Home Buying in Southfield>Question Details

Brian Miller, Home Buyer in Southfield, MI

i have a foreclosure from over 3 years ago. Credit is 600. Can i buy a Homepath. FannieMae. home?

Asked by Brian Miller, Southfield, MI Sun Feb 24, 2013

i have a foreclosure from over 3 years ago. Credit is 600. Can i buy a Homepath. FannieMae. home?

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Answers

6
Hello,
There are a lot of new opportunities for people in your situation. I can recommend a lender for you to talk to and I can help you put an offer in on a home-path home when you are ready. Please contact me and we can get a game plan together for you.
0 votes Thank Flag Link Thu Sep 26, 2013
I work with a lot of people who have less than perfect credit, seems like you can get approved now. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good Luck!
0 votes Thank Flag Link Wed Aug 21, 2013
To qualify for HomePath financing Fannie Mae requires that you have been four years out of your foreclosure and you need to have a 660 credit score.
0 votes Thank Flag Link Thu May 16, 2013
The only loans you could qualify for with 3 years seasoning on your foreclosure is either FHA, VA or USDA providing you didn't have either one of these loans on your home. FNMA will not allow permit financing with that time frame not to mention you need a 660 plus credit score to go FNMA. Hope this helps you.
0 votes Thank Flag Link Thu May 16, 2013
Yes, I agree with Jamie L. Rodgers, you might want to pay in cash in order to purchase a home with a credit score like that. However, if you don't have it then you're probably thinking already of getting a loan. I want to ask you, have you considered renting first? With that credit score, there are a lot of companies that can help you out, help you rent a place of your choice even with bad credit. While you're renting, you can slowly rebuild your credit score. Consider EZ Lease Rentals as I have heard a lot of great things about them.
0 votes Thank Flag Link Thu May 16, 2013
Hi Brian,

You may purchase any property if it's cash. If you need a loan, then you may need to build your score to 640.

Give me a call for more details.

Jamie L. Rodgers
My Realty Select
The "Mr. Rodgers" Team
The Bros Who Are Real Estate Pros
248-730-0887
0 votes Thank Flag Link Sun Feb 24, 2013
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