My credit is poor post-divorce and I would only have 0-5% to put I able to buy a home?

Asked by Nicole, 33511 Wed Jun 24, 2009

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Phil Fowler, Agent, Brandon, FL
Wed Jun 24, 2009

I suggest you call a lender and discuss your financial situation with them first. There is always the possibility of
the Seller paying your closing costs. However, without knowing what you truly can afford it is difficult for me as a real estate professional to advise you.

Once you have know where you stand, then you can start looking at your options e.g. Seller financing etc.

Hope this helps you.

Phil Fowler Realtor
Keller Williams Realty
1 vote
Ryan Branden…, Mortgage Broker Or Lender, Boca Raton, FL
Thu Jun 25, 2009

I can fix your credit at no cost and get you set up so you can buy a home within 30 days. You can get away with 3.5% down and also have a seller concession of up to 6%.

Also I have a program that lets you have a credit score as low as 560!! This program is only availible to Brokers and the interest rates are comparable to those with a 620 or higher.

0 votes
Frank Olguin, , Fort Lauderdale, FL
Wed Jun 24, 2009
I can definitely help! My firm is a direct lender- meaning we fund and service our own loans and we offer free credit repair, so please call me and I can explain all of your options. On a typical FHA loan, 5% for down and sellers contributions of up to 6%, usually is plenty to cover all of your closing costs.

Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Hablo Espanol
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469
Florida Mortgage Lender
No. ML0700325
0 votes
Myke Atwater, Agent, Santa Rosa Beach, FL
Wed Jun 24, 2009
this would be determined by a lender, but one possibility is to consider a lease purchase, which would be a way to work on repairing your credit from the damage of the divorce while you are living in the home you want to buy. If you are looking in an area that has an abundance of inventory, this might be a possibility. Talk to at least three lenders and get someone who knows how to repair your credit--follow their directions--and also look for a lease purchase or lease option on a property. Good luck!! There will be light at the end of the tunnel!!

Myke Triebold
0 votes
Josh Lerette, Mortgage Broker Or Lender, Lakeland, FL
Wed Jun 24, 2009
Hey Nicole,

Poor is unfortunately a tough explanation of your credit. What is poor to one may be great to another. By poor, what do you mean score range wise. Are you below 620, are you above 620, etc. Depending on where you are looking, you may not need to put any money down if we can qualify you on a USDA rural loan. If the area you are looking does not support this loan type, then FHA may be an option which would only require a 3.5% down payment and closing cost can be paid by the seller for you. There are a lot of variables to financing and your best bet is to speak to a reputable broker/lender that can assist you with your particular needs. If you would like to discuss your possible financing options further and in more detail, you may contact me at any time.

Joshua Lerette - The Tampa Bay Mortgage Pro
0 votes
Bryan Lovell, , 33594
Wed Jun 24, 2009

It just depends on your credit history. The best thing to do is to call a lender who can help you with a preaqualification. 5% is ample to put down for FHA financing. Feel free to give me a call or an e-mail. 813.727.1867.
0 votes
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