due to the past (560-600). I make enough to afford a mortgage (I used to pay $1200 a month for rent). I have "poor/bad" credit, but my parents have good/excellent credit and will cosign. Anyone know of anyone that can help me? Thanks so much in advance for any advice/help.

Help the community by answering this question:


I have helped many first time homeowners. Our direct number is 630 426-7700.

For mortgage help, call (855) 893-1177 or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at http://www.myccmortgagebn.com. We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 893-1177.

Brad Neumann
Branch Manager
Crosscountry Mortgage Inc.
Phone: (855) 893-1177
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Mon Oct 13, 2014
Hi Rachel. I know someone who can help you. He is with a credit union and can work with scores as low as 580. Because he is with a credit union they have some of the best rates out there. I also specialize working with first time home buyers and can help guide you through the process.
0 votes Thank Flag Link Sat Mar 29, 2014
Ms. Rachel:

Hello, as your question is difficult to answer without speaking. Our firm a Mortgage Bank & Broker we may have options for you as we deal both with private funds and traditional. I could provide options that go less than 600 on a credit score feel free to reach out when you have some time.


0 votes Thank Flag Link Fri Aug 9, 2013
Rachel. The student loans will have to be in deferred status for 1 year after you close a loan. With what you just said, you are probably going to have to use those in your debt ratio.

We can lend FHA down to a 600 middle credit score. Give me a call in the office or on my cell if you want to get prequalified.

Sean Cochran
Quality Mortgage Lending
630-330-2229 cell
630-470-6830 office
*FHA down to 600 Fico Scores
*USDA no money down loans
*$100 Hud Purchase Program
*Pre Approval letters in 24 hours or less
*Unlimited LTV on Fannie Freddie Harp Loans
*203k Specialist
*Jumbo Loans to 90% LTV with no mortgage insurance
0 votes Thank Flag Link Mon May 20, 2013
You are not alone with regard to high student loans and other debt. Most people today are experiencing significant debt issues and still want the american dream of homeownership. I have a team of professionals that can help you with your current situation. If you are still looking for help, feel free to contact me at 630-788-9298.
0 votes Thank Flag Link Sun May 19, 2013
Hi Alcantara, I know a Mortgage Broker who is an MBA, a credit counselor and a recent President of the Illinois Association of Mortgage Professionals. That is quite the collection of experience, knowledge and resources! The current lending environment is complex, as you know, and a bit of a "moving target" constantly chenging. Feel free to give her a call for a thorough personal consultation........

Jeri Jynn Fox, MBA
USA Mortgage Corp
0 votes Thank Flag Link Mon Jun 11, 2012
Hi Alcantara,

Credit score is part of the process but not all of it and having a good co-signer is great backup. Buying your first home is exciting and the best thing to do it put together a great team that will work hard on your behalf.

Start with a good lender who will be able to take you through the process and understand how it works and one that will be patient with you. You can go with a banker or a broker. Banker works for a specific bank (US Bank, Citi, Chase, etc) while a broker can choose between the banks and sometimes the best product.

I have one of each that I work closely with for many years and would trust with my own home loan or send family their way. You can call me and I would be happy to share their information: 630-446-0289.

On top of a good lender you need a good Realtor, attorney and inspector. Get recommendations from friends and family. I don't want to step on any toes if you are working with a Realtor but if you are not and are interviewing feel free to ask me any questions along the way.

I've been a Realtor since 1998 and have worked and helped many first time buyers such as yourself find a great home. Love what I do and love being able to educate first time buyers on this process and how much fun it can be. If you're mom or dad are going to be involved I can also chat with them along the way to make sure they are comfortable with who you are working with.

mikelong@realtyexecutives.com is my email and my cell phone is above. Reach out when you are ready but first good step is to work towards that pre approval so when you do start looking you know that the home you are looking at are homes you could make an offer on.

Hope to hear from you and hope this has helped at least a little bit.
Web Reference: http://LiveInDuPage.com
0 votes Thank Flag Link Mon Jun 11, 2012
Hello Alcantara,
You will probably want to look into an FHA loan based on what you listed in your question. FHA loans are more forgiving with regards to credit score, allow as little as 3.5% down and allow co-signers.
Here are a few points to consider with regards to the FHA loan:
Student loans do not have to be counted in your debt-to-income ratio provided they are deferred at least 12 months after your closing.
Having your parents co-sign with you will help but you will still have to have a high enough score on your own to qualify since lenders use the lowest middle score for all borrowers. There are lenders that say they can close loans with scores as low as 580 but I don't recommend going that route. You really want to get your score to the 620 or higher range. 640 will make a big difference in the rate you can obtain.
Consider how much you want to spend per month on your total payments. Don't forget to consider homeowner's insurance, property taxes as well as any association dues that might apply. What you can qualify for and what you are comfortable spending are two totally different things.
Let me know if I can help review your credit and give you some ideas to help raise your score and get you in better position to purchase once your school is done.
Jeff Kincaid
Avenue Mortgage
630-470-6722 office
630-605-3694 cell
NMLS 814064
0 votes Thank Flag Link Mon Jun 11, 2012
It may be in your best interest to look at using a co-borrower to help secure the mortgage. We specialize in qualifying loans that other lenders can't. We deal directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
Email: bneumann@myccmortgage.com
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
Flag Tue Oct 8, 2013
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