Home Buying in 60804>Question Details

elitgarcia, Home Buyer in Houston, TX

Looking to buy a house. Problem is I have bad credit&my husband no credit. We have $10k saved for a down pymt. What are the chances of finding loan?

Asked by elitgarcia, Houston, TX Wed Jul 2, 2014

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21
Hi,

Please give me a call I can help you with a purchase. Even if your credit isn't that great as I do have a mortgage product that assist people with purchasing property in specific areas. There's also down payment assistance money available for Illinois & Indiana that provides $6,000, $7,500, $10,000 and $15,000. You can couple several down payment programs together which makes for a larger down payment. The downpayment programs have some restrictions so please call me to discuss them in detail.

Shaunta Gray
Coldwell Banker Residential
773-766-2841
1 vote Thank Flag Link Mon Sep 1, 2014
shaunta do you know of anyone in georgia that can help me i have the funds but bad credit 574.?
Flag Sun Sep 28, 2014
We have a mortgage alternative program that assist people with not so great credit the ability to purchase a home. Give me a call to discuss further at 773-766-2841.
Flag Thu Sep 4, 2014
Are these programs for 1st time home buyers only? Or can anyone apply? Are there income restrictions associated with these programs too? Currently, I am fixing a home to place on the market in the next 30 days and I would like to purchase another property around the same time.
Flag Mon Sep 1, 2014
I am in the process of purchasing mixed property and am working with a banker. I would like to add there is more than one plan to use these mixed use properties and allow them to work for you. I caution people not to get caught up in one concept and rather be open to creative thinking. Do your homework and speak with city leaders as they can be of great value in resources information. http://speedyloansearch.com/
0 votes Thank Flag Link Wed May 13, 2015
You should both work on establishing trade lines on your credit reports. A good way to do this is with a secured or non secured credit card that reports to the 3 credit bureaus...
best of luck..
0 votes Thank Flag Link Thu Feb 19, 2015
Hi we have properties for sale in Chicago IL

Multi-Family Home for $40,000.00

THIS PROPERTY IS BEING OFFERED WITH DOWN-PAYMENT AND OWNER FINANCING!
(OR A CASH OFFER OF $17,000.00)

YOU CAN BID FOR AS LOW AS $7,500.00 DOWN-PAYMENT.

>>>HERE ARE THE TERMS
0 votes Thank Flag Link Thu Jan 15, 2015
$10,000 down is a good start, but your lender will want to confirm your ability to pay back the loan. Since your FICO score shows poor ability to pay creditors, many lenders will not take a chance on you. Your best bet is to find somebody who can help you improve your credit during the coming year. If you work hard at it, and can get your scores over 575, then you can revisit the house buying issue with more confidence.
0 votes Thank Flag Link Fri Dec 12, 2014
My wife and I are in the same position. We don't really have good credit, but we have a pretty hefty down-payment saved up. It sounds like there are a few options. We can either do some things to raise our credit score or we can get a bad credit mortgage. I've heard that those can be a good option for a lot of people. It's probably best to talk to a bad credit mortgage broker to see what option would be best for us. http://www.ralainvestments.com/bad_credit_mortgage.html
0 votes Thank Flag Link Tue Dec 9, 2014
You may consider a lease with the option to buy if you can find a willing seller.
0 votes Thank Flag Link Thu Dec 4, 2014
What's wrong with renting? People should save money until they have 25%. Of course my friends look at me like I'm insane when I suggest they cut a $100 from a month cable bill. Or drive a car that is 3 years old. Or get budget car insurance. Or apply for short-term loans like http://paydayloansonlineservice.com/ just in really urgent situations, not like buying brand-new mobile. Or cook their own food instead of spending a hundred a week on restaurant food. My point is that it's so odd that people seem to forget all the little things we have, buy, use - that they didn't in the "better" times. That stuff isn't free.
0 votes Thank Flag Link Thu Dec 4, 2014
Hello Elitgarcia,

I am a national mortgage BANKER not broker that works with a 580 and above credit score. I have also helped other clients that have reached out to me on Trulia raise the credit score if needed. Down payment is a huge factor! Please give me a call and we can go over your situation and see if we need to boost your credit.
Contact information is below!

Jhicks@americanfsb.com
Phone: 614-468-5705
0 votes Thank Flag Link Wed Nov 26, 2014
Your best plan of action is to speak with a reputable local lender. If your credit core is not yet high enough they should be able to give you the best plan for raising your credit score in the shortest amount of time. I would definitely speak directly with a lender & not just search for online advice as they do not always give you the quickest route.
0 votes Thank Flag Link Wed Nov 26, 2014
Get with a local lender to get the best advice
0 votes Thank Flag Link Mon Nov 24, 2014
Got a 580 or higher score? &/or If your husband is true "no credit" I have a program that may work for him also.


Mike Decman
Cherry Creek Mortgage Company
6440 Main Street, Suite 320
Woodridge, IL 60517
Loan Officer NMLS # 847074
Office 630-427-4668
Cell 239-633-6323
e-Fax 800-863-5473
Email mdecman@ccmclending.com
0 votes Thank Flag Link Tue Nov 18, 2014
Depending on your credit score you may have to look into a land contract. I know FHA requires a minimum of a 600 but most banks require a minimum of 640.
0 votes Thank Flag Link Mon Nov 17, 2014
Get with a lender who can advise you on how to improve your credit score.
0 votes Thank Flag Link Fri Sep 5, 2014
Have a lender put you in touch with someone who can help you rebuild your credit.
0 votes Thank Flag Link Fri Sep 5, 2014
Get in touch with a lender, and they can help you secure a loan
0 votes Thank Flag Link Thu Sep 4, 2014
You should talk with a mortgage broker right away. They can let you know your options and coach you on some good next steps.
0 votes Thank Flag Link Thu Jul 17, 2014
I would speak with a lender. They can help rebuild the credit. From there, you will be able to buy a house.
0 votes Thank Flag Link Wed Jul 16, 2014
Are you buying in the Chicago area? I work with my clients to fix credit issues or refer them to someone that does that effectively. If you are looking to purchase in IL - I am working with the IHDA Welcome Home IL Down Payment assistance program that get's you $7500 in DPA that is forgiven in 5 years.

Give me a call to discuss.

With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com
http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
0 votes Thank Flag Link Thu Jul 3, 2014
You won't know until you talk to a lender. They can tell you if you qualify, how much you qualify for, and why type of loan you qualify for.

Good luck!
0 votes Thank Flag Link Wed Jul 2, 2014
If you fall short of the required criteria to get a loan, you will not be able to get one. However, there is always a light at the end of the tunnel. The best place to go is to a Mortgage officer in person (stay away from online lenders) and lay it all out on the table. They will be able to pull your credit and see exactly what you are calling "bad credit/ no credit". From that point, the mortgage officer will let you know what will negatively effect your chances of getting a loan, and will let you know how to fix the problem areas. Sometimes people get the urge to buy and start paying off old debt prior to seeking advice from a mortgage officer. That can end up hurting their credit because the clock restarts on that debt, so it carries more weight on your score. Don't be afraid to visit the loan office. Too often people with dings in their credit get scared to face the bank, but don't be. They want to help you, and they want things to be done right so you can get a loan from them. They know how each item listed on your credit report hurts and helps you, and they can map out a plan to raise your score and build a good credit history, while taking care of older items appropriately. Congrats on having a $10k down payment! That is a success in itself! That is a huge piece of the home buying puzzle that you already have!
0 votes Thank Flag Link Wed Jul 2, 2014
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