My husband and I have bad credit and are both students who don't make a lot, we want to buy a house that is being foreclosed. We have several

Asked by nikki, 93722 Sat Jan 30, 2010

thousand saved that could be used for a down payment and several months of a mortage would we be able to qualify to buy a home?

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Frank Mandujano’s answer
Frank Manduj…, Other Pro, Fresno, CA
Sun Nov 14, 2010
Hello Nikjac,

My name is Frank, Loan Officer with Greatland Mortgage Corp in Fresno. I like Alejandro's response. I were in your situation, I would get an approval before putting an offer. Please fee free to call me so that we can go over your specific situation.

I can be reached at (559) 977-7238 cell phone. The office number is (559) 244-4250.

Good luck to both of you.
0 votes
Dp2, , Virginia
Mon Jul 26, 2010
You could also do a lease-option.
0 votes
Alejandro Lo…, Agent, Fresno, CA
Mon Jul 26, 2010
Your really need to go speak to a leader for the answer. It does not only depend on your credit scores but it also depends on the debt to income ratio. in other words the over all if your financial situation, The good thing about speaking to a lender(and you will be able to find one to give you advise at no charge), is that they can tell you exactly where you stand. In addition, if you are not in the position to buy... they can give you great advise to get yourself in the position to buy.
look into city programs that may help you!
0 votes
Jane Grant, Agent, Aguanga, CA
Tue Feb 16, 2010
Home ownership is a serious matter and it comes with a much responsibility. You really need to repair your credit and get ready to be homeowners. Taking on more debt and responsibility when your credit scores are low is not such a good idea and this is the attitude that the banks will also have.

There are many things you can do to repair your credit. It's good you have saved some money but getting your credit scores up is also just as important as having a down payment.

Talk to a loan officer who can guide you and get you ready for home ownership.

You don't want to be like the thousands who are loosing thier homes currently.

Good Luck!
*****
***
*
Web Reference:  http://www.soreal.biz
0 votes
Keith Manson-…, , Milwaukee, WI
Sun Jan 31, 2010
As the others have indicated it is best to get pre approved by a mortgage officer to understand your options. They will look at your credit score, payment history, amount of credit debt as a percent of income, any bankruptcies, and amount of reserve funds available .


If your looking at a foreclosure other things that may effect the ability to purchase the property is the condition of the property. Foreclosures are almost always purchased in an as is condition. Thus the home owner stopped repairing items when they started their default and you will need the funds to fix thus items when you purchase the home.


Good Luck.

Keith Manson

First Weber Group

Certifed Distressed Property Expert
Metro Milwaukee


http://milwaukeebailout.com
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Sat Jan 30, 2010
Nikjac
Your really need to go speak to a leader for the answer. It does depend on your credit scores but it also depends on the debt to income ratio. The great thing about speaking to a lender(and you will be able to find one to give you advise at no charge), is that they can tell you exactly where you stand. In addition, if you are not in the position to buy... they can give you great advise to get yourself in the position the buy.

Best of Luck
Dianne Hicks
Web Reference:  http://www.di4homes.com
0 votes
Lorrie Feld,…, Agent, Scottsdale, AZ
Sat Jan 30, 2010
These days if your credit is below 600, it will be more of a challenge to get a loan especially if you don't show enough of an income. The best thing to do is get in touch with a lender and they will be able to tell you what you qualify for.
Good Luck
Lorrie Feld, ABR,GRI
Keller Williams Integrity First
480-570-1074
Web Reference:  http://www.azrealtygroup.com
0 votes
Mark Overhol…, Agent, Clovis, CA
Sat Jan 30, 2010
You may be able to afford something around Fresno. If you would like to know your options, you can contact me and I can set you up with a good local lender.
0 votes
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