Home Buying in Tampa Palms>Question Details

Matt, Home Buyer in Tampa Palms, FL

I am looking to buy a house, my credit score is around 600. Im in college and only make around 19,000 a year. My parent would cosign on the mortgage.

Asked by Matt, Tampa Palms, FL Thu Jan 7, 2010

I am looking to finance through an FHA loan. My parent has good credit and makes around 42,000 a year with no mortgage under their name. Is my credit score likely too low to qualify even if I have a cosigner? What can I expect?

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Yes you can have a non-occupant co-borrower on a FHA loan. It may be a little more difficult to get a FHA loan at 600. I recommend having a loan officer check your credit and then go though your credit report with you to see if there are any things you can quickly correct to bump your score up. The most common things you can do to bump your credit score is to get mistakes removed and pay credit cards down to 30% of their credit limits.
0 votes Thank Flag Link Sat Nov 26, 2011
Matt,

Contact me via email or phone - 813-391-1545. I'm not seeing a problem with what you described. I may be able to get you into a home purchase located 10 minutes up the road from Tampa Palms with "0" percent down and "0" closing costs. Monthly "all included" payments will be $850-$950.A Great community and just a short drive to USF (I'm assuming your going to USF, am I right?)
0 votes Thank Flag Link Sun May 22, 2011
Matt I commend you for being a young person and on your way to financial stability. Homeownership is one of those ways. Talk to your lender. Make the adjustments in your credit history to make you a stronger buyer. When the time is right find that home.
0 votes Thank Flag Link Wed Nov 3, 2010
My credit is actually 640 and I am planning to make significant payments on my credit card and eliminate that debt in 3 months. Hopefully that will raise it a little bit. Do rent payments, utility payments, or anything like that count on the credit report?
0 votes Thank Flag Link Fri Jan 8, 2010
Matt,
Have you had a chance to speak with any lenders regarding your current situation? I have a few names I could give you.
In the meantime if you have any questions regarding the home buying process please do not hesitate to contact me at 813-849-8554
Mark Zabilowicz
Real Estate Professional
0 votes Thank Flag Link Fri Jan 8, 2010
Hi Matt,

i would suggest getting your finances in order first before looking at taking on the responsibility of homeownership. It's one thing to get the American Dream it's another to actually maintain it. As you can see around you many people with less-than-perfect credit were able to be sold mortgage products that allowed them homeownership. I would suggest you start with the basics and understand financing, credit and it's uses so that moving forward you are successful long term.
Since you are in college, why not take a class on compounding interest? That will blow your mind. Good luck!


Hannah Fliegel
The Credit Repair Expert
415-999-9348
0 votes Thank Flag Link Thu Jan 7, 2010
Anna is right, you need to talk to a loan officer in order to really lay out the scenario. There may also be grants available to you for down payment assistance or closing costs. Make sure you ask a lender about those or you might be leaving money on the table.

Good luck!!!
0 votes Thank Flag Link Thu Jan 7, 2010
Speak to any qualified loan officer(s) first, see what your budget can handle, check that score--he/she may have tips on how to best improve it in a short time. FHA requires a minimum of 620 -- it may be possible with a co-signer--again visit a loan officer(s).

Anna
0 votes Thank Flag Link Thu Jan 7, 2010
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