Home Buying in 07502>Question Details

Luisa0527, Home Buyer in Newark, NJ

buying first home

Asked by Luisa0527, Newark, NJ Tue Jun 11, 2013

my fiance and i are looking to buy our first home in the Paterson area. we have completely diffrent scenarios going on. she has a good credit of 701 but no steady job and currently on unemployment after giving birth 3 mnths ago. I have a score of 629 with 2 great paying jobs and good income . 5 years ago i filed for bankruptcy and am having a hard time rebuilding my credit. are we eligible for an FHA loan ? or would we need a cosigner?

Help the community by answering this question:


Your credit score would absoultely allow for FHA financing, only a 3.5% down payment is needed which is great. I've worked with many homebuyers who've had blemishes on the credit report, including bankruptcies. The important question would be "When was your bankruptcy discharged?"

Being that it was filed 5 years ago I'm sure you're in the clear, but I think you owe it to yourself to be certain. Please give me a call at your earliest convenience so we can discuss all aspects of your upcoming home purchase and weigh out several options to ensure an affordable payment. I'm located locally in Hackensack and would be more than happy to help you and your family out.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
0 votes Thank Flag Link Wed Jun 12, 2013
Hi Luisa0527

Clifton Savings Bank may be able to help you as long as you have been paying ALL your bills on time for the past 5 years. If you buy a 1 family house we can offer you a 1st time homebuyer loan where you need to put down 5% of the purchase price & will be eligible for a lower rate than current 3.75%
Also you will pay less fees because you are a 1st time homebuyer.

Clifton Savings Bank looks at the whole scenario not just credit score
We focus on the income & the amount of time you have been at your job

If you buy a 2-4 Unit house or a Condo or Townhouse you need to put down 20% of purchase price

Please call Francisco Mayol 1-917-547-9298 Clifton Savings Bank
0 votes Thank Flag Link Wed Jun 12, 2013
Depends you really need a lender who can walk you through the process. You may need credit repair, you may be ready to buy now but in the hands on the wrong lender it could be a nightmare. Try The Lenders Network the owner knows about credit and also can get you approved for a loan if anyone can.
0 votes Thank Flag Link Tue Jun 11, 2013
I can guide you through the process with an FHA loan. The loan would be based solely on your credit and income from your description. I would need to review your credit history since the bankruptcy. Job history would be important also.
Please reach out for me at your convenience.
0 votes Thank Flag Link Tue Jun 11, 2013
Hi Luisa,

My name is Melissa Silva. I would recommend speaking to a Mortgage rep that can help you figure out all scenarios.

I work with a couple of mortgage reps they may be able to help you. If you want please send me your information and I can ask them to help you.

Thank you.

Melissa Silva
0 votes Thank Flag Link Tue Jun 11, 2013

I would recommend you begin your search by contacting a mortgage broker and having them pre-qualify you for a mortgage. This will give you insight as to what kind of financing and how much you would be approved for. Once this is completed, you can contact a Realtor to begin your search for a new home. If I can be of any assistance, feel free to contact me.

Ron Sheedy
(732) 239-7452
0 votes Thank Flag Link Tue Jun 11, 2013
What are your credit scores? How much do you have saved for down payment & closing? How long have you been working your 2 jobs? How much do you make? I could go on with questions...but you really should speak with a lender.
0 votes Thank Flag Link Tue Jun 11, 2013
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