Recommendations: a good lender specializing in credit assistance or who specializes in first-time homebuyers.

Asked by Daneele Hinds, 30092 Tue Oct 7, 2008

I am interested in purchasing a home in November-January but I need a good lender who will work with me. I, like any first-timer, did not think that I could afford to own but I have been advised to try. My credit is low due to a few late payments occurring in prior years while I was a student. I am now a year and a half into my career, and have been able to make on-time payments. Currently, my only problem is that I am at least at 90% util. on my three credit cards. I have the money to pay them (at least two off and one down to less than 50%) off but have been advised to save that amount ($2,000-$2,500) for a down payment. Unfortunately, the most I can promise for a down payment is $3,000-$3,500. I am realistic, and I am only looking to get approved for $80K. Is this possible? If so, are there any great lenders you know of?

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Solomon Greene’s answer
Solomon Gree…, Agent, Duluth, GA
Tue Oct 7, 2008
Please let me clarify. My colleague (from the same office even) should already know that I don't consider myself a mortgage and real estate pro as that is not allowed from our brokerage. However, anyone expecting to have any level of success in this climate must be familar to some degree with the products that are available.

Here's a another word of wisdom. Anyone that recommends a single lender for your needs should be evaluated carefully. The programs that you'll find at the blog below are from different lenders (none of them in house, I might add) which operate under different guidelines, and for that matter, different minimum scores. That is why it is important that you speak with an agent who can help you with the list of lenders that can most likely service your needs in your current situation. There is a lender available for those with perfect credit perfect credit and others for those without perfect credit. Each situation is different. Please call.

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Joshua Jarvis, Agent, Duluth, GA
Tue Oct 7, 2008
Short answer is Yes!

I would avoid anyone that says they are a Real Estate Pro and a mortgage pro. I suggest Theresa Laine at 770-891-4121. She walks my clients through the whole process, specializes in first time home buyers and believes like I do, that the only silly questions are the ones you DON'T ask.
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Solomon Gree…, Agent, Duluth, GA
Tue Oct 7, 2008
No, no, no! Please don't have anyone pull your credit right now until we speak. My business has been built on helping first time home buyers from start to finish. The link below will provide lots of detailed information on the programs that are available (and I plan to update it with yet another program tomorrow) specifically to first time home buyers. To the left of the screen is where you'll find descriptions of the programs that may best fit your specific needs and my clients are not investing anywhere near the amounts that you have saved for use toward this transaction. Please call me when time permits at (678) 775-2677. If I miss you, I'll return your call the same day, possibly within the same hour.

Solomon Greene
REALTOR® / Consultant
Keller Williams Realty Atlanta Partners
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Brian Nolan, , Atlanta, GA
Tue Oct 7, 2008
My name is Brian Nolan and I'm a mortgage consultant with Wells Fargo Home Mortgage. We're the #1 lender in the country for first-time home buyers and it's a demographic that I work very well with because I love to walk people through the process one step at a time.

Please feel free to apply at my website http://( or call me directly at (678) 742-3688.

Let's talk before you make any decisions about using your funds to pay off credit cards as we still have several 100% financing options for first-time home buyers.

Take care, Daneele.
Brian Nolan
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Luke Allison, , Asheville, NC
Tue Oct 7, 2008
Hi Daneele-

I would be more than happy to help you qualify for a mortgage. Flagstar Bank has one of the lowest allowed credit scores going with FHA loans and we are the 7th largest national originator of FHA loans. You do not need to pay off your cards as long as your income qualifies for the mortgage payment combined with your minimum credit card payments. You have a down payment so the only help you need is a seller concession for closing costs.

Qualifying for an FHA loan is not as difficult as you think and I would be glad to help you out. If you have any questions about the process, please call me.

Luke Allison
Flagstar Bank
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Patricia Moor, Agent, Lakeland, FL
Tue Oct 7, 2008
Hi Daneele...I can recommend Eric Sanders at Colonial Bank. He is fantastic at this. I and my colleagues use him on a daily basis. He is easy to talk to and also superb in client service. His number is 813.760.2850.
Let me know when you get approved and I can assist you in your search for your new home!
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David McEach…, Agent, Peachtree Corners, GA
Tue Oct 7, 2008
I have a great lender who you should talk to. Arrita Reece with Element Funding. She has worked with many of my clients and is superb in client service. Her number is 404-454-9459. And when she gets you approved give me a call and we can go look!
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