Home Buying in 48192>Question Details

Daryl Cecil, Home Buyer in Wyandotte, MI

Looking to buy a home with a low credit score...

Asked by Daryl Cecil, Wyandotte, MI Sun Mar 27, 2011

Hello, I'm looking to buy a home in Wyandotte, MI for under 50k...I may have found my home, but am only approved if I can come up with 10% down, because my credit score is low. Is there anyone that can work with me on this, as I can only come up with 3-5% at this time.

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Hi Daryl

Are you are first time homebuyer? If you are you can try Lighthouse organization which offers downpayment assistance to low income 1st time homebuyers. Their contact # is: David Everett 248-920-6299 x 2428, give him a call maybe he can help.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Sun Mar 27, 2011
How low is your credit score? 10% down on a $50,000 home is $5,000. If you get a 5% down loan, you will need $2,500. The difference is only $2500. How long will it take for you to save another $2500.



David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
0 votes Thank Flag Link Sun Mar 27, 2011
Hi Daryl,
We offer loans for borrowers with lower credit scores. What type of loan were you approved for? Do you know you credit score? It would best to seek a qualified loan officer from a bank to give you the details of what you can afford and what the down payment requirements would be. There are also other ways to get a larger down payment. There are usually local municipal grants, goverment grants as well as down payment assistance programs. Contact me if you would like further information. Good Luck!
0 votes Thank Flag Link Sun Mar 27, 2011
Hi, You should look into an FHA loan. FHA loans are backed buy the Federal Housing Administration and account for about 50% of loans today! The great thing about these loans is they allow you to put down just 3.5% and roll most of your closing costs, if not all into your loan. These loans are also great for people with challenged (to an extent) credit. I'm surprised your loan officer didn't recommended this to you.

Sincerely,

Chris
0 votes Thank Flag Link Sun Mar 27, 2011
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