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Dawn, Home Buyer in Illinois

I have poor credit and do not qualify for a conventional mortgage but there is a house in the area I would

Asked by Dawn, Illinois Mon Jan 28, 2008

like to buy and it is a repo .. any ideas?

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Dawn,

Credit Repair Specialists are a great resource I use Dawn Brady at 770-942-5474. She can take a look at your credit and history and bascically clean it up and advise you on what lenders will be available to you and at what rates. I am convinced that most peoples credit is like their fitness with a little spring cleaning they will be surprised what they can do but they do not ask. Buyers agency is FREE in GA, we would love to work with you to save time and Money. You can call us at 678-564-3700 or visit us online.
Web Reference: http://www.TeamRenton.com
0 votes Thank Flag Link Wed Feb 13, 2008
Have you spoken with any portfolio lenders? Conventional lenders probably wont help you if you have under 620 fico score.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Mon Feb 11, 2008
Dawn,

Keep in mind that your credit score isn't everything when it comes to obtaining a mortgage. I work with several lenders who can obtain financing for people with below average credit.

In addition if you are not working with a realtor I would be happy to help you with your purchase. Anytime you purchase a home it costs you nothing to be represented by an agent because the seller pays all the commissions. If you are purchasing a foreclosure home it's very important that you make sure you know what you are getting into. I would be happy to help you!

James Dudley
ERA Sunrise Realty
james.dudley@era.com
0 votes Thank Flag Link Mon Jan 28, 2008
Hey Dawn,

For one, don't let bad credit discourage you from purchasing a home. As a realtor, I refer my clients with lower credit scores to an FHA lender that I know can get you approved with a 500 or better credit score. Other lenders typically require a 575 or better, but the FHA lender I refer my clients to is a full FHA lender & underwrites their own loans. That's how they're able to finance a 500 credit score.

You're also headed in the right direction being interested in purchasing a foreclosure. You'll definitely benefit because it's probably priced under market value, so that means you'll get some instant equity.

Hope this helps.

Fabiola Fleuranvil
Re/Max Marketplace
0 votes Thank Flag Link Mon Jan 28, 2008
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