Home Buying in Milford>Question Details

Doreen, Home Buyer in Randolph, NJ

I would like to purchase a single family in Milford, Pa. I saw a house for $189,000. I've been paying my rent for $1,600 a month. I have poor

Asked by Doreen, Randolph, NJ Wed May 26, 2010

credit 550 credit score. no down payment

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5
Anna Brocco’s answer
You may wish to consider improving your credit first and start saving a bit--currently FHA loans do require a minimum credit score of 620 and 3.5% down--there may be some lenders willing to work with a lesser score however, the interest rate may be higher. In the meantime, do pay all bills on time, pay off old debt, dispute any negatives, pay down debt, keep credit cards below 50%, etc.
1 vote Thank Flag Link Wed May 26, 2010
Doreen,
I am a Realtor here in Dingmans and Milford, and saw your question on Trulia.
There are programs out there, for instance from the USDA Rural Development, where they actually limit the maximum downpayment to 3% (!). Speak to your Lender. (The credit score may still pose a challenge...).
If I can be of any help, perhaps with local lender names, feel free to contact me:
email: kharris@c21hull.com
p.s. I notice your Randolph location... I graduated from Randolph in 1973.
Keith Harris
0 votes Thank Flag Link Wed Jan 19, 2011
I think you should spend some time accumulating a small down payment, and working on improving your credit score. You won't find many no payment down loans these days. And if you do, and if something happens to the house, you still need a cushion for emergencies. No money down is a very risky venture.
0 votes Thank Flag Link Sat Nov 13, 2010
We help a lot of clients like your self serving the pa and Nj area please visit are web site I think we can help you out
0 votes Thank Flag Link Sat Nov 13, 2010
Hello Doreen,

Fixing your credit score should not be too difficult.
You may be able to get a PHFA loan and downpayment assistance once your credit is fixed.


Regards,
Alan Openshaw
Cornerstone Lending Inc
215 953 0800
0 votes Thank Flag Link Wed May 26, 2010
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