Shannon, Home Buyer in New York, NY

Are there programs available for someone who has not so good credit and is looking to buy a condo, 1st time?

Asked by Shannon, New York, NY Sun Mar 2, 2008

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Jennifer Hay…, Home Buyer, Elberfeld, IN
Sat Jun 14, 2008
Are there any programs to help somone with not so perfect credit buy a first home?
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Chris Murphy, , San Diego, CA
Tue Mar 4, 2008
FHA requires 2.25% down
You cant have BK 13 in last 12months or BK7 in the last 24months. You can't have any foreclosures in the last 3yrs. All judgements will need to be paid off, and the collections MAY have to be paid also.

MyCommunity is zero down but you need a 620 to avoid high monthly PMI costs
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Peter Andres…, , Medford, NY
Mon Mar 3, 2008
Check out the Nehemiah Program and AmeriDream Program. There are others like it and help re-establish good credit and help you toward home ownership. Call me if you need more info.
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Jeff Marr, Mortgage Broker Or Lender, Roseville, CA
Sun Mar 2, 2008
Shannon, the only programs that catered to the credit-challenged, so to speak, are essentially gone. These programs were known as sub prime. Though they still exist, they require a 10-20% down payment. Your best bet is to check out FHA programs, which technically don't have a minimum FICO score (though each specific lender does). If you don't have any major derogitories within the past 24 months (lates, bk's, liens, etc), and you can get 3% down, you've got a shot at getting a great loan! It won't matter whether you're a first timer or buying a condo..

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Gail Gladsto…, Agent, 11743, NY
Sun Mar 2, 2008
There are many mortgage brokers who work with people to help them be in a position to purchase. If you contact me offline, I will be happy to recommend just such a mortgage person. If she does not think it can be done, she will tell you immediately. Email me at and I will provide her information.
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