Home Buying in Philadelphia>Question Details

monica0811, Home Buyer in Chalfont, PA

Low credit score but want to buy a new home

Asked by monica0811, Chalfont, PA Thu Oct 11, 2012

i have a credit score of about 600-625 not real sure but in the area, have a job and a down payment of about $10,000 own my home out right just pay taxes at end of year, is there a bank that would get me a mortgage with a low credit score or would i have to look at rent to own, would like to keep my current house and rent it out and have a second income would that help with buying a home

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7
Sheri Curci’s answer
Good Evening Monica, Yes you are a valued contender And we are in your back yard.

Please give Sheri Curci a call so we can have a confidential talk on your plan of actions + the time period in which you choose to start looking.

This is a great time for Buyers!

Selleing homes one Yard at a time over 17 years

All the Best John + Sheri RE/MAX Properties 215-757-2889
1 vote Thank Flag Link Thu Oct 11, 2012
Your credit score and available cash look like you could get an FHA loan. Renting your present home would give you some additional income, however, this is not as easy as it seems. There will be costs involved maintaining your rental property. Rent to own is not a good option in most situations. Stay put and work on your credit if necessary.

If you are interested in the Northwest neighborhoods of Philadelphia, I can help you determine your best choices.
0 votes Thank Flag Link Thu Oct 11, 2012
The problem may be that you do not have enough equity in your current home to qualify the rental payment towards your income.

The best idea is to talk with a qualified NMLS licensed mortgage professional to go through all of your details.

Best of luck,

Fred
Web Reference: http://usloans.com
0 votes Thank Flag Link Thu Oct 11, 2012
hello monica,
I believe i can assist you. Please give me a call and we can discuss your real estate needs.
keith chennault smith
realty mark cityscape
215-531-0481-cell
215-583-7777 ext 19- office
0 votes Thank Flag Link Thu Oct 11, 2012
There are some banks that have more than one program for you to take advantage of. I could recommend two that I use, email me philadelphiaeli@gmail.com
0 votes Thank Flag Link Thu Oct 11, 2012
Monica,
There are programs some lenders have that could help you. Ownership and lease of another property you have may be a plus. We do a lot of rentals as well and would also be happy to help in that regard as we are full service property management company.
I would be happy to discuss this with you further and refer you to a few lenders.
Sincerely,
Dmytro V. Bova
610-348-8389
610-449-1919
Main Line Investors Group-Property Management
Realty Mark - Sales and. Rentals
0 votes Thank Flag Link Thu Oct 11, 2012
IF your credit score is a minimum of 620 and your debt to income ratio is in the positive then you should be able to qualify for an FHA mortage loan.
0 votes Thank Flag Link Thu Oct 11, 2012
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