Home Buying in 27332>Question Details

Cheryl, Home Buyer in Sanford, NC

I am looking at a property it is 55,000 I got 2,000 saved credit is not in the best of shape(credit score is 578) I pay 2,000 a month in exspenses

Asked by Cheryl, Sanford, NC Thu Jun 3, 2010

What will I have to do or there anything I can do?

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Talk to a local lender. Find one that specializes in credit repair. You can probably pull your credit score up in time doing a few right things. It may be weeks, it may be months, it may be years. However long it takes spending the time and effort to improve your score will put you in a better place than if you ignore it. After all, in 5 years you will either be broke with bad credit and no house OR you will have repaired your credit, saved more of a down payment, and bought a house.

The actions you take now and in the coming months will define the coming years for you. Make a solid commitment to doing this and you will achieve your goal. No matter how hard it seems, or how impossibly long it seems it could take keep working on this. Time passes far to quickly AND your present efforts will cause your future to be changed for the better.
0 votes Thank Flag Link Thu Jun 3, 2010
Hello Cheryl,

Minimum requirement for FHA loan is 3.5% down payment, credit score min 620. Homepath is 3% down payment and credit score min 680.

So you will need to save a bit more money, pay down your credit cards, to improve your score maybe reduce your monthly expenses wherever you can.

If you need assistance with cleaning your credit I can refer a company that has had great results.
0 votes Thank Flag Link Thu Jun 3, 2010
Hi Cheryl, I recommend that you talk with a couple of mortgage brokers about your situation and see what they say. Every lender has different requirements. It is common these days for a lender to require 10% or more as a down payment. Worst case they say that they can't help you until you save a little more money and work on your credit score to a certain level. Figure out what they need to approve you and make that your goal and don't give up. You can do it if you are diligent and work toward's your goal of home ownership.
0 votes Thank Flag Link Thu Jun 3, 2010
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