Home Buying in Clinton>Question Details

Vicki Willia…, Other/Just Looking in Clinton, SC

How do u go about getting started to apply for a home loan? What will u need if u have less than perfect credit? Can u still get financing?

Asked by Vicki Williams, Clinton, SC Fri Aug 6, 2010

I was out of work for almost a year due to an accident that put me out on workman's comp. I have no proof of this, my credit rating is not really good at the moment due to that. Can someone explain to me what Fannie Mae and Freddie Mac are....and would those organization better help if u have a low credit rating? I have found a beutiful home located in a charming town in SC that I would love to be able to buy, the asking price is 35,000...Can someone help me please?

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you would least need to have 680 credit score our to get 100% FHA Loan another might be lower they will take the middle score for the loan so is your highest is 700 and middle is 650 and the lower is 600 they will use the 650 score for your loan and if you have bad credit need to used lexington law they work great . 100 a month to work on your credit for you and they will take stuff off your credit and know i have used them .
0 votes Thank Flag Link Sat Mar 2, 2013
Dear Vicki,

My advice is to contact a mortgage professional who can best advise you.


Regards,
Maureen
0 votes Thank Flag Link Mon Aug 9, 2010
As for Fannie Mae and Freddie Mac--see links below for information.
http://www.fanniemae.com/kb/index?page=home&c=aboutus
http://www.freddiemac.com/corporate/company_profile/faqs/
Not knowing your overall financial picture nor your credit score--visit with any qualified loan officer(s), see if you do qualify and exactly what your budget can handle--then go from there.
0 votes Thank Flag Link Fri Aug 6, 2010
You can contact local banks, go to a web site like bankrate.com and get loans, or talk to local real estate firms which typically have access to loan officers.

Your claim of "no proof" that you were on worker's comp is a little hard to understand. You should have checks from workers comp or some other kind of "proof" in this sense.

You typically need a job to get a loan. Bad credit is usually not a problem. Don't worry about Fannie Mae and Freddie Mac since you won't deal with them directly -- they package up large pools of mortgages to resell to investors in the so-called "secondary market." Your main interest would probably be FHA, which could help you get a home with a low down payment.

Contact local banks to see what they say, first of all. The loan officers there will tell you about different programs and what you need. Requirements differ by program. But again, you will probably need a steady source of income, first and foremost, and you'll have to prove it somehow. There are very, very few options around these days for "stated income" loans.
0 votes Thank Flag Link Fri Aug 6, 2010
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