Asked by Debit, Minneapolis, MN • Thu May 6, 2010
I'm looking in the Lind Bohanon Neighborhood and am pretty sure my income level and the houses I'm interested in would qualify for down payment assistance, potential rehab assistance, etc. My confusion stems from looking at city and neighborhood specific programs and noting that these programs seem to only be available from "participating" lenders, but not all of them use the same. Can a borrower mix and match? What if I want to use a lender not on the list?
Finally, are there programs specific to someone with a spotty credit history? Supposedly my score of 620 qualifies me for an FHA mortgage, but my credit history (a couple of negative items, then nothing since I paid everything off five years ago and have remained debt free since) appears to give me a 50/50 chance of getting a mortgage now according to a broker who ran my information. So, is there an immediate option for me, or will I have to get a credit card and spend the next 6 months building a positive history?
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