Home Buying in Franklin>Question Details

Stephen, Home Buyer in 45005

I am a first time home buiyer my credit is not so great because of school loans however i have a stable well paying job any advice on how to go about

Asked by Stephen, 45005 Sat Mar 20, 2010

getting a loan? Thanks in advance for your response

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4
THere are a few more question I would need to ask you in order to steer you in the right direction.call me at 513-678-4180
0 votes Thank Flag Link Wed Sep 5, 2012
Just how bad is your credit score--FHA loans currently require a credit score of 620 and 3.5% down--visit with any qualified loan officer(s) and see exactly what your budget can handle and check your credit score--your officer may have suggestions as to how best improve the score in the fastest way. In the meantime work diligently in repairing your credit--pay bills on time, pay off all debt, pay down debt, keep credit cards below 50%, dispute old negatives, etc.
0 votes Thank Flag Link Sat Mar 20, 2010
Stephen, have you talked to a loan officer yet? That is the first place to begin as he will check your credit score and validate your income. Usually a credit score as low as 600 will qualifiy you for an FHA loan if the income is sufficient. You may have more clout at your home bank as they will want to keep your business, so it may be best to start there. An FHA loan requires 3.5% down payment plus there will be about 1.75% prepaid mortgage insurance fee. You can also ask the seller to help with closing cost and downpayment.
0 votes Thank Flag Link Sat Mar 20, 2010
Here is one of the repeat posts. You can delete this one.
0 votes Thank Flag Link Sat Mar 20, 2010
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