I am a first time home buyer. I am a widow and single mother. I have bad credit. Was curious if there were any grants or programs to help me purchase?

Asked by Teressa, Virginia Wed Sep 7, 2011

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Nathan Coryell’s answer
Nathan Corye…, Agent, Alexandria, VA
Tue Jul 10, 2012
The first thing to start working on is the Credit Situation, Yes there are government programs and also state programs out there that can certainly help you out! There is a government grant program that assists with your cash down payment, and or closing costs or both! There is also a 1st time homebuyers loan, done through the VHDA (Virginia Housing and Development Authority) its called an FHA+ LOAN! And many other programs as well, However all of these programs require you to have good Credit! You should start on the credit situation first and foremost, I have an extremely good Credit Repair company that I can refer you to if you are interested?
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Jason Smith, Mortgage Broker Or Lender, Herndon, VA
Fri Nov 11, 2011
Hello Teresa, it all depends on how bad your credit is. In order to obtain a mortgage you will need acceptable credit scores. If you are seeking FHA financing your score shoud be at least 650. With FHA you will need a down payment of 3.5% of the sales price. If you are purchasing a home for $200,000 you will need $7,000 as the minimum down payment plus closing costs. Get a copy of you tri merged credit report and look for derogatory credit. If there are any open unpaid collections are judgements contact the creditor and deal with them. To sum it up you will money for down payment and closing costs. You will need an acceptable credit. Your total debt should be no more than 42% of your gross monthly income.

Jason Smith
Senior Loan Officer
Primary Residential Mortage
1604 Spring Hill Road, 2nd Floor
Vienna, VA 22182
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Jim Acors, Agent, Fredericksburg, VA
Mon Nov 7, 2011

Having "bad" credit can actually be a pretty easy fix, depending on why your credit is low. Is your low score due to missed payments, or is it because of high balances on unsecured debts. We work with several lenders that have employees work solely on clients credit scores and in most cases are able to help you raise your score pretty easily. Of course this process does not happen overnight, but putting in a couple months to bring your score up could potential save you thousands of dollars in the long run.

There are also several grant programs out there, each having specific guidelines for qualification. If for some reason you do not qualify for any of the current grants, there are also several loan programs such as VHDA and USDA that can be used to finance up to 103% of the purchase price.

I hope this was helpful,

Jim Acors
Avery Hess Realtors
13000 Harbor Dr, Woodbridge, Va 22192
Twitter @TeamAcors
Web Reference:  http://www.TeamAcors.com
0 votes
Faiza Alvi, Agent, Woodbridge, VA
Wed Sep 7, 2011
Dear Teressa:

I would like to know more about your credit and job history before making a suggestions. The first step to buying a house is to know exactly where you stand, I highly recommend getting together with a knowledgeable lender and start the work. I know a lender who have helped many clients follow the steps to shape up their credit and get ready to buy a home in as less as 3-6 months. There are some programs for 1st time home buyers - which assist in closing cost /down payment.
Please give me a call at 703-389-7973 or email me: falvi@pwrealty.com & I'll be glad to help you!!
Hope this information is helpful to you - Good Luck!!

Best Regards,
Faiza Alvi - Realtor®
Prince William Realty, Inc.
703-389-7973 (Direct)
703-580-9995 (Fax)
Web Reference:  http://www.house2homeva.com
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Cindy Jones, Agent, Alexandira, VA
Wed Sep 7, 2011
Teressa- Lenders are very tough these days on credit issues and there are minimum scores that are needed for most loans. In Virginia you might want to look at the options that through the VHDA. You can check out their website for ideas: http://www.vhda.com/Pages/Home.aspx

You should also talk to a local lender about your current income and credit scores to see what options you may have. It's great to want to start thinking about buying a home for your family. If you need a referral to a local lender who is familiar with VHDA loans please feel free to drop me an email.
Web Reference:  http://www.cjrealtygroup.com
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Lauryn Eadie, Agent, Reston, VA
Wed Sep 7, 2011

Contact Terry Schenck with Prosperity Mortgage. terry.schenck@prosperitymortgage.com; 703-502-3252.

He can answer your questions about how to get you into a home loan!

Good luck,
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