Home Buying in Mishawaka>Question Details

chassta29, Home Buyer in Mishawaka, IN

how hard is it to get the loans?

Asked by chassta29, Mishawaka, IN Fri May 31, 2013

My husband and I are looking to buy a home even if we have to fix it up here and there. But i know our credit is not as great so will it make it hard for us to get the loan to buy the house

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This question was asked from this property: http://www.trulia.com/property/3074727982-422-W-10th-St-Mish…

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3
You can get an FHA 203 loan to fix the house up. Then the cost of the work is included in your loan. Let me know if you would like more information.
0 votes Thank Flag Link Fri May 31, 2013
A home in that price range usually requires a Cash purchase.
0 votes Thank Flag Link Fri May 31, 2013
Congrats on the decision to purchase, it can be exciting, rewarding, and nerve-racking at the same time...

Minimum credit requirements are product specific. What I mean by that is, it all depends on the loan you are approved for based on down-payment, income, location, and credit score... Credit being only one of the pieces of the puzzle.

As an average, most lenders are looking for at least 620-640 credit score, but there are some lenders that will approve below that score... it all depends on the actual lender as to what their minimum requirements are...

I would suggest speaking with a few lenders in your area to see what their requirements are... You should not feel trapped by only asking one lender and think that's the end-all-be-all answer... you should shop the market and find the best product to fit your household's needs...

Once you know where you stand, it will be easier to formulate a plan to either buy the home now, or do what needs to be done credit wise to be eligible in the future. Repairing credit is not easy, but it's not that hard either... the most difficult part is deciding to do something about it!

I wish you the best of luck in your search!
0 votes Thank Flag Link Fri May 31, 2013
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