I am looking for a mortgage I had late payments due to illnes and I found a great home for under 100,000. Is there a way I can get a mortgage?

Asked by Shannonshan628, Glens Falls, NY Fri Feb 26, 2010

I am a single mom of 3 make about 47,000 a yr?

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Rachel A Kopp, Agent, Saratoga Springs, NY
Fri Feb 26, 2010
Hi Shannon,

Please email me at rkopp@kw.com and I'll give you the name of a great loan officer who will be able to help you. I'll look forward to hearing from you!

Best,
Rachel A. Kopp
Keller Williams Saratoga Springs
0 votes
, ,
Fri Feb 26, 2010
Hi Shannon

That's too general and broad a question to be answered with any clarity. How many lates? How recent? What type of lates? What is your credit score now as a result? What is your complete credit history and current total debt? And on and on... Please seek out a knowledgeable LO (perferably referred by a expereinced realtor) to qualify you. At this point in the process, its the best way to spend your time and energy.
0 votes
Dan Tabit, Agent, Issaquah, WA
Fri Feb 26, 2010
Shannon,
Anna is correct; you need to sit down with a full service mortgage broker. A couple of years ago I would have had little problems finding some financing for someone in your situation. Things have tightened up considerably, but the trend has also started to reverse to some degree. Your late payments may exclude you from the very best rates, but may not keep you from getting a mortgage all together.
Your income should be sufficient depending on other debt you have, to qualify you for a home in the $100,000 price range. If you need a referral, let me know. I'm licensed in Washington State, but am part of a national network of professionals who love to help.
I wish you the best in your home buying.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Feb 26, 2010
Why not visit with any qualified loan officer(s), see exactly what your budget can handle and check your credit score, are now current with paying down debt, getting rid of the old, etc.,--FHA loans do require a minimum credit score of 620 and 3.5% down. Also consider--lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations--again visit any qualified loan officer(s).
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