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Jeremy Evans, Home Buyer in Fayetteville, GA

My credit is not the best and my husband and I are looking to buy a home to raise our kids. We run a small trucking company and parking, schools and

Asked by Jeremy Evans, Fayetteville, GA Thu Nov 17, 2011

a nice size yard is of importance. Are there any programs for first time home buyers or small business owners?

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Its posslble, but depends on your score. You could also find a long term rental on acreage.
0 votes Thank Flag Link Mon May 7, 2012
FHA has pretty reasonable guidelines with respect to credit and income ratios. The amount that they will loan you depends on your credit score. If you have a 620 Score, you should expect a 96.5%LTV mortgage. Some lenders are offering 10% down FHA loans with lower scores. If your credit is below a 580 score, you will probably have to work on getting your score up in order to buy. If It's above 580, but below 620, you may have to put about 10% of the purchase price up as a down payment. Steer clear of owner financing, as you'll 1) pay well above market price for the home and 2) will lose everything you've invested in the home if the person doing owner financing stops paying his/her mortgage. My suggestions would be to spend the next year or so working on your credit, then buy something. The market is going to be soft for at least the next 2 years, so you'll have plenty of time to find something.

Take care!
Web Reference: http://www.andyjoiner.com
0 votes Thank Flag Link Fri Nov 18, 2011
Are you working with any cash, you will be surprised what you can get for $10K Hud Homes are selling. Call me 678 532-8577 or email at Spivey@tryhomerealty.com will love to help you.
0 votes Thank Flag Link Fri Nov 18, 2011
Hi Evans...Most of my clients are first time home buyers and yes, there are several programs for first time home buyers that are 100% financing! I can put you with a loan officer to determine if you qualify. If not I still have options for home ownership.
0 votes Thank Flag Link Thu Nov 17, 2011
Hello,
Credit is a factor that all investors and sellers take into consideration. Depending on your credit (also your debt to income ratio), you may qualify for financing. If you have not already, the very first step that you will need to take is to contact a credible lender to discuss your options. If traditional means of financing are not available to you (some programs will work with scores of 580 or more) then your next avenue is to try seller financing. Feel free to give me a call at seven 70-463 dash nine 345 and I can put you in touch with local lenders who can address your financing needs. It only takes about 10 minutes and if your scores are not where they need to be, a good lender can show you how best to get your scores to where you can take advantage of this great buyers market. This process will be necessary even if you are working with a seller on a seller financed option. Your last option is renting. We've all been there at some point, but rental rates are very strong right now and will continue to rise. In today's market... renting will cost you almost 2 times as much as (depending on the location).
Joe Powell
Full-time, full-service local Realtor
Web Reference: http://www.freegamls.com
0 votes Thank Flag Link Thu Nov 17, 2011
Hi Jeremy,

I live in Fayetteville and know the area well. Give me a call or email me and I'll give you the name of a great lender that can help you deterimine your financing status, monthly payment, etc. There are some great first time home buyer products and it's the best time in history to buy a home! I'd be happy to have the opportunity to help you and your family. Thanks!

Melissa Stephens
The Stephens & Stephens Group
Better Homes and Gardens Real Estate Metro Brokers
404-843-2500 Office
678-776-1895 Cell
800-383-0430 Fax
http://www.StephensandStephens.net - Website

Comment on our blog: http://www.TheScoopinRealEstate.com
0 votes Thank Flag Link Thu Nov 17, 2011
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