Depending on where the home is it may quaify for USDA loan . This is a 100% financing loan you would need nothing down. However there are still some closing cost you may need to pay and some other fees.
But you would have more then enough cash . How long ago was your credit pulled? Maybe your scores have gone up? I am willing to work with you to get to the bottom of this. Your very close if not there so lets move forward. Even if the first home is already sold there are many being marketed now at great prices.Please contact me if only just for some advice! Thanks
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
As I stated before you may qualify for 100% financing through USDA. you do have to have money down. There are down payment assitance programs both in York city and County. Adams too.
It may benfit you too pay medical bills and take advantage of the USDA and or asstance program.
But before doing anything contact a lender that works with credit bumps. I can help you with a list of them. Do not give up! Home prices are creeping up and selling a swift pace. So that does mean our market is starting to turn around here in Southern PA.
Have you tried negotiating the medical debt? Is it in collections? Have you tried discussing the issue directly with the source? Many people will simply set up arrangements with the collection agency who has tacked on their fees as well. Many times the original medical source will be more than happy to retract the collection with a quick and serious payment plan. However, 1 collection doesn't hold the scores down that low. Do you and your husband have revolving trade lines, and if so what is the balances you are carrying? If you don't have any you aren't benefiting from the full potential of what your credit score could be. I'd be more than happy to look at your credit reports to see what you could do to improve your credit scores.
Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
We also have a DIY service.
Most lenders are looking for credit scores in the 660 range or higher for what most people would consider "normal" interest rates today. With that said keep in mind that today's interest rates are at historical lows - so what is normal for most people is down right dirt cheap when viewed along side historical data of interest rates for the U.S. over the last 60 years. So your credit score issue can be overcome immediately if you agree to pay a higher interest rate - I can help you with lenders who would help you accomplish your goals now... and with that said it's probably not the best idea for you. I would rather refer you to a credit repair company who does amazing and excellent work with my past customers. By increasing your credit score you not only get a better rate on your mortgage but your insurance costs will go down too. Did you know that even your car insurance costs go down some when you have a better credit score? By the way, please don't think the fact that you have $10,000 to put down went un-noticed. That's AMAZING and you should be very proud of yourselves to have the determination and self control to save that much - you're very rare in today's real estate market. USDA and FHA may be options for you and VA would be fantastic as well if either of you are veterans and have your dd214 paperwork. If you don't have a buyer's agent and need help I'd be happy to work hard for you.
- Drew Smith
Prudential Bob Yost Homesale Services
cell - 542-1207