Financing in 44320>Question Details

Hope D. John…, Other/Just Looking in 44320

I am a single mother : If I am trying to purchase a home between 10,000 - 25,000 do I have to have perfect credit to get a loan?

Asked by Hope D. Johnson, 44320 Sat Oct 23, 2010

I work, I just don't have collateral and I am trying to buy a home for my daughters and I I also get child support for my children.

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My house is in Canton. It is empty and ready to move in. I am asking $21,900. No rents to own. I want to SELL this house. Call me for more details at 724-628-9285
0 votes Thank Flag Link Sat Sep 14, 2013
i HAVE A HOUSE "FOR SALE" in Canton. Call me for details...724-628-9285
0 votes Thank Flag Link Sat Sep 14, 2013
Any time you work with a bank or lending institution you have to care about your credit score, the higher your score the better your odds. Perfect score would be around 850. You do not need to have a perfect score,however, if your score is anywhere around 700 and you have the required down payment and secure job,and your debt ratio is not out of balance,you should have no trouble getting the loan.
0 votes Thank Flag Link Fri Sep 6, 2013
Hello Hope,

Regardless of your credit situation, it is important to note that the house and the property will also need to "qualify" for a loan package. When the lender's appraiser visits the property, the condition of the property will need to meet the criteria that it will be "safe, sanitary, and secure". It will need to be structurally sound with adequate electrical wiring, and roofing etc. in order to be "safe". It will need to have working utilities and mechanicals such as furnace, water heater, sewer/septic, etc in order to allow sanitary and healthy living conditions. It will also need to be secure, meaning adequate windows and no holes in the walls, doors, etc.

Very few properties in the price range that you mentioned would fit a lender's criteria for making a loan. There is a loan package that would allow you to do some of the upgrades to make a property safe, sanitary, and secure, it is called an FHA 203K loan. Unfortunately, that loan has credit score guidelines.

Keep calling lenders and explain your situation, and if they cannot help you, ask them for referrals to a lender institution that might be able to help you. You might also explore a land contract. Be sure to have a real estate attorney prepare your land contract paperwork and record it in the county recorders office.

Jim Dvorovy
Cutler Real Estate
203 Applegrove NW
N. Canton, Oh 44720
Cell 330-685-4615
0 votes Thank Flag Link Sun Oct 24, 2010
Not knowing your overall financials, credit score, debt, income, etc.; consider visiting with any qualified loan officer(s), after reviewing your overall financial picture, he/she can make a determination as to qualification--then go from there.
0 votes Thank Flag Link Sat Oct 23, 2010
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