Stephen,
The question is who is the breadwinner in the family. Your wife's score qualifys for FHA and the Rural development but does her income? Your scores do not qualify for either as both programs rely on a middle score of 580 or higher. Also, how is your credit? your debt ratios (your debts divided into your income) needs to be no more than 38/43. If you came to me I would do a free assessment (pre-qualification) of your current financial situation. I would also talk to my lender who offers FHA but has no minimum score restrictions. If you both are 2 years on the job with no unexplainable gaps, your residence history is good, your debt ratios are no more than 38/43 it sounds like I can get your loan done.
I am a full time Licensed Mortgage Broker as well as a Lic. Realtor. (I don't sell property, I just wanted to understand both sides of the transaction.) Let me help you get on your way to home ownership today. Just call my office at 239-277-9244 Ext 212 and I will be happy to assist you!
Cathryn Blair-Bennett
First Capital Lending Corp.
239-277-9244 Ext. 212
cblairbennett@firstcaplend.com

Fri Jul 18 2008, 08:01

Stephen,

I have owned a mortgage company in the area for the past 6 years and will take a look at your file for free. With what you are saying you do not qualify for FHA, but you are very close. There are little things that can be done on your credit to get you to the score that you need to be at. Your income sounds great, that is the biggest problem in financing now a days so you have cleared that hurdle. Owner finacing is a hard thing to come by and you are really limited to the homes that offer that. Please give me a call and I will do a free consultation with you and set up a plan to get you into a home.


Thanks,

Scott Riddle
239-289-1849
www.naplesrealestatepros.com
www.empirefundinggroup.net

Fri Jul 18 2008, 04:08

Steve-
Don't play around visiting area banks. Go directly to a seasoned mortgage broker who can tell you within minutes which way to go. Joe Tartamosa with Wilmington Mortgage on Del Prado in the Cape can put you into something with your income -- as long as it is documented. I use him for all my clients and he has never let me down. Give him a call 239-542-8255 x14
Good Luck
Carolyn Giandonato
Sellstate Advantage Realty Network
(239) 243-4082

Thu Jul 17 2008, 18:29

Hi Steve,
With your income and credit scores, I would get a copy of your credit report; (if you pull it, it would not show up as a negative on your score). I then would contact a few veteran lenders (I have the name of quite a few that still can work some miracles). See if they think they could help you. If not, I would look for owner financing. Keep in mind owners are not a bank, and can’t afford to take huge risks, as well as want a return on thier investment. I have seen some work out, but I have seen many just turn into renting situations and the person ends up buying another home. I would be more than happy to help you with either direction. I have a few investors; I have homes listed with, and some looking for a renter or buyer that may consider options. Anything I can do to help, I would be happy to.
I hope your enjoying the Cape,
Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
www.nancydrealtor.net

Thu Jul 17 2008, 18:14

It is possible that you may qualify for an FHA loan with a down payment assistance program. There are also several properties that I know of that offer owner financing. It is a pretty sweet deal with these properties. 10% down with a 6% fixed interest rate amortized over 20 years with a 5 year balloon payment.
I do think it is the time to buy in Cape Coral and disagree that you should wait if you can qualify to buy now. You never know what is going to change as far as what a bank or lender will qualify you for and that could change quickly. Also there are Great Buys here in Cape Coral now and in my opinion we have hit bottom, especially on the homes on the lower end of the price spectrum.
Yes, there will be plenty of bank owned homes coming on the market in the next year, but we have already saw a shift where the banks are not so quick to just take any old offer. Let me know if I can be of any help to you.

Jay LaGace - Century 21 Birchwood Realty Inc.

Thu Jul 17 2008, 17:42

You can always get owner financing, so long as the owner is willing. And some always will be. Same for lease-options. And, from what little you provided, it sounds as if you'd be a good candidate for a lease-option: Good income, and good prospects for improving your credit score.

Having said that, you'll have more choices--as far as properties and financing--if you wait a little while and raise your credit score. I don't know what your credit issues are, or how long they're projecting it'll take to raise your score, but if you're looking at a time line of 6-9 months, or even 12 months, you should consider waiting, raising your score, then buying conventionally. Don't worry: There will still be plenty of houses in 9-12 months. On the other hand, if there's some reason why you really want to select a property right away, then look at lease-options.

Good luck.

Thu Jul 17 2008, 17:18