Home Buying in Dundee>Question Details

Samijo, Renter in Dundee, IL

My husband and I are interested in buying a home but don't have good credit. We both have very good, secure jobs and could eaily afford a

Asked by Samijo, Dundee, IL Tue Jul 13, 2010

mortgage. Is there any thing that we can do?

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I love Dundee! I lived in Elgin for several years and spent alot of time in East Dundee.

If your scores are 620 or higher then you may have a chance depending on the contents of your credit history. Between 580 & 619 expect higher fees, higher rate, and possibly higher down payment. Below 580 you need to fix your credit. Remember, your credit does not have to be perfect. It just has to be good enough. Good luck.

Michael Cline
0 votes Thank Flag Link Fri Jul 16, 2010

I see you are in Dundee. I live in Lake in the Hills. Great deals in Dundee.

As mentioned in earlier posts, your best first step is to contact a mortgage professional. You will want to go through the pre-approval process. Here is a link to my CEO's blog on signs of a good mortgage pre-approval: http://www.moneypress.com/signs-of-a-good-mortgage-pre-appro…

It is important to have a good conversation with your lender. And a good lender will have tools to help you get your credit to a place where you can qualify for a mortgage.

FHA does not have any minimum credit scores. However, all but a handful of lenders won't lend below 620. Those few that do go lower typically have stringent asset requirements.

I often work with buyers with less-than-perfect credit. Give me a call to get started. My information is below.

Bradley Eggers
Ardain Mortgage
Senior Loan Originator
847-744-0168 (cell)
847-963-1000 (office)
0 votes Thank Flag Link Wed Jul 14, 2010
With less than stellar credit, FHA financing could be a viable option for you. The first thing you should look into is getting thoroughly pre-qualified. That means an in-depth look at your credit (not only score, but tradelines as well), your income and employment history. I offer this at no charge or obligation. Email me at ncoleman@envision3m.com or call me at 708-597-8884 for more information. Neil
Web Reference: http://www.envision3m.com
0 votes Thank Flag Link Wed Jul 14, 2010
You might consider buying a property with seller financing.
0 votes Thank Flag Link Wed Jul 14, 2010
Hi Samijo,

There are many different ways to purchase a home. I would be happy to sit down with you and see if we can find one that works for you. I have been selling homes in the Dundee area for over 27 years. I approach my business by helping clients learn how to buy and sell real estate. I would ask you questions about your financial situation and what type of home you are looking for and share what options are available for you. Please feel free to contact me.

Kate Schumacher
0 votes Thank Flag Link Wed Jul 14, 2010
Hi Samijo

As in the previous answers, it is best to get with a loan officer first. However, if the conventional way does not work, try rent with option / owner financing. Over time you might be able to prove to the owner that you can make the payments while your credit is reestablished. But you would need to put some form of down payment down to show that you are good for the deal. There are not alot of options out there now this way, but there are a few. Which I have come across anyway.

I would be happy to help in your search. Give me a call.
0 votes Thank Flag Link Wed Jul 14, 2010
Hi Samijo,

Seek the advice of a good Mortgage Broker in your area. These folks know what homes or condos they can get you qualified for. There are many in your area for sure.
0 votes Thank Flag Link Wed Jul 14, 2010
Hey Samijo, what kind of numbers are we dealing with? What are your scores? And why are they low? Give us a little more information and we can help you out.
0 votes Thank Flag Link Wed Jul 14, 2010
Why don't you have good credit?

Generally speaking, people lose their "good credit" when they get bad at paying their obligations on time. If you're two of those people, then what you really need to do is establish a history of paying your bills on time, because then, lenders will feel comfortable lending to you.

There are other reasons for credit to be less than good, of course, but for people earning good money, many of them are easily curable.

Best wishes,
0 votes Thank Flag Link Tue Jul 13, 2010
Hi Samijo,

I work with lenders that can help people with challenging credit scores. What area are you looking to buy in? How soon can you move? Send me an e-mail of give me a call.
0 votes Thank Flag Link Tue Jul 13, 2010
Hello Samijo,
You can find a Lease Option to buy property. It is a new program which is administered by a national company. They will lock your purchase price at the beginning. if you do qualify for this program, they will help you fix your credit within 18 months. You will also get credit back from the seller for the principal reduction. You will purchase the house withing 18 months. If you are interested, contact me and I will help you find a local respresetative who will find you a home in your area.

Web Reference: http://SabrinaGill.com
0 votes Thank Flag Link Tue Jul 13, 2010
If you are first time home buyers, you may qualify for a FHA (government sponsored) loan. I believe they accept even FICO below 650. Please contact a mortgage broker who has FHA certification to get more precise advise.
0 votes Thank Flag Link Tue Jul 13, 2010
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