Jennifer, Home Buyer in North Little Rock, AR

Can I purchase a home?

Asked by Jennifer, North Little Rock, AR Mon Jan 19, 2009

I am 25 y/o with a steady job. My credit was poor in the past, but I recently went down my credit report and paid everyone I owed the full balance, except a Medical Bill (which I am making monthly payments on). I am not sure what my score is now, but I am tired of spending over $6500 per year in a rental. My income is around $22,000 a year and my fiance makes about $26,000 a year. He has had credit problems in the past as well and we are taking necessary steps to correct them. Am I just dreaming too big or could I get financed for a home? We do not have any money saved up for a down payment, as of yet and we will carry out our lease (which is up for renewal in July). We have been renting from the same landlord for 3 years and never late on Rent. Could someone help???

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Jennifer - it is not possible to "dream too big". It sounds to me like you are taking all the right steps. I would recommend that we evaluate your situation and see what should be done and in what priority. There are still a number of 100% loans available and a number of sellers who are willing to assist with closing costs. You can provide confidential information at http://www.FinancingAtYourFingertips.com and a thorough analysis will be done to determine your options. I have helped hundreds of people get into their first home. If not today, perhaps just around the corner, a home of your own is certainly not out of the question.
0 votes Thank Flag Link Mon Jan 19, 2009
With poor credit on both sides and no down payment this is not in the cards right now. Credit scores are not taken into account with FHA,but you would need a 3.5% down payment. There are some 100% financing programs out there,but you would need good credit to qualify. I suggest you continue to try to improve your credit and save for a down payment.
1 vote Thank Flag Link Mon Jan 19, 2009
Lenders will require a downpayment from 3.5% or more. Your only resource determine if you can obtain a loan have a mortgage broker review your financial records, if declined ask loan officer recommendations on next course of action. Credit repair takes approx. 90 days
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 19, 2009
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