Home Buying in 49316>Question Details

Tim Raymond, Home Buyer in Caledonia, MI

Yes My score is about 580. Very boderline. There are some disputes that could boost it uP, however a land contract would get us in a home sooner1

Asked by Tim Raymond, Caledonia, MI Tue Apr 13, 2010

yes I am my score is about a 580, there are some mistakes on my credit report which I believe FHA requires a 580 and that should boost my score up. But a land contract would get us into a house sooner.

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Getting a Seller to accept a Land Contract Offer may be a challenge for you with your credit score at that level, as well. IN addition, Many Sellers who ARE offfering "Land Contract" terms will be asking for a significant amount as a down payment which may be impossible for you to provide. It may be better for you to sit down with a Loan Officer and devise a plan to boost your scores so that you can qualify for FHA financing which would allow you to get into a new home for little out-of-pocket and at a reasonable rate of interest. Good luck with your home-buying plans.
Web Reference: http://Tom.MiHomesNow.com
0 votes Thank Flag Link Wed Apr 21, 2010
A land contract may be good, or it may not. Don't jump from frying pan into the fire. Get a defined game plan with a good buyer's agent and loan officer who can help with credit repair in your area.
0 votes Thank Flag Link Wed Apr 14, 2010
Yes, but land contracts will limit your choice of properties. And you may have to put more money down. FHA will finance up to 96.5% of the sales price - hard to find an owner willing to accept that.
0 votes Thank Flag Link Tue Apr 13, 2010
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