Hello, I was wondering if there is another way in purchasing a house besides getting a loan with my bank?

Asked by Mallory, Black River Falls, WI Mon Jan 13, 2014

I have credit of 600 and my bank wants a little above that and some debt paid. I was wondering if there was another way in purchasing a house? Also if there were maybe any rent to own homes available. Thank you.

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Ashley Pimen…, Mortgage Broker Or Lender, Lombard, IL
Wed Jan 15, 2014
Hello Mallory,

There are many lenders out there, all with different requirements. I work with over 40 different lenders to provide more opportunities for my clients. We go down to 500 fico scores, but the score itself doesn't matter as much as the information provided on the credit report. Lenders look at the following; income, assets, liabilities and creditworthiness. Feel free to contact me with questions, or to get a free professional assessment.

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
Licensed in IL & WI
0 votes
Dan Tabit, Agent, Issaquah, WA
Mon Jan 13, 2014
There are several financing sources available who have varying requirements to qualify. A local mortgage broker may be a good source, they shop many wholesale sources for rate, fees and underwriting options.
Your score should allow you to qualify for some programs, but scores don't guarantee approval. It may be useful to see why your scores are there and consider doing some credit repair. Higher credit scores will expand your options and potentially lower your rate.
I would discourage you pursuing rent to own. You either already qualify for an outright purchase or can very soon with the right changes. Rent to owns are Renting today and maybe owning someday. With rates and prices potentially going up, the sooner you qualify for financing the more home you'll be able to afford in your budget.
0 votes
Joseph Roraff, Agent, Onalaska, WI
Mon Jan 13, 2014
Yes. There are. Marine Credit Union gives home loans to buyers with less than perfect credit scores because they do in house loans.
You can also do a land contract with a seller. That means the seller holds the loan instead of the bank. Most sellers don't do this, but keep looking there might be someone out there. Good luck!

Joe Roraff
OneTrust Real Estate
0 votes
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