Home Buying in Cincinnati>Question Details

Amandaleach3, Home Buyer in Cincinnati, OH

Can I buy a house with less than perfect credit and no money down? Our credit scores are less than the 620 required.

Asked by Amandaleach3, Cincinnati, OH Wed Jul 4, 2012

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6
One way is a program that we have developped in Columbus and Cincinnati, OH. It is a modified lease option program, in which we examine your total situation to see if there is a possibility to fix your credit in 12-18 months. If we feel we can help you, we design a program for you and help you bring your credit score up. Meanwhile we look for suitable housing and put you in the house of your choice using a lease option with not option money from you. Ninety percent of lease options fail because people do not know how to fix their credit. People end up losing their option money. Ours do not fail.

As a Realtor, I can also help you find traditional lease options, but I would strongly advise you to get help from a bona-fide, honest and free credit counselor.

Mrs. Patricia Baxter, MA, MPA
MD Preferred
Cincinnati Ambassador
Realtor with Nextage Achieve Realty
Manager Charles Stuart Homes
513 891 9300 (office)
513 225 0045 (cell)
0 votes Thank Flag Link Tue Jul 17, 2012
When a lender looks at a prospect, they typically look at the total picture. In your situation it usually comes down to risk.....lenders are not usually jumping for joy at the prospect of coughing up 60, 70, even 100 thousand dollars for someone that says "I have never saved a penny so I have no down payment and I have trouble paying my debts so I have bad credit."

It's a matter of risk. However, it is possible to find a lender to look at your total picture - income, debt ratios, credit scores, etc. - and qualify you. But, I echo Jeanne's comments as they are very insightful.

Regardless of what you do, good luck!
0 votes Thank Flag Link Thu Jul 5, 2012
I would also caution you to be careful - be sure you can afford whatever you are buying - a bank will do its best to assure that your earnings are adequate to cover payments. But do remember that many borrowers got themselves into a heap of trouble by buying with little to no money down and then having the market turn against them and nearly instantly being in a negative equity position. Though the market now has years of correction under its belt and it is a great time to buy, the past reminds us that the future is anything but guaranteed.

Good luck - work with the best agent and mortgage pro you can find - look for professionalism, responsiveness --- and honesty.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Thu Jul 5, 2012
I have a mortgage advisor that can work with scores as low as 580. Of course all other factors have to be in place such as having a steady job and decent income. Give me a call and I will get you set up with him.
0 votes Thank Flag Link Thu Jul 5, 2012
Your best bet is to talk to a local mortgage specialist. Tony Fiorino at US Bank is someone i know who has worked with buyers that have less than perfect credit. If you are willing to live 20-30 minutes from the city, there is a chance you could get to closing without bringing a down payment. Please let me know if you want his contact info or if I can be of any help to you in your home search.
Brianne.kroger@cbws.com
0 votes Thank Flag Link Wed Jul 4, 2012
Short short answer is "probably", but I would think seriously about waiting, getting together a decent downpayment and working to raise your credit score. THEN you will be in significantly better financial shape, will have lower payments, and be able to secure better housing
0 votes Thank Flag Link Wed Jul 4, 2012
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