Home Buying in 19131>Question Details

Gail Herrera, Other/Just Looking in Philadelphia, PA

Should i have hope?

Asked by Gail Herrera, Philadelphia, PA Sun Nov 11, 2012

I can't believe how easy it is to get a car loan of $50,000 but a home loan on $70,000 is impossible for someone with a low credit score of 523.( i lost my job n 2008 hence the low score) Is there hope for me to find a lender that will take a risk and approve a loan for this amount. I currently live and work in NYC and plan on moving to Philadelphia within 6 months. I found a steal of a home being offered for $70,000 by an elderly couple trying to leave the winter behind for sunny Florida .I work 2 jobs, making $50,000 a year.

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5
And be sure to research the MCC tax credit for first time home buyers! Its the best tax credit ever. Article #9
0 votes Thank Flag Link Mon Apr 1, 2013
Yes there is hope Gail
The first step in the process is gather all the information you can find. The second step is choosing your loan officer and lender. It is critical to gather information first so when you make the choice you have the right questions to ask when interviewing the loan officer and you know what the answers should be. Go to Your-Road-Home.com and read the articles for first time home buyers in their numbered order. You will find a very effective step by step process will fall in order for you.
After you have gathered information you will find Trulia a good source of loan officers and real estate people in your area offering their services.
When your at Your-Road-Home be sure to read article #8. It will include a link your states assistance and grants for first time home buyers. Best of Luck, Stephen
0 votes Thank Flag Link Mon Apr 1, 2013
Yes... Gail you should have Hope... Faith is the substance of hope so....you also have faith! so...keep the faith and give us a call?

All the best John + Sheri 1-866-473-6290

http://www.homecatch.com/mortgage
0 votes Thank Flag Link Thu Nov 15, 2012
Call me at 2154212121 to discuss michael
0 votes Thank Flag Link Mon Nov 12, 2012
Your best et would be to find someone willing to do owner financing but with your low score that is doubtful perhaps. Have you considered going to a credit repair company? The good ones do not charge you a fee up front but charge when they actually do something on your report, look around and try them out. Good luck to you.
0 votes Thank Flag Link Sun Nov 11, 2012
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