Home Buying in Johnstown>Question Details

Sweetfem05, Home Buyer in Johnstown, PA

I have a credit score of about 600, been employed with my current employer for a year. I am looking to finance a home for $50,000 max with 10% down.

Asked by Sweetfem05, Johnstown, PA Fri Dec 24, 2010

I meet income qualifications for FHA loan but not legnth of employment. Can I get a loan or do I need to continue to wait until I meet either a higher down payment or a longer legnth of employment?

Help the community by answering this question:


You will also need a 640 minimum credit score to get financing through a regular bank, we on the other hand do not have a credit score requirement.
0 votes Thank Flag Link Fri Jan 7, 2011
Most banks won't do a Mortgage loan for less than $50,000. If your putting 10% Down you will only have a loan for $40,000.

I can help you get a Non-Traditional loan through a Private Lender for that amount at a 5% interest rate.

Give me a call or email me for more info: (214) 293-1831 or SarahMontesKW@gmail.com
0 votes Thank Flag Link Fri Jan 7, 2011
Because you have 10% down, you may not need to go FHA. There are conventional programs that may fit your needs better. The loan amount may be smaller than most banks will deal with though. I have a lender I work with often that may be able to help you:

Brent Mathews
Mortgage Consultant
American Financial Resources, INC
9 Sylvan Way
Parsippany, NJ 07054
cell(973) 769-5082
(877) 845-9849

Hope that helps.
0 votes Thank Flag Link Fri Jan 7, 2011
Most lenders will not approve a loan till you have exceeded 2 years of employment. Best to "sit tight" save money, don't run up debt , pay your bills on time

On 25th month reapply for a mortgage

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Dec 24, 2010
When you find your local lender, ask them if they are authorized to originate USDA loans. Looks like you are in an area where the property may qualify for this type of loan which has more forgiving guidelines for your credit score. It's also a very good loan.

Good luck with your purchase,
All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians & other Foreign Nationals, on time.
0 votes Thank Flag Link Fri Dec 24, 2010
Your best bet is is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. There may be some mortgages that are similar to fha.

Please see my blog for more information, tips and advice on obtaining a mortgage in todays market
0 votes Thank Flag Link Fri Dec 24, 2010
Here are some local lenders in the Johnstown area that I would recommend calling:
Lloyd Rager-Wells Fargo - 269-5911 Cell #421-3714.
Scott Malisko @ Slovenian Savings & Loan 467-8837
Lynn Tomkowski @ Ameriserve 266-8965 Cell #243-6459
Elaine Frampton @ First National Bank 532-3883 Cell #243-3524
If you prefer email here is Lloyd Ragers email @ Wells Fargo: Lloyd.L.Rager@wellsfargo.com.
0 votes Thank Flag Link Fri Dec 24, 2010
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