I am a teacher with a pretty low credit score looking for programs available in Mass. to help with loans or down payment assistance. Thanks

Asked by Cathg518, Lowell, MA Wed Sep 29, 2010

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Dayle Doherty, , Chelmsford, MA
Mon Oct 4, 2010
BEST ANSWER
Hi Cath!

Where do you teach? I'm a Special Needs Teacher turned loan originator, so I'm well versed in good neighbor programs for teachers, firemen and other public professionals! My mother and I own a mortgage company where we work with several different investors, so availability of programs is never an issue for us. My office is in Chelmsford if you'd like to come by for a coffee and we can review some of your options.
Give me a call or e-mail at 978-944-6671 or dayle@phoenixmortgage.biz.

Looking forward to helping you, and happy teaching!
Dayle
0 votes
Raul Rodrigu…, , Massachusetts
Wed Sep 29, 2010
My name is Raul Rodriguez an agent @ Dick Lepine R. E. Inc. Call me at 978-441-2100 ofiice
978-726-2071 Cell.
1 vote
dave, Agent, Charlotte, NC
Mon Oct 4, 2010
there si a program through HUD called the neighbor next door which helps with down payment assistance and purchasing of homes. Teachers are one fo the categories that qualifies for this program. Here is the link to the website for details on the program: http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

Also, check with a GOOD mortgage proefessional and see what your credit score is. You still will need a minimum credit score average to qaulify for a mortgage. A good loan person will eb able to tell you what you may need to do to get your credit to an acceptable score.
Web Reference:  http://www.davedicecco.com
0 votes
Tom and Joan…, Agent, Boston, MA
Mon Oct 4, 2010
Cath:

My advice would be to wait until you get your credit score up before buying. Contact a good loan officer and I am happy to refer you to some if you want to contact me directly. However, with historically low interest rates it is in your interest to get the lowest ones possible and this equation is directly related to credit. Once you have repaired your credit you will then be in a great position to make a move on a property. Best
0 votes
Scott A. Nel…, , 02155
Wed Sep 29, 2010
You might also check with the MTA and other credit unions for programs. Also check with the office of community development in the city/town you're interested in and they'll work with you. Municipal employees such as teachers are sometimes eligble for the "lottery" system for some home purchases in certain communities.

Hope that helps,
Web Reference:  http://www.MedfordHouse.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Sep 29, 2010
Exactly how low is your score--if you haven't done so, do visit with any qualified loan officer(s) as he/she can best advise you--and if your credit needs improvement, your loan officer can suggest great ways to best improve it in the fastest time--then go from there.
0 votes
michele cado…, Agent, Brooklyn, NY
Wed Sep 29, 2010
There is a program call the teacher or cop next door program. I would suggest that you speak to a local lender or google your state to see which instution offers assistance programs.
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Deb Nicholls, Agent, Concord, MA
Wed Sep 29, 2010
There are some programs for more affordable housing loans that would reduce your monthly payment and don't require much of a down payment, but they require a decent credit score. My advice to you is to spend the next year working to improve your score. Interest rates are also tied to your score, so the better it is, the lower your rate, and the more house you can afford.

Good luck!
Web Reference:  http://homes.debn/net
0 votes
George Lewman, Agent, Englewood, CO
Wed Sep 29, 2010
Cath, Check with a mortgage broker / banker in MA for programs that will help you. I don't know what you mean with a pretty low score. Typically, FHA will loan in the 580-620 range, VA (if you are a veteran), allows a pretty high debt to income ratio (DTI). Many cities, counties and states have down payment assistance programs.

HUD has a teacher next door program where they allow certain of their repossessed homes to be sold to qualified teachers for as little as $100/down. Contact a Realtor who works with HUD Homes in your area to find out what HUD homes match this criteria. You can check out the HUD homes Tab on my website for the homes in the six state region out west. If you want, I can help you find the link to the MA area HUD contractor. I can also find a Realtor in Lowell if you need that assistance.


Good Luck,

George
Web Reference:  http://www.georgelewman.com
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