Best of luck to you! If you have additional questions, you can email - firstname.lastname@example.org
Maintaining your credit has become of the utmost importance with not only mortgage and lending institutions using this information to rate you, but even insurance companies! Keep paying that rent in a timely fashion and do what you need to do to get the rest of the credit issues behind you so that when you do find the perfect home in your price range you will be able to act quickly before someone else.
the new number is 580 to get an FHA backed mortgage. If your credit score is below that number, find out why. Is it due to high debt to income? Late payments? A mistake on your credit report?
The fact that you pay your rent on time tells me that you can be fiscally responsible when motivated. Here's your options if you are unable to secure a mortgage through traditional means:
1. Find a Private Money Lender and pay a larger downpayment and higher interest rate.
2. Work on improving your credit rating.
Good luck in all of your endeavors!
Yolanda asked a specific question, most answered with a soliciation, answered with contact information in their post or encouragement to check into certain lending programs.
Yolanda, even if you find someone who is willing to finance you in spite of a bad credit rating, you would be paying more, possibly much more for that "privilege".
Please educate yourself, know exactly what the penalties would be for getting a mortgage with a poor credit score, and consider waiting, even if it means losing out on this particular home, so that you can do credit repair and get yourself in a much better financial situation to buy a home.
It can happen, but do the work, be patient, be educated about the process and buy when it is truly the best time to buy for you.
I wish you luck and hope to see you in the market soon!
There are several lenders partners that work with credit challenged borrowers, I have seen and helped several buyer clients close on the house of their dreams when others told them it could not be done; please feel to call me tomorrowto arrange for an appointment w FREE consultation. I will have Mortgage Banker come join us and tell us what is best solution.
R3 Yes! Real Estate
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
David Meek - Broker
Leading Edge Realty