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what financing is available for past bad credit in Georgia?

in 2002 I had some credit cards, forclosure, and 2nd mortgage delinquent on my credit report. I have since then
went to college and have a good job/income as a registered nurse my credit score at this time is 580. Is there any financing of lease to own or owner financing available in Georgia if no financing help is available for bad credit.
Tue May 13 2008, 06:11 - Barnesville - Financing - 3 answers
 
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Misty
Home Buyer
in Barnesville
Misty, Home Buyer in Barnesville in Barnesville
Answers (3)
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Jim Johnson was FIRST TO ANSWER
Misty,

I have a mortgage broker here in Georgia that would be able to assist you and help you get on the right track to getting your own home.

Contact:
Hometown Mortgage
Jim Harvey
www.askjimharvey.com

Be sure to tell him James Dudley sent you!

Tue May 13 2008, 12:06
Web Reference: http://www.dudleysellshomes.com
 
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Misty,

I am a mortgage broker in Oklahoma. The guidelines for financing borrowers with rough credit history are similar throughout the country.

At the present time the minumum score for conforming financing is 580. With this score you will be required to have (most likely) a 5% down payment.

FHA is a government backed loan and is not credit score driven. At the same time, any borrower with a 580 or below will require their file to be manually underwritten. Also the minium down payment for FHA is 3%.

Jim (first to answer) gave you some good advice when he told you to talk with a mortgage banker as well as a mortgage broker. The best advice I have is to contact a couple of people you know and trust and ask them who they would speak with if they were in the market for a new mortgage.

Good Luck!

Trey Bowden
(405) 340-3277

Tue May 13 2008, 07:47
Web Reference: http://homeownergonemad.blogspot.com
 
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FIRST ANSWER
You should talk to a lender. Asking this question here will only only provide you with a lot of second-hand info. Make sure you talk to a mortgage broker as well as your bank.

Tue May 13 2008, 06:32
 
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