Home Buying in Snellville>Question Details

Ketlydelva, Home Buyer in Snellville, GA

Me and my husband live in pa we looking to buy a home in GA. We are nurses but he has a credit score of 550 mine 750. Can we buy?

Asked by Ketlydelva, Snellville, GA Thu Nov 29, 2012

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Sonja Tani’s answer
Hi Delva,
As I read through the various answers, there seems to be some confusion as to who's credit score is who's. As I read it, your score is 750 and his is 550. If that is the case, you may find it difficult to get a conventional mortgage using both your incomes. That would limit the size of mortgage you could get based on your income alone.

Ah, but do not dispare. I think I have a way for you to accomplish what your task. There are a couple of questions left unanswered though.
1. Are you planning to move to Georgia or are you looking for an investment property?
2. Are you both presently employed?
3 If you are moving to Georgia, do you have jobs in you same professions waiting here for you?
4. If you are looking for a property to use as a rental, have you researched how you are going the manage it. ( repairs, rent collection, possible need to evict).

Regardless of what your intentions are, I have a lender that I have worked with to get some pretty impossible clients financed. They are licensed to lend too Owner/Occupants. They also deal in financing investment properties. They are private investors who make loans to clients that have problems qualifing for a convential loan.

If you are looking for a home of your own, they will lend up to 12 years. If you are interested in buying an investment property, the will lend up to 3 years. They do not consider your credit score, but concentrate on you income and ability to make you payments. That being the case, they will consider both you incomes to determine the size of a loan that you can handle. They do not have a pre-payment penalty clause in their mortgages or investment loans. They will require a substatial down payment and their interest rate will be higher that a conventional lender.

It may sound a bit expensive at first glance but here are some things to consider. In todays real estate market you can aquire a home for @70 cents on the dollar. So if you buy a home that sold for $100,000 2 or 3 years ago, for $70,000 you have a potential equity of $30.000 in that home when and if the market recovers. Most all Realtors and Real Estate Counsultants will agree that this is the time to buy. Over the past year there have been very substantial evidence that the market is improving, even though slowly right now. The extra costs of financing through a Private Lender would be more than offset by any increase in the value of the property that you realize as the market improves

Because there is no pre-payment penalty, you can refinance the property as soon as you are able to quality for a conventional mortgage or bank loan. Since your husband has the lower score, this would give him the time to get score up to where it needs to be to get a conventional loan.

The company I have worked with and found to be very accomodating is The Westmoore Group.
Here is their contact information if you choose to contact them and discuss your situation with them..

The Westmoore Group, LLC
http://www.westmooregroup.com
Ph: (646) 801-6190
Fx: (646) 619-4291

I hope I didn't bore you with all the details but sometimes Private Lenders are given a bad wrap due to the interest rates that they charge. When you take all the circumstances into concideration, they can make you money in the long run

Good Luck in your endeaver and I hope you let us all know on Trullia just how you make out.
0 votes Thank Flag Link Fri Nov 30, 2012
As Rodney stated it will be on your income until your husband gets his credit score up to standards for a mortgage loan...so the amount of your income will determine the price of the home you can afford which hopefully will fit your needs.....luckily homes are very affordable here in Georgia and you guys should be able to find one that meets your needs and desires.
Get with a Lender and a Realtor that you feel comfortable with and get preapproved so you can get the home buying process started...

Chuck Green, Realtor
Keller Williams Realty
"Serving Gwinnett County Since 1984"
678-578-2788
chuckgreen@kw.com
Web Reference: http://chuckgreen.com
0 votes Thank Flag Link Fri Nov 30, 2012
YES!!! You can probably buy. However, you would have to buy using your husband's credit only. I'm afraid that your scores are too low so you wouldn't qualify. The loan amount will depend on your husband's debt to income ratio. What is his outstanding debt vs. his income? The other thing that will effect the purchase is how much you'll have to put down in order to purchase. This will depend on whether you can qualify for a FHA loan, Conventional loan, $100 down program, or Down Payment Assistance. Visit my website and contact me for additional information: http://www.georgiamls.com/agentsite/index.cfm?SiteID=HURLEYCYRLEN…
0 votes Thank Flag Link Thu Nov 29, 2012
With only a 550 credit score, your husband would not be able to be on any mortgage at this time. For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member.

FHA mortgages are only for primary residences. This means that you must be able to occupy the home on a full time basis within 60 days of the closing date. Also, at the time of closing, you must be employed within a reasonable commuting distance of the property. .

If you intend to rent out the property, then it would be classified as an Investment Property. For an Investment Property, the minimum credit score for a Conventional mortgage is 680+. This will require a 20%+ down payment. A HomePath property can be purchased as an Investment Property with as little as 10% down.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Thu Nov 29, 2012
Hi Delva?

You ask a great question. Financing is your strongest tool in purchasing a home anywhere. Not being a mortgage loan specialist, I can't give you a qualified answer to your question. I can tell you that my experience tells me that you are a real good candidate for purchasing a home using both income records and only your credit record, if, that is, you are near correct about your credit score.
There are some great federal programs available to help with downpayments and closing costs as well. John can discuss those with you at length and in detail. He's a real straight shooter!
Here's what to do: Call John Palmer at Liberty Home Mortgages. 404-433-8020 This fellow is really good at what he does and he will tell you exactly where you are and what you need to do to get where you want to go relating to buying a home here in Georgia. How can I say that so confidently you might ask? I have closed quite a few transactions with John and he works as hard as I do. I won't work with anyone who doesn't work as hard a s I do.
Then your next best move is to contact me once you've talked with John and we'll get started finding that home for you! Oh, I have to tell you, all this work we're going to do...we do it every day, all day. Job number one is looking out for our clients' best interests. Count on it!
I look forward to hearing from you real soon!

Best Regards,
Dan Hannon, REALTOR
PSH Real Estate, Inc
404-645-9863
0 votes Thank Flag Link Thu Nov 29, 2012
Depending on income and a few other variables, you may qualify on your own s his credit is a bit low.
Important question, will you be transfering with your employment to GA?
In order to qualify for a loan in GA, i believe you will need to show a number of months of employment here unless transfering with your current employer or will be working in the same line of business.
I am not a mortgage lender, so you may want to contact a lender here in GA to see about your options.
I'd be more than happy to refer lenders to you.

Laquita Baez
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metrobrokers
770.901.0956
findurhome@laquitabaez.com
http://www.LaquitaBaez.com
0 votes Thank Flag Link Thu Nov 29, 2012
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