Home Buying in Springfield>Question Details

Natasha, Home Buyer in Springfield, MA

My Husband's Middle Credit Score is 630.. He Makes About 45-50k a year.. We do not have Much saved due to high Rent ect.. Are we able to purchase?

Asked by Natasha, Springfield, MA Sun Jun 3, 2012

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5
I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good luck to you!
0 votes Thank Flag Link Wed Jul 31, 2013
My office is on Boston Rd I usually work with first time buyers and would love to help you.
We have a mortgage person who will work with you. With rates this low it makes much more sense to buy. The rent prices in Springfield are very high.
0 votes Thank Flag Link Mon Jun 4, 2012
You need to find a lender who both preapproves and counsels. Your credit score is right on the lower end and a counsellor can advise you on how to improve that score quickly. In rural areas there are limited low to no down loans through USDA, but most require a minimum of 3.5% down. Good luck in your search.
0 votes Thank Flag Link Mon Jun 4, 2012
Thank You..
Flag Mon Jun 4, 2012
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Good luck!
Trevor Curran
NMLS #40140
.
0 votes Thank Flag Link Mon Jun 4, 2012
Natasha..you really need to consult with a mortgage person to find out what programs they have to offer. I am sure one will respond to your question shortly. To my knowledge, you need to see if you qualify for an FHA loan where the down payment is possibly 3 1/2 percent. I think that is the minimum down but a mortgage provider would know better. I believe you will also need to have 12 months of rent receipts if you are renting and proof of where the down payment money came from if not in your bank account. You may contact me directly at LHagopian@hammondre.com if you need some names.
0 votes Thank Flag Link Sun Jun 3, 2012
Thank you..
Flag Sun Jun 3, 2012
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