Home Buying in Lansing>Question Details

aksheerin, Other/Just Looking in Lansing, MI

Buying a home in Michigan with poor credit

Asked by aksheerin, Lansing, MI Sat Mar 9, 2013

I am currently looking to purchase a home in the Lansing, Mi area. I have no debts except my student loans, which are minimal, and I make roughly $40,000 a year. I want a house in the $60,000 to $85,000 range. My main issue is my credit. I was unemployed two years ago for a few months and bills piled up that I was unable to pay. My credit rating has been improving since then, but is still poor (last I checked it was 610). Are there any home purchase options out there for me?

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6
610 while it seems poor to you, there may be just a couple little tweaks here and there which would get you to the point of purchase ready. You are close
The biggest problem I see is folks trying to fix their own credit because what seems like the right thing to do sometimes is the wrong thing to do in the eyes of the credit bureau.

Credit repair is not always logical...

Center for Financial Health is a wonderful resource. They sometimes have to put appointments out for a while however. In the interim, there are some loan officers that I would be happy to recommend to you.

We would be honored to help you.
olsonteam1@gmail.com, 517-853-6432.
Keller Williams Realty
1 vote Thank Flag Link Mon Mar 11, 2013
Another thing that came to mind regarding your situation is that even if you find someone that can provide you a mortgage with a sub-par credit score you more than likely have a higher interest rate and costs. Food for thought.
0 votes Thank Flag Link Mon Mar 11, 2013
Try wells Fargo. There are some lenders that do 610 scores. You just have to hunt for them
0 votes Thank Flag Link Mon Mar 11, 2013
I'm sorry to hear about your credit issues, but know that you are not alone. The good thing is that it doesn't take too much time to rebuild your credit, so you may not be in as bad a shape as you think.

Make sure you get everything current. Delinquent accounts really weigh down your score and make you look like a bad credit risk.

Write some letters of explanation for the negative items on your credit report. Your loan officer will be able to provide them to the underwriters and they can take your explanation into consideration when they are making their lending decision.

Seek professional help: the Center for Financial Health, a non-profit agency, offer Financial Fitness and Home Buyer Education courses as well personal counseling to inform you about your options and educate you about the home buying process.

Here is their phone number: (517) 708-2550.

A good agent will help guide you through this process. Feel free to contact me if you would like any assistance.
0 votes Thank Flag Link Sun Mar 10, 2013
I think you may have some options. Call a local lender or use the find the pro tab above. Good luck!
0 votes Thank Flag Link Sat Mar 9, 2013
Technical guidelines allow credit down to 580; realistically you need 620. I'd be happy to take a look at your situation more in depth. I head up credit coaching at my company, often times there are quick fixes, etc. ~ Chuck (248)703-9262
0 votes Thank Flag Link Sat Mar 9, 2013
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