Want to buy a house...

Asked by kittykeeton, Lansing, MI Tue Jun 12, 2012

I am a single mother who has been paying $675 a month for rent approx. $200 utilities for the past two years. I have had the same full time job for over 5 years, and am looking to buy a house in Potterville, MI. I rent in Lansing right now, but do not feel like it is very safe for my son. I have a credit score that averages around 600, and have recently paid off some delinquent accounts that I acquired years ago. I would like to quit wasting my money on rent and actually purchase a home. Is there any way I can purchase a home with a 600 credit score on the rise and around $34,000 yearly income? Thanks!

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Haig Istambo…, Agent, Rochester, MI
Tue Jun 12, 2012
Hello,

From everything you state, it sounds like you are very close to qualifying for a mortgage. The only thing that may possibly hold you back is your credit score. Most lenders require a minimum credit score of 640, but I have a few lenders talking about certain programs that may go as low as 580, under certain circumstances.

The best thing for you to do is to contact a mortgage company, or the bank or credit union that you bank at, and speak to a rep and see if you qualify. If you don't qualify, ask them what it will take to get you qualified. You are very close to the minimum score and it shouldn't take long to get you qualified.

You also will need to have some earnest money for a deposit on a new property. Usually an FHA mortgage is the lowest deposit amount needed, which is 3.50% of the Purchase Price. But there are programs that will loan you money for a down payment. Try contacting MSHDA and talk to someone there regarding help with a downpayment.

Click on the link below;

http://www.michigan.gov/mshda

If you need some lenders to work with, let me know and I can send you a couple to contact. My contact information is below.

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
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