Home Buying in Kenosha>Question Details

Anitagonza11, Renter in Wisconsin Dells, WI

Hi I saved 30,000 to buy a house but now I have low income and low credit score could I still buy a 37000 house?

Asked by Anitagonza11, Wisconsin Dells, WI Tue Mar 12, 2013

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You may purchase a house in the $30,000 range,if you cannot get financing.Maybe a foreclosure or just a low priced home is an option for you.If you would like to purchase something a bit more high priced,then contacting a lender is your best bet.Once that lender gets your pre-approved,it is much easier for you and your realtor to go through the negotiations readily.Good Luck,and feel free to contact me with any other questions you may have.Have a great day!
0 votes Thank Flag Link Wed Mar 13, 2013
If you are in need of a mortgage to purchase a home... I would suggest before you have any lender pull your credit that you ask them...
1) What is your minimum credit score requirement? (many lenders have a 580 min. credit score)
2) What is your minimum loan amount? (many lenders have a $50,000 minimum)
3) Give them verbally your income and your debt to see if they can work with your debt-to-income ratio.
4) IF the home is not in move in condition ask them if you have any renovation loan programs available?

I suggest this so that you avoid multiple pulls on your credit which will cause your score to drop further.
I lend in Wisconsin so if you need assistance please give me a call so we can discuss your needs.
Sincerely,
Mandy Fritsche, NMLS# 557211, 262-327-5700, mandy.fritsche@prospectmtg.com
0 votes Thank Flag Link Tue Mar 12, 2013
Thanks for posting your quesion ... there are many different types of loans for a variety of situations. Yes it is possible, even with a lower credit score to buy a house.. Please contact a Realtor in your area to recommend a good local Lender and you will then need to get pre-approved before going to look for a home. That way you will be "Ready to Go" and the Agent, Seller, and others involved in the purchase won't be spinning their wheels unable to get you to the Closing Table. Wishing you great Success in your home purchase. If you will be buying in the SE Wisconsin area, feel free to reach out to me. I work with a number of awesome and reliable local lenders.
0 votes Thank Flag Link Tue Mar 12, 2013
Yes1 give me a call. 920-988-0588
0 votes Thank Flag Link Tue Mar 12, 2013
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