Hello, I am interested in making my first home purchase, the problem is I dont believe my credit score is up

Asked by Reba, Rochester, NY Fri Mar 7, 2008

to par I believe its between 580-600 mid score, I would like some a advice on a good mortgage company who can get me into a fha mortgage or atleast guide me in the right direction

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smith3gary, Agent, White Lake, MI
Fri Mar 7, 2008
Reba, While I agree using a local lender might be a good idea, I suggest taking some time to educate yourself. http://bankrate.com is a good place to start.

The average closing costs for a 200,000 loan were less than 3,000 before all the changes were made and lenders tightened their qualifying criteria. I suggest getting a good faith estimate from several lenders and comparing each. Some will contain "errors" and some might contain excessive fees or interest rates so be very careful.

In the event you do not qualify for a loan HUD has a list of housing counselors that, for a fee, will assist you in improving your credit by paying off your bills. A list for Michigan is available at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction… More information and other information about purchasing a home and home inspections is available on the website below.
1 vote
John Lopez, Agent, West Bloomfield, MI
Fri Mar 21, 2008
Hi Reba,

There are many good mortgage companies out there but your credit score won't give you the best loan product available to you compared to someone with a 720-740 credit score. You need someone to review your credit file and advice you on how to raise your credit score and/or correct any errors on your report.

If you need someone to help you out, I know of a great educator to knows the credit card laws very well.

I hope my response was helpful.

John Lopez

Web Reference:  http://www.CurbSideInfo.com
0 votes
Tman, , 30642
Fri Mar 7, 2008

Good advice from Gary ... but most important - pull your credit report.

One of the most amazing things about most consumers today, is they don't know how to read their credit report ..

.. and the only time they will look - 1.) buying a car ..or.. 2.) buying a house ..

Pull AnnualCreditReport.com, fico.com or freecreditreport.com and read and understand your credit before you let someone assume your credit ...

Keep in mind you can't depend on lenders .... they look at credit scores and very few can even read a credit report anymore, even if they've been in the business 20 years .. so you need to shop lenders and closing costs..

You need to know what's on your credit report - and why ... it could be a $3,000 doctors bill that was paid in full 4 years ago or it might show a $300 Visa card that you forgot to pay .... no matter, you've got to know so you can make any appropriate changes ....

0 votes
Kathy Borucki, , Madison Heights, MI
Fri Mar 7, 2008
Hi Reba, Flagstar Bank is a great Bank to work with. I've been with Flagstar for 19 years and have been doing mortgages for 30 years. This is a great time to buy. I do agree with educating yourself first so you can be an informed purchaser and know the right questions to ask.

Upon application, you should be given a Good Faith Estimate and the HUD booklet. The HUD booklet is very valuable and must be give to every purchaser upon application. All the line #'s and names of fees match the names and line #'s in the HUD booklet so you have a better understanding of all the fees.

The lender looks at FICO, credit history, job stability, income/ratios, down payment, and cash to close.

FHA's do look at FICO scores and if you walked into my office today and you told me your scores, the first product I would look for is the FHA. However, if you have any late payments in the last 12 months we would ask for a letter of explanation since FHA looks more at your credit history over the last 12 months---basically.

You don't mention how much cash you have to close. That is another variable I would need to know on how to get you approved. If you have little to no money to work with, I would then suggest a DPA program that has proven to work well in this enviornment.

What is more important, is that you get a well-versed loan officer from a Bank that truly has your interests at heart and knows how to place you in the best product for your needs.

Shopping for a mortgage thesedays is very confusing to many homebuyers, so you would be best to read a little (Mortgages for Dummies and the HUD booklet) and talk a couple of loan officers at banks. There are a lot of programs out there but only one best suited for you.

You can't really shop for the best rate as the rates can change on a dime. It's almost like shopping for the best stock. Make yourself aware of what the rates are but if you trust your loan officer and like the program, payment, and cash to close, sometimes its best to go with your gut feeling about who you would trust to work with.

This should be an exciting experience for you. Find someone that will make it just that. You can also visit my web stie at http://www.flagstarloans.com/kborucki. You can email me for advise or questions. Good luck. And most of all, have fun!!!

Kathy Borucki
0 votes
Nicole Sleeva, , Novi, MI
Fri Mar 7, 2008
Hi Reba -

I work with John Martin at Flagstar Bank (248) 249-5417 or Jack Schwartz with Home Loan Specialists (248) 756-2200 or http://www.mortgagesbyjack.com. Both are great loan officers that will tell you exactly what to expect and get the job done. Best of luck to you. It's a great time to be a home buyer!

Nicole Sleeva
Web Reference:  http://www.NicoleSleeva.com
0 votes
Missy Caulk, Agent, Saline, MI
Fri Mar 7, 2008
HI Reba, I recommend Maria Labie at Citizens First Bank, her number is 734-353-0505, email is MLabie@cfsbank.com. Her web site is http://www.MariaLabie.com

She is one of the best, lot of programs.
Web Reference:  http://MissyCaulkTeam.com
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