Home Buying in Miami>Question Details

May, Home Buyer in Miami, FL

my credit score is 524 and i have 0 down payment I do have a steady job as a nurse. What are my chances in?

Asked by May, Miami, FL Fri Sep 19, 2008

getting a 4-2 house at this time. No downn payment. I have been renting have a good track record in paying my rent.

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6
You should consider consulting with a bank that does FHA loans. You will need to repair your credit score to above 580 in order to qualify for an FHA loan, and the lender should be able to guide you on how to do that. FHA is really the safest route for most people right now that don't have money to put down on the home. If you are interested in finding out more, please let me know. I can give you a few names of banks that may be able to help. It's worth a try.....at least then you will know.:)
Melissa Williamson
Keller Williams Miami Beach Realty
Web Reference: http://www.fha.gov
0 votes Thank Flag Link Thu Sep 25, 2008
Hello May,
This is the perfect storm to purchase a home, prices are at historic levels,and the market is over saturated with properties that just won't sell. You do have a problem, with your credit at 524 you won't find a lender, but don't be dismayed, let's talk and we can possibly finance your dream home. If your income is right and your credit score can be repaired you may be able to get a hard money loan with no prepay penalty today , and once your score improves we can get you into a 30yr fixed loan. My advice is that you should rent for a while and get your scores up, and than make your move. I don't see this market making a turnaround anytime soon. It is your choice, but if you find a deal that you just can't pass up,and want to buy give me a call.
Let's do the math together, and look at your options.
0 votes Thank Flag Link Tue Sep 23, 2008
Hey, this is a great question. There is a government program called NACA that you should check into. I am not sure if it is offered in your area but if it is then you should most definitly look into it. It is a 0%down and all closing cost paid mortgage. They do require you to attend several classes through-out the process and even after the closing of the loan. I am not sure if they are more income driven or score driven so my advice is to just look into it and see. It cant hert only Help!

Have a Blessed day,
Kristy Jo
Web Reference: http://www.NACA.com
0 votes Thank Flag Link Fri Sep 19, 2008
I would like to add that there are wonderful loan programs designed especially for nurses, teachers, firefighters & police officers; but your credit score will still be an issue. Again, feel free to give me a call for more information. Perhaps together we can at least put together a plan for future homeownership.
0 votes Thank Flag Link Fri Sep 19, 2008
In this market where the banks are very conservative and losing money, you will have to bring your credit score in the upper 600's and have a downpayment of at least 20%. If you want to use an FHA loan you need a credit score in the 700 range and the down payment will be around 5%. At this time - work on getting your credit higher and save some money.
Good luck...
0 votes Thank Flag Link Fri Sep 19, 2008
Unfortunately, in the current market you will have a very difficult time obtaining conventional or FHA financing. The gift programs for downpayment assistance are ending this month, and the lenders I work with are usually looking for at least a 600 credit score.

My suggestion is to look for a seller who is willing to finance, or looking for a home that you can rent with an option to purchase while you clean up your credit. Give me a call about exploring these possibilities: 305-801-3133.
0 votes Thank Flag Link Fri Sep 19, 2008
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