Home Buying in 33156>Question Details

Chris, Home Buyer in Miami, FL

I am asking a question for my neighbor. He wants to know if anyone out there, knows of any mortgage company that approves a home loan, if they are on

Asked by Chris, Miami, FL Thu Mar 10, 2011

a fixed income? If so please send the information, He also states that he has no cc debt , he thinks he only has some medical bills not very much maybe about $750.00 to $1,000. so he saids to me that he has no credit. Is that like having fair credit? He also states he is only interested in a property and their asking $74.000, but he wants to offer $ 64,000. can he offer that? he has the 3% to put down.
Thanks

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Fixed income isn't a problem, as long as he has the required credit score of 640 for FHA loans, and can afford to make the monthly payment. Everyone has some type of credit he should talk to a lender or agent to see where he stands. There isn't any special type of financing for people on fixed income, he can go with any bank he chooses. He may want to start with whoever he currently banks with, they may be able to offer him some type of incentive for being a current customer.
As far as the offer amount goes, he can offer whatever amount he likes but he has to keep in mind the seller does not have to accept it. If he wants to offer 64,000 he should look for homes in that price range.
3 votes Thank Flag Link Thu Mar 10, 2011
Hello Chris,

please let your neighbor know, that he needs a credit score of at least 640. I would be more than happy sharing with him some info about ways to improve or even establish a credit. I can be reached at 954.695.4849

As far as making an offer on a property. As soon as he knows, the amount he would be approved for a mortgage loan, I would recommend getting a Realtor (at no cost to him) who can guide him through this negotiating process to make an offer that has a good change of getting accepted.
2 votes Thank Flag Link Fri Mar 11, 2011
Hi Chris,

Also there are some county programs for lower income that will provide downpayment money. The credit needs to be in an acceptable range, though. He should contact Wells Fargo and specifically ask about down payment assistance programs.
2 votes Thank Flag Link Fri Mar 11, 2011
Thank you for your answer Carlos, but I forgot to mention that my neighbor has been an" Identity Theft Victim" twice. What ever was and is still is on their credit report, it was not done by my neighbor. All was done by the people that took the identity. What has been written off and what is left on the credit report should be taken out immidiately. I believe that "Congress" should pass a law, for all Identity Theft Victims. especially if the perpetrators were caught and prosecuted. The victims should not be held responsible for years until , those dam credit bureaus feel like taking all the information off. All the victims not only do they have to wait for years, but they are held responsible for sombody elses mistake and cannoit apply for nothing like a home, car, loans, because of these people. This is wrong!!!!!!!. The court put a fraud freeze years ago on the credit report, that why I said that it all should be taken off. Not hold the " Victims" responsible. Thats the reason why I asked this question in the first place. Thank you again for your answer.
1 vote Thank Flag Link Tue Mar 15, 2011
Sure there are. Your neighbor should talk to a good Realtor, who in turn can recommend several good mortgage professionals.
He can offer whatever he wants on the property, but should be fair in his offer if he wants to be taken seriously.
Hope it all works out.
Good Luck!!
Genevieve Ramachandran
1 vote Thank Flag Link Fri Mar 11, 2011
Hi Chris,

Your neighbor needs an attorney to get his credit history corrected.

If he can't afford an attorney, he may be able to get a "pro bono" attorney. Contact the Miami Bar Association, google it.

Hope this helps.

Alma
0 votes Thank Flag Link Wed Mar 16, 2011
Chris,
In this days is difficult to work a loan, and you or your neighbor need to proved everything at their application, even at the time of closing, Now He state there is not C.C debt But He use credit cards? he is doing any type of installment payments to improved their credit? Do they paid the medical bills? or they are sitting there at the collection department to be paid.

It is so kind from your side Helping you neigbor, but for what you just said He need to review and improved His credit and you may look at your credit maybe you can qualified for a loan better than your neigbor and get a nice house out there.

I whish you good luck if you need anything send me an email.
Web Reference: http://www.soldbuyrent.com
0 votes Thank Flag Link Tue Mar 15, 2011
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