Home Buying in 61701>Question Details

Sadieandsale…, Home Buyer in 61701

My fiance and I are looking to buy a house, we do not have the best credit. Are we wasting our time trying to find a cheap house?

Asked by Sadieandsalenesmommy, 61701 Sat May 19, 2012

Or is there something we can do about our credit issues?

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Answers

6
If your credit is not good you may have to wait a couple of years before applying for a loan. Try to improve that credit rating by making your payments on time, etc. It's hard to give you a complete answer because I don't know what your credit score is. You need to visit with a loan officer and find out where you're at. Let me know if we can help.
0 votes Thank Flag Link Mon May 21, 2012
Best to call a Realtor that has a good relationship with a few great mortgage companies. Not all banks, credit unions and mortgage brokers are the same. Some may have special programs or better rates or in house programs that would allow you to qualify for a loan. If not a good company will look at your credit report and tell you what to do to better your credit rating to qualify in the future. Please consider calling me, I have 27 years experience and have worked with many 1st time homebuyers. I will help you anyway I can... also no charge for the help, I only get paid commission (from the seller) if I find you a home to buy. And of course I will try to get you financing 1st. Greg Zavitz 309-275-4734 @ http://www.zavitz.com
0 votes Thank Flag Link Sat May 19, 2012
It may depend on what your credit score is now. Most banks require a credit score of 640 or higher. Nathan Grojean with Wells Fargo can help if you have at least a 620 score. His number is (309) 664-1046. I think he will be out of the office till Tuesday. If your credit score is lower than 620 I'd suggest that you start repairing your scores now so that you can buy a home in a year or two. Good luck!
0 votes Thank Flag Link Sat May 19, 2012
I agree with the previous answer that you will be best to check with a lofew al motgage company. I will happy to put you in touch with someone here in Bloomington Normal who can help you determine whether you can buy at this time and if not can give you advice to improve your credit score. Just let me know if you would like me to do this for you.
0 votes Thank Flag Link Sat May 19, 2012
Feel free to give me a call, text or email. I've worked in the mortgage business for the last several years & I'm currently a real estate agent. We may be able to get you set up with something!
Bryan Dillow
309-531-8309
bryandillow@gmail.com
0 votes Thank Flag Link Sat May 19, 2012
There are all types of loans out there, it would depend on what your credit scores are. There may be one that fits you perfectly. I would recommend you go to a local mortgage broker and discuss your credit and find out what programs are available in your area. You may also find a homeowner that is willing to owner finance. So the answer to your questions, is there is always a possibility. Find you a good local real agent and they will walk you thru. Good Luck to you!
0 votes Thank Flag Link Sat May 19, 2012
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