Property Q&A in Freeport>Question Details

elwin lans, Renter in Freeport, NY

I have bad credit, am I still eligible to buy a house, and how much would be needed for a down payment?

Asked by elwin lans, Freeport, NY Sun Jul 31, 2011

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This question is about this property: http://www.trulia.com/property/3050836504-147-Union-St-Freep…

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There are other factors besides credit that determine mortgage qualification; therefore visit with any loan officer to see if you qualify. FHA loans require a minimum of 3.5% down; also see link....
http://www.nyhomes.org/AboutUs/SONYMA/
0 votes Comment Flag Sun Jul 31, 2011
There are all types of loans for all types of buyers. There is a good possibility there is a fit for you. You must speak with a reputable Mortgage Representative who can guide you based on personal situation. Do not just assume that you cannot buy a house because of not so great credit. If nothing else you could find out how to go about repairing your credit to get the scores up.

Lillian Tramantano, GRI
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Certified Home Marketing Specialist
516-678-6648
ltramantano@coachrealtors.com

Successfully Marketing & Selling Real Estate For Over 25 Years!
0 votes Comment Flag Sun Jul 31, 2011
It depends. The FHA loan has always been good for people with less than perfect credit but they have recently raised their guidelines. With 3.5% down you can add part of your closing costs to the loan. You need to speak to a mortgage broker who can advise you how to improve credit.
0 votes Comment Flag Sun Jul 31, 2011
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