There are many first time homebuyer programs and one offiered for the whole state of florida where you can get $5000 to $7500 in assistance. The requirement is 640 mid score, cannot have owned a home for the past 3 years and you have to meet income eligibility requirements.
Every little bit helps. To build your credit I would suggest, if you have any credit cards take or apply for one or two and purchase something (not to exceed 25%of your balance) and pay on them monthly. That helps to build credit (On Time Payments), pay all bills on time as well as some companies lights, water, etc...do report you frequency in paying on time, I have seen it. You can build your credit, be patient.
The minimum score you will need is a 640, some lenders can do it less then that , but your interest rate will be higher. Also take into consideration of out of pockets expenses that you will incur and most are non-refundable...YES we want you to become a homeowner, but a lot of people are unaware of some expenses such as:
Down payment (3.5%-20% depending on the program), closing cost (your Realtor can sometimes get the seller to pay some of all on your behalf), home inspection(s), survey, appraisal, doc stamps and re-key (bank owned property), retainer fee for your Realtor (if they are asking for that), ecrow (deposit to seller) etc... cost varies for each.
My firm is a direct lender, meaning we fund and service our own loans at competitiive rates. We also offer free credt repair, so I would encourage you to contact me to discuss the process with you in person. No money for down payment is not an issue. I can show you how to buy with only $100 down once your credit is established.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
office 954-771-7715 x104
Florida Mortgage Lender
A FHA loan is the lowest out of pocket down payment at 3.5%. If you buy a HUD owned home in FL the minimum require down payment is only $100!
When is the last time you have your credit pulled? What is your score? Do you have any new debts open that you pay on monthly?
There are several ways to help fix your credit. Yes you can have your parents on the mortgage so you can take advantage of the tax credit but you should also work on fixing your credit so you can get auto and personal loans in the future at competitive rates. I would like to send you a flyer of suggestions so please contact me to give me your e mail.
Ameritrust Mortgage Assc.