buy. Sometimes it is better to work on repairing the credit score, save some additional money for a down payment and then look for the right property ---- first you need to work with a good loan officer, lender to assist you, and then you should not search for a home without the assistance of an experienced Realtor who will know what you can afford in your areas of interest in your price range, for you to be comfortable with your monthly payments.....
Make sure you get the input of the right professionals before making any decision.
Good Luck to you...
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
As a lender my first order of business would be to review your credit report and see why your scores are where they are. From there I can show you what needs to be done to get your scores up in what amount of time.
I would be patient and get your credit up rather than settle for what you can get under the circumstances.
You need to become familiar with how credit works and you can get some tips here: http://www.trulia.com/blog/elliott_r_oliva/2011/07/credit_10
Next, you need know what to expect from a proper Pre-Approval and you read more about that here:http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr
For more questions or details please contact me at your convenience.
Elliott R. Oliva
Mortgage Banker | nmls#353884
Stearns Lending, Inc.
"Se Habla Espanol"
Otherwise you can buy a 40K home all cash!
Lee Newcomb - 928-4475
Of course, the higher the interest rate the lower your purchasing power as more of your monthly mortgage payment will be used to cover the interest expense and less to repay the principal.
I suggest that you consult with the lender on ways to improve your credit and perhaps to bring it up above 600 and closer to 650 - if it possible to remove or correct items that caused your lower credit score.
Mary N. White
TowneBank Mortgage - Your Hometown Mortgage Lender
NMLS ID #239330
Mortgage Loan Consultant
4413 Cox Road
Glen Allen, VA 23060
Office Phone: 804-521-8937
Cell Phone: 804-938-2335
Georgia Pulliam, Associate Broker
6501 Mechanicsville Turnpike
Mechanicsville, VA 23111
(804) 852-4883 (cell)
(804) 423-2398 (efax)