Home Buying in New York>Question Details

Melody, Other/Just Looking in Rochester, NY

how can i get this property with a loan if i have fair credit , 239 arbutus street , rochester ny 14609?

Asked by Melody, Rochester, NY Tue Feb 10, 2009

email: melodyismail@gmail.com

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Hi Melody,

My name is Jake Johnson and I work as a NY mortgage banker with one of the nations largest lenders. At this point in time, I don't know of any other company besides ours that is entertaining FHA loan purchases down to 531 credit scores. If you have proof of on time rent and 3.5% to put down on a property, we have a good chance of getting you a loan. You can email me at jjohnson@lendamerica.com if you have any questions.
0 votes Thank Flag Link Wed Jun 17, 2009
in my opinion its easier than ever to get a mortgage. you need income, assets and credit above a 581 and you can get a loan. bankruptcy ok (2 years old, discharged), late payments ok, judgments ok (must be paid). you can go up over 600k for a 1 family, if your income will support the purchase.

the way to determine how much you can afford is to take 43% of your monthly income. for example, if you make 60k a year, your monthly income will be 5k. take 43% of 5k would be $2150 a month. your max mortgage would be 2150 a month. out of the 2150 you need to deduct your monthly debt and that would be roughly how much you can afford. don't forget that your monthly payment must include taxes, insurance and PMI (private mortgage insurance). also keep in mind that in the last few weeks i've had deals where we have gotten approvals past the 43%, as high as 53%, so you can purchase more of a house.

good luck.
0 votes Thank Flag Link Wed Feb 11, 2009
Melody,
Carol is correct, you must have a in-depth review by a licensed mortgage person. Most are fully aware of the increased requirements for home buyers. Some Rochester properties qualify under farm programs, others can be purchased with FHA loans. FICO score of 620 or more are required to obtain an FHA or Rural Area mortgage loan without addional fees. We may soon see a 620 minimum to obtain these loan types.
Conventional loan rates with scores from 620 to 720 are charged higher fees. So your FICO credit score is a very important consideration!

Under Federal regulations, you are entitled to a free annual credit report. The FICO score will cost you. Go to " http://;www.annualcreditreport.com" and obtain your report. I've found that the TransUnion format was the easiest format to understand for a non-finance person.
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IF YOU FIND THAT YOUR SCORE IS BELOW 620, OBTAIN CREDIT COUNSELING FROM YOUR LOCAL NOT-FOR-PROFIT HOUSING AGENCY OR READ A BOOK ON HOW TO IMPROVE YOUR CREDIT.

The quickest way to raise your score is to BECOME CURRENT ON ALL YOU BILLS , THEN PAY ALL YOUR BILLS AS SOON AS THEY COME IN, WELL BEFORE THEY ARE DUE. This requires a different mindset than what you have now. It is important to change your financial habits. As an example, stop using your credit cards; pay only with cash. If you don't have any cash after your bills are paid, you can't afford the purchase you are considering.

Please feel free to contact me with additional questions.
0 votes Thank Flag Link Wed Feb 11, 2009
Sit down with a mortgage broker and discuss your options. I just dropped you a line.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Wed Feb 11, 2009
today it is very difficult to obtain mortgages, in obtaining a mortgage you need more then just a good credit score. The bank or mortgage company will evaluate your annual income ,credit score and what your housing costs will be, they will also look to see if you have assets The best way to do this is go to your bank or mortgage person and get pre approved and find out how much they will lend you and if they will lend you .Even if you do not get a loan now you will know what u have to do and what the requirements are for future lending.
0 votes Thank Flag Link Wed Feb 11, 2009
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