Moving in Lexington>Question Details

ccfaith12, Home Buyer in Lexington, KY

I am a recent college graduate that just started my career and I'm looking to buy a home in the Bryan Station/Rookwood Area.

Asked by ccfaith12, Lexington, KY Fri Nov 30, 2012

My credit isn't the best and my down payment is a gift. What are my options? Should I try to get a co-signer for a home mortgage? Or should I try to do it on my own considering my credit score? What do "First-Time Homebuyer's" DO?

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Sandy Allnutt’s answer
A Chip loan is a special loan BB&T has. If you qualify, they have a no down payment option with that loan. Mark Sammons can talk to you about the details, 859-224-8293. Once you are preapproved, feel free to call me and I can show you homes and walk you through the rest of the process. Sandy Allnutt, Rector Hayden
0 votes Thank Flag Link Mon Dec 3, 2012
BEST ANSWER
I was a lender for 9 years before I was a realtor. There are different programs for different needs but your credit score at 627 isn't high enough for MOST loans even with a 20% down. It is possible that you will need to work with a lender that helps you clean up your credit score a little so that you can get a loan in the next few months. A cosigner will not work since they will still want to your your credit score and they go off of the lowest of both borrowers' middle score. even paying off the collections will actually lower your score at first. You really need to get with a good lender and get preapproved and have them tell you where to spend your money. Getting any credit cards paid down below 50% of the max credit line will help your credit a lot. Just call or text me at 859-494-1558 if you decide that I am the realtor that you want to work with and I will help you get in contact with a lender to help you with your credit. Thanks
0 votes Thank Flag Link Fri Nov 30, 2012
co signer will not help since they will take the lowest credit score and go off of that. The gift isn't a problem either. Have a lender evaluate you for Ky housing and see if you can get the money from the state first and if that doesn't work do an FHA loan with gift money from the family. you can call me if you have questions or need a referral to a lender who can help you with either Ky housing or FHA
0 votes Thank Flag Link Fri Dec 21, 2012
I have a house in that area for sale. Three bedrooms one bath with a really nice yard. My grandmother just passed and had lived there for 46 years,since it was brand new. Let me know if you are interested. tammyhollowayjames@gmail.com
0 votes Thank Flag Link Fri Dec 21, 2012
Ask your lenders about a Chip loan, worked great for my wife and I.
0 votes Thank Flag Link Sun Dec 2, 2012
ccfaith12,
I highly recommend that u get in touch with a loan officer even more so. It doesnt cost anything to get preapproved. You actually would b able to see more clearly where u stand. Loan officer can give you recommendations on how to raise your credit score. Even if you wont b able to buy a house now, you will b on the right track with goals to b accomplished so that you will b able to buy a home of your own soon.
Erina Pribyshchuk
859-317-0330
0 votes Thank Flag Link Fri Nov 30, 2012
FYI: for most lenders on FHA and conventional right now the minimum credit score is 640. There are exceptions to be made based on what the lender calls compensating factors that will allow some lenders on some products to go down to a 620 credit score. in that case ccfaith12 would be able to get a loan.
stacy
859-494-1558 cell, vm
0 votes Thank Flag Link Fri Nov 30, 2012
Last time I checked my credit score was a 627. That's been a few months ago. I haven't had any great expenses come my way though. I do have a few collections on my report but I'm working on taking care of those. But even though they are still on there I am afraid that until EVERY thing is erased from the report I won't get approved. I've heard people talk about FHA Loans. What are those?
0 votes Thank Flag Link Fri Nov 30, 2012
Buying a home for the first time is exciting and can be overwhelming if u dont have a good realtor and loan officer. Your questions can b answered by looking at your income and your credit score. There is where u need to get preapproved for a loan that works for you. Feel free to call , email or text me and discuss your next step.
Erina Pribyshchuk
Milestone Realty Consultants
859-317-0330
epribyshchuk@milestoneky.com
0 votes Thank Flag Link Fri Nov 30, 2012
Please feel free to text or email me as well if that's easier.
Thank you
Jennifer Divine
0 votes Thank Flag Link Fri Nov 30, 2012
Good Morning,first congrats on your graduation that is an accomplishment! and Buying a new home I can make an easy process for you! What is your schedule today and tomorrow and I can help you find the perfect home in this area ....just need to get us together to start the process ... Look forward to working for you .... thanks Deborah ... Call me 621-5310
0 votes Thank Flag Link Fri Nov 30, 2012
I would be delighted to help you. The first thing to do is to speak with a loan officer. She/he will advise you as to which program works best for your situation. Most officers will assess a preliminary pre approval over the phone. If you would like to speak with a loan officer please give me a call and I will put you in touch with a great one.
Thank you and I am looking forward to hearing from you.
Web Reference: http://Www.jensellsky.com
0 votes Thank Flag Link Fri Nov 30, 2012
It really depends on your credit score and what is on the credit report. A good loan officer will advise you on the best options. I'm happy to meet with you and introduce you to one if my preferred lenders if you like. Sandy Allnutt, Rector Hayden Realtors 859-699-4663
0 votes Thank Flag Link Fri Nov 30, 2012
The very first step is to sit down with a good Realtor and a good Lender. The Realtor will help you discover the market and the Lender will be able to show you your many loan options. Most Realtors like myself , will cheerfully give you their time to help you plot out a plan. RealtyPete 859-509-0051.
0 votes Thank Flag Link Fri Nov 30, 2012
Give me a call & I can put you in touch with a loan officer - she is great at helping first time home buyers and will find the best possible program for you. There are several great programs available.
Then we can start finding your perfect first home - 338.3169.
Mistie English - CENTURY 21 Pacesetters
menglish@century21.com
0 votes Thank Flag Link Fri Nov 30, 2012
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