Home Buying in Grand Rapids>Question Details

Jmlundborg, Home Buyer in Rockford, MI

I live in Michigan and am hoping to buy a home in the near future. My credit score is only 637. What would be the best option and is it possible?

Asked by Jmlundborg, Rockford, MI Fri May 27, 2011

I am hoping to buy a home with my boyfriend. I do not know his credit score. We're looking at homes $50,000 and under (mainly foreclosed homes). I am hoping to raise my credit score as soon as possible, but after graduating from college I took an internship on New York City that paid $10 an hour and therefore had a very hard time paying my bills. I have some credit card debt and student loan debt. I'm just wondering what my best options would be. I am renting until October and then I am hoping to look into buying. Who should I contact for advice on what I need to do to secure a decent loan? Some of the properties we're looking at are Fannie Mae properties, but I read you need a credit score over 700 to secure financing for those homes. I'm basically clueless and could use some help or some suggested resources. Thanks so much!

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Answers

11
Please call me at 616 308 2631. My mortgage man should be able to help you!!

Thanks!!

Karl
0 votes Thank Flag Link Thu Jan 5, 2012
Jim most of the other realtor's are giving you good advise. Your credit score is better than some clients I am working with. I am exited for you on working through things to buy a new home. please talk to a new loan officer and a Consultant, Credit Repair Advisor
0 votes Thank Flag Link Wed Jan 4, 2012
I have a mortgage man who will handle credit scores as low as 580. Please contact me at 616 308 2631 or email me at kroelofs@grar.com. I should be able to help you get into a home!!

Thanks!!

Karl Roelofs 616 308 2631 or kroelofs@grar.com
0 votes Thank Flag Link Thu Jun 23, 2011
Jim, I have a couple of lenders that I would recommend you contact and have one of them qualify you. The lenders that do both the FHA and the Rural Development loans are your best in my opinion. After 40 years in this business and with the guidlelines for lending changing almost daily, I prefer to have you talk directly to the lender first. It also gives you a stronger position in negotating.

Thanks Dave Deverman/Broker Owner
Deverman Realty 616-450-8895.
0 votes Thank Flag Link Fri May 27, 2011
The best option would be an FHA loan or a Rural Development (RD) loan. The minimum credit score for a FHA loan is 580, and for RD the minimum score is 620. Where you may run into a little problem is with the loan amount, most lenders set their minimum loan amount at around $70K. As far a fannie mae properties are concerned you do not need a 700 credit score to qualify for one of those properties, your current score would qualify you. Please let me know if I can be of any more assistance.

Jim McDonald
616.813.7079
jmcdonald@gopmw.com
0 votes Thank Flag Link Fri May 27, 2011
There are many lenders that will work with a credit score like yours. Honestly it's low but not that bad. The absolute best thing you can do is to continue to pay your obligations on time and reduce your debt as much as possible. There are different programs available depending on the geographic location you are looking for a home in. Local lenders can be helpful. I also can put you in touch with some lenders I have worked with in the past. Some of the things a lender will consider are income, debt to income ratio, and how long you have been working at your present job. You will also have to have money to work with as far as a down payment and payment of fees to get a loan. Each lender and lending program will have different qualifications. Even if you can get a zero down payment loan program you can expect to have to have about $3000 for costs involved with getting a loan. Please don't hesitate to contact me if you have any other questions.
0 votes Thank Flag Link Fri May 27, 2011
I can help get you in contact with local lenders that will go down to 600 credit scores and as of today, another one announced they will go as low as 580. These lenders will be the best counselors for what you need to do to get ready to buy a home.
Web Reference: http://www.markbrace.com
0 votes Thank Flag Link Fri May 27, 2011
We can got down to a 620 credit score. Give me a call. 616-363-0585
0 votes Thank Flag Link Fri May 27, 2011
Give Dave a call @ 616-866-5974 and he will be able to take some further information and you might have some options available right now or else he will be able to point you in the right direction to improve your credit. Call Dave @ 616-866-5974.

Thanks, have a wonderful holiday weekend!
Web Reference: http://www.vdovickgroup.com
0 votes Thank Flag Link Fri May 27, 2011
See if you can find a reputable credit repair program. Getting a mortgage not only depends on your credit score, but also on the amount of debt you have. I don't know this for sure, but I would say that you will probably have a tough time trying to get a mortgage in your current position (unless you have a good chunk of cash or your income is really high). If I were in your situation, I would call a mortgage broker/originator at a reputable bank and explain your exact situation to him/her. They should be able to tell you the likelihood that you would be able to qualify. If you need references for who to contact, feel free to send me an email or call me. I hope this helps.
0 votes Thank Flag Link Fri May 27, 2011
Please contact me at 616 308 2631or email me at kroelofs@grar.com. I know of a company that will be able to give you the help you need.

Thanks!!

Karl Roelofs
0 votes Thank Flag Link Fri May 27, 2011
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