I NEED A PLACE TO LIVE ASAP AND WOULD LIKE TO BUY A TOWNHOUSE MY CREDIT SCORE IS ABOUT 630 AND MY INCOME IS

Asked by Amyanda, Tampa, FL Sun Aug 2, 2009

AROUND 32,000 IS THIS POSSIBLE?

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16
Alma Kee, Agent, Tampa, FL
Tue Apr 23, 2013
Dear Amyanda,

If you are a first time homebuyer you may be able to get up to $7,500 from the State of Florida Bond program if you can do what is necessary to raise your score to 640 and qualify for an FHA, USDA, VA or conventional mortgage.

One of my clients just bought a very nice single family home and only had to put $1,000 deposit and then got a check back for $375 at closing for her appraisal fee.

Call me if you need help.

All the best,
Alma Kee
http://www.SoldOnTampa.com
Future Home Realty
813.244.9898
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Apr 23, 2013
Good morning Amyanda,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
NEW YORK ONLY

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Alma Kee, Agent, Tampa, FL
Mon Apr 22, 2013
be VERY cautious to be sure you pay an attorney to verify the owner has equity before handing over any money. Unfortunately there are some unscrupulous predators that will tell you are buying the property on a rent-to-own but they don't have any equity and it eventually gets foreclosed!

So contact a credit union if your credit history is preventing you from getting a mortgage from Wells Fargo.
0 votes
FEMBI, , Tampa, FL
Mon Apr 22, 2013
Many factors go into determining whether you will qualify for a mortgage that you will want. The down payment you can contribute and the value of the property are important considerations in addition to your credit score and income. Please contact me to discuss your situation and needs in more detail.

Zac Tapp 561-308-1398
0 votes
Glen Rolley, Home Buyer, P & P Subdivision, Pflugerville, TX
Sun Apr 14, 2013
Im in need of a placeASAP and would like to buy a rent to owen home my credit score is about 630 and im retierd my income is around 22,000 is it possible..need help
thank you and god bless
0 votes
Becky Slocum…, Agent, Tampa, FL
Wed Aug 12, 2009
a 630 score will meet FHA guidelines and depending on your debt to income ratio and the details of your credit report you should be able to qualify for an FHA loan. There are so many great opportunities in our market today so you shouldn'r have any trouble finding a great property that will allow you to move in quickly. You could even do a pre-occupancy agreement wit the seller so you can move in prior to closing! Let me know if you need help finding a home.
Web Reference:  http://www.yourtampahome.com
0 votes
Alma Kee, Agent, Tampa, FL
Thu Aug 6, 2009
Amyanda,

If you don't already have a realtor helping you, there is a fabulous large townhouse that is owned by Fannie Mae that you can absolutely buy with 3% down (not even 3.5% down). It's in a great school district and very convenient to Tampa Int'l Airport, Westshore Business, Int'l Mall and Citrus Park Mall.

Ask your Realtor to show you today as it is bank-owned and will go FAST. You cannot delay on that one.

All the best,
Alma
Alma Rose Kee, P.A.
http://www.SoldOnTampa.com
813.244.9898
0 votes
Octavia Chev…, Agent, Indian Rocks Beach, FL
Mon Aug 3, 2009
What area you will like to buy, I think with your credit score it will be easy to find a townhouse but you should be looking at properties that are not on short sale they are taking longer to close,

Please call me at 727-403-8948, Octavia
0 votes
Alma Kee, Agent, Tampa, FL
Mon Aug 3, 2009
Dear Amyanda,

You might also look at properties that are offering "owner financing". Many owners are doing everything possible to get their condo or townhouse sold so they are willing to finance the mortgage.

Once you establish whether or not you can get financing and if the answer is "no" find a Realtor to find a property with owner-financing. Expecially if you can offer the owner all or part of your first time homebuyer money once you amend your tax return, you should have no problem.

Hope this helps.

Alma
Alma Rose Kee, P.A.
Charles Rutenberg Realty, Inc.
813.244.9898
http://www.SoldOnTampa.com
0 votes
Antonio, Agent, Tampa, FL
Sun Aug 2, 2009
Great........ the minimum required for FHA is 620 and they allow you to buy with as little as 3.5% down, alternatively you can opt for "homesteps" or "SHIP" programs.

HAVE OWNED A HOME IN THE PAST 3 YEARS? IF NOT.... YOU QUALIFY FOR A $8,000 CREDIT!!!

there's an abudance of Townhomes........ which side of town would you like to be in, considering job commute schools or other needs you might have?
We at prudential have one stop shop, including Title company, and back that up with a $1,000 dollar guarantee.
Also you can log in into my site and create auto notifications, price changes alerts etc....
Feel free to contact me and I'll gladly send a customized search, Antonio 813-785-7529.

Web Reference: http://www.hothomespot.com/
Web Reference:  http://www.hothomespot.com/
0 votes
Kenny Braver…, , Tampa, FL
Sun Aug 2, 2009
Yes, you would be able to qualify for a couple different types of mortgages, depending on the specific area your looking to be in. I would be happy to go over all the details with you - feel free to call me at 813-374-0076.
0 votes
Melissa Ante…, , Boca Raton, FL
Sun Aug 2, 2009
Please feel free to give me a call or send me a e mail to go over a pre qual.

Melissa Antenucic
Ameritrust Mortgage
561-417-9221
0 votes
Lisa Reeves, Agent, Tampa, FL
Sun Aug 2, 2009
Is that your middle score or just one credit bureau. Check your middle - you need about 10 points higher so have a mortgage broker look over your credit. Then decide which financing you can do - most likely FHA so you will need 3.5% down and a couple thousand in the bank for reserves. Based upon your income - you can afford a total of about $1226 a month for all your bills i.e. car, student loans, mortgage, and credit cards. Also stay away from short sales if you need to close on a property in less than 45 days. So this is basic but if you would like more complete information contact my mortgage broker Kevin Reeves @ 813-728-4992 or kevinsreeves@gmail.com. You can contact me as well and I can see if I can help you further. Good-luck.
0 votes
Mark Bjorkman, , Lutz, FL
Sun Aug 2, 2009
Like Allison says, you'll want to talk to a lender first. I can recommend a couple of lenders. It's hard to say how much you can afford with just your FICO score.

I don't think your going to find a Townhome in the Tampa area for $32k. You're going to have to look at at least $50k if you need to move in fast. You can get a condo for around $32k and still move in within a reasonable amount of time.

Phone#: (813) 333-9397
Web Reference:  http://www.LuxorDreams.com
0 votes
Loree Nichols, , 33647
Sun Aug 2, 2009
I definitely think it is possible, but you really do need to speak with a mortgage broker or lender. I can recommend several in the Tampa area that my clients have worked with and have been happy with. There are some incredible entry level deals out there right now!

Do you have a down payment and enough for closing costs saved up? If you can find a home and close on it before December 1st, you can get in on the $8k tax credit, but if you'll be purchasing a short sale you really need to get moving on it now as they can take several months for approval.

If you have further questions please don't hesitate to contact me.

Best wishes,
Loree Nichols
Loree@welovetampa.com
Web Reference:  http://www.welovetampa.com
0 votes
Allison Ables, , Gainesville, FL
Sun Aug 2, 2009
I suggest you talk to a lender. Getting pre-qualified or pre-approved will give you an idea of what price range you should be looking in and what kind of monthly payment you can afford with your qualifications.
0 votes
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