looking to buy in 48236 poor credit what financing programs should I look at

Asked by Kbuys, East English Village, Detroit, MI Tue May 15, 2012

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Rudy McDowell’s answer
Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Wed May 30, 2012
Hi, Kbuys. What do you consider bad/poor credit? Furthemore, you're better off improving your credit score and history first. It will save you significant time and money in the short and long run. Most LO, like myself, offer free credit counseling and can help you better your credit and chances of getting approved and saving time and money.
0 votes
TyrenePasco, Agent, Detroit, MI
Wed May 30, 2012
if you have poor , bad or no credit it's best to work on developing a better credit score as well as history first before considering to gain home
ownership.
0 votes
Dave Dehn, , Detroit, MI
Wed May 16, 2012
As Jamie indicated, Land Contract or Lease option may be the only way to go, i may have something for you, i haven't actually purchased it yet.
0 votes
Jamie Hastin…, Agent, Canton, OH
Tue May 15, 2012
Hey Kbuys,
The other answers are correct with FHA and MSHDA for financing, however, if you know that your credit is in rough shape and below 620 then you will not get traditional financing. I would recommend that you get a credit explanation letter ready and proof of income, then you can look at lease options/ rent -to-own homes or land contract homes if you have a good size down payment.
If you would like more information on these types of sales do not hesitate to contact me.

Thanks and best of luck in your house hunt.

Jamie Hastings
Realtor
(734)444-5323 cell
jhastings@visionrealtycenters.com
0 votes
Cassandra Ou…, Agent, Duluth, GA
Tue May 15, 2012
Check into MSHDA programs....state of michigan website.
0 votes
Carl Hawthor…, Agent, Woodstock, GA
Tue May 15, 2012
FHA loan, but most banks require 620 or higher.
0 votes
I dont have the credit score so what are other options besides credit repair id like to buy before fall even if I do a land contract deal also im a first time buyer
Flag Tue May 15, 2012
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