How can I buy a home with a 507?

Alfred
Home Buyer
Ocala, FL

My credit report does not show any late payments or delinquent accounts yet my score is still very low. I am up to date on everything. I do have a lot of student loan debt and show $59,000 in open accounts. I would like to buy a home but do not know how to repair my credit without paying off some debt and that is not a possbility at the moment. In this market I am told that it is possible to get a mortgage for the same as the cost of my rent. Is it possible to get a loan despite my low score since my payment history obviously shows I am responsible and pay my bills on time.

Answers (4)
Ken Whitehead
Broker
Dunnellon, FL

We have homes listed with Owner financing. This will give you time to repair your credit then re-finance with a reporting lender.

Contact our office today for a home that will work for your special needs.

Ken Whitehead
Rainbow Lakes Real Estate
352-465-0264

Wed Sep 9 2009, 15:24
Patty Fisch
Agent
Chandler, AZ

Alfred,

You should work with a lender who can help you bring up your credit score. Many lenders will help with this service free of charge. If you need the name of a good mortgage broker, just send me a note.

Sun Mar 22 2009, 20:09
Liliana Rivera
Agent
Ocala, FL

Hello, Alfred

What cheryl said is correct, you might want to look into waiting for a bit longer, or looking for an owner finance. i know of a couple of them, please contact me and let me know exactly what you are looking for.
Have a great day
Liliana Rivera
352-425-1940

Sun Mar 22 2009, 19:45
Cheryl Bednar-j...
Agent
Ocala, FL
FIRST ANSWER

Hi Alfred;
Although most lenders can not approve a mtg. with a score less than 620, there are still some investors who will approve a loan with lower credit. I have worked with customers with low scores who received a mtg even in this market. It will cost you more to close and your interest rate will be higher. It is a great time to buy, but you might want to rent for a yr and improve your credit. In this market there are homes with owner financing that may be a good option. Please call me to discuss more.
At Your Service,
Cheryl Bednar-Jimenez, Realtor
Coldwell Banker Ellison Realty 352-304-4654

Sun Mar 22 2009, 13:11

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