Home Buying in Saint Cloud>Question Details

First Time H…, Home Buyer in Saint Cloud, FL

I have a credit score of 627 and I see a few houses selling for 100,000. I would have 3,000 towards the purchasing of my home. Who can help me?

Asked by First Time Home Buyer, Saint Cloud, FL Tue Jan 4, 2011

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Go see Terry Young of Town and Country Mortgage Services. Her office is at 1134 New York Avenue in downtown St. Cloud. You can call her at 407-908-2217 and get started over the phone. If anyone can help you, she can.

Good luck,
Mark LeMenager
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1 vote Thank Flag Link Wed Jan 5, 2011
Here is how you can get a good idea of what you will qualify for:
In the last 12 months have you ever been 30 days late on your mortgage or rent?
Do you have some active seasoned revolving or instmnt accounts?
If your monthly payments and your proposed mortgage with taxes insurance included equals 50% or less of your current gross monthly income and you are a W2 employee with a steady 2 yr. work history, you should be ok.
You will have to put down 3,500.00 3.50% FHA lends 96.50% with 1.00 MIP added to that amount.
Your annual MI which is paid monthly, will be 0.90
So your P&I will be about $520.00 your monthly MI will be around $75.00 per month and estimated taxes and insurance at $300.00 (maybe less)- your total estimated payment = around $895.00. Add this to your other credit card payments and car payments that appear on your credit report. Lets say your total monthly obligations for revolving and auto loans personal loans ect.. is about $500.00 per month (min payments on revolving) that = $1,395.00 Now lets say your gross income is $2,800.00 per month- $2,800.00 x 0.50=$1,400.00 if you make at least $2,800, you should be fine with this scenario based on worst case rates- I am using yesterday's pricing because rates are not published yet, today.
You can use gift funds for some or all of the down payment but you will need a standard gift letter with proof of funds having been withdrawn from the donor's account and deposited to your account-you will need to show bank statements for both transactions.
Hope this helps
2 votes Thank Flag Link Wed Jan 5, 2011
You may qualify for the Neighborhood Stabilization Program which offers 100% financing for first time home owners- any bank can pre-qualify you. Also the Rural Housing Program is a good fit with no class requirements. It too offers 100% financing, no monthly Mortgage Insurance Premium and covers certain homes n st. Cloud without a pool. Give Patty Holloway a call over at BB&T she can prequalify you over the phone. I will be happy to assist you in locating a home which will match both your needs and your budget.
1 vote Thank Flag Link Wed Jan 5, 2011
I can. I work with many first time home buyers in St. Cloud Florida. It sounds as though you have taken the time to get your financial information in order which is the important first step. Most contracts will require a pre-approval letter from your lender. There are also a few programs funded by the Federal Government which can provide low interest loans for first time homebuyers. If you would like additional information, please contact me.
1 vote Thank Flag Link Wed Jan 5, 2011
I may be able to. It depends what is in your credit report. Call me to discuss.

Jose Morales
Florida Mortgage Coach
1 vote Thank Flag Link Tue Jan 4, 2011
I would be glad to help you! There are still lots of Saint Cloud homes to choose from in that price range. Give me a call and we can meet and determine which property would be right for you. You will need someone to help you obtain your home loan too. My team is ready to help.
0 votes Thank Flag Link Wed Jan 5, 2011
Please call Wayne Davidson with Embrace Homes Loans at 407-461-4608 or e-mail him direct at wdavidson@embracehomesloans.com
Good luck,
0 votes Thank Flag Link Wed Jan 5, 2011
Hi first time home buyer. I am a owner broker from Conway , SC. Yes you can buy a home. I would need to know more details about your income and debts but the credit score is just high enough to qualify for FHA loans that carry a minimum score of 620. My suggestions are that you save a little more money and try to build up your score just a little and then take advantage of this wonderful market to purchase a home. Perhaps you could go to a lender and just get pre qualified to see exactly how much house you should be shopping for. A good Realtor can also qualify you, so check that out as well. Good luck,
0 votes Thank Flag Link Wed Jan 5, 2011
looking for a good mortgage lender in the area
0 votes Thank Flag Link Wed Jan 5, 2011
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