Home Buying in 10977>Question Details

Needs a Mira…, Home Buyer in 10977

I am quite tired of renting and I am interested in buy a small 2-3 bedroom condo! Have almost nothing for down payment and my credit needs improvement

Asked by Needs a Miracle!, 10977 Wed Sep 23, 2009

What do you suggest I do?

Help the community by answering this question:


Good afternoon,

First step:

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. The Mortgage Banker can review your credit and give you a clear estimate of where you stand on your credit today.

If your credit is less then outstanding here are some steps to help fix your credit:

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon Apr 29, 2013

it seems like you have had your questions answered i am a local mortgage bank and if you would like to come in and talk about all your options please call 516-233-4842 or email me vaiossa@unitednorthen.com

My address is 3601 hempstead tpk levittown NY 11756
closing on refi 14 days
purchase closings 21days -
0 votes Thank Flag Link Fri May 14, 2010
good answers, work on that credit, if you need someone local i know someone in Nyack and when your all set to start looking at condos and townhouses in Orange or Rockland county ny, go to http://www.OrangeAndRocklandHomes.com and start looking!
Thank you,
Bill Smith
Keller Williams realty
0 votes Thank Flag Link Wed Feb 17, 2010
Hi September Miracle,

You might be able to qualify for an FHA mortgage with a low credit score but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.

Hannah Fliegel
The Credit Repair Expert

0 votes Thank Flag Link Sun Feb 14, 2010
All good responses. Buying a condo is not out of the picture, but you definitely need to do this in steps. Address the credit problem first. If you score is below 620 (for an FHA) than that needs to be repaired to qualify for a loan. It may take several months, but be patient. Find the right person to help you fix your credit.
Once you are close to finishing your repair, it's time to find your condo. An FHA loan only requires 3.5% down and as Rhonda said, it is important to find a development that is FHA approved. Keep in mind that even if the development isn't FHA approved, you may still be able to buy a unit with an FHA loan. There are a couple of key conditions for an FHA loan that the condo board may agree to and then there is no problem in buying FHA .

Keep believing in your miracle. Just remember miracles don't happen over night. Find the right person to help with your credit and the right agent to help with guiding you towards your dream.
0 votes Thank Flag Link Sun Feb 14, 2010
Dear Home Buyer who Needs a Miracle,
I hear you loud and clear! As suggested by my fellow realtors below , you should consider fixing your credit first while keeping saving more to put more toward your down payment. Once you are ready, (believe it will be sooner than you think) you may choose a Realtor from trulia or else to help you with such an exciting but yet complex process to you. Of course, I would recommend myself for not only I specialize in Spring Valley but I know I can find you something once you are financially ready:)
Don't be discouraged. Miracles only happen when you believe in them and make them happen.
Good luck and take care,
0 votes Thank Flag Link Wed Sep 23, 2009
There are community development organizations in Rockland that can help you repair your credit and assist you with obtaining grants toward a down payment, similar to Acorn and NHS, which Rhonda mentioned. Send me an email better describing your situation and I will point you toward the appropriate agency.
0 votes Thank Flag Link Wed Sep 23, 2009
Hi Home Buyer,

There are some lower priced condos for sale in Rockland county. You say yo uhave very little to put down adn poor credit. Are you a first time buyer? If so, if you can find something and close by November 30th, you would be eligible for the $8,000 tax credit. Do you qualify for FHA loan. There are many factors we have to take into account, but there is the potential for you to buy. If you ar not already working wiht an agent, feel free to call me with more details.
Good Luck

Maureen McEnroe
Joyce Reallty
0 votes Thank Flag Link Wed Sep 23, 2009
Hello, in today's market the banks are much more strict and they are looking to invest in better buyers. In your situation since you have credit and down payment problems you can still get your condo. In your case, you can apply for an FHA loan which requires only a 620 credit score and a 3.5% down payment. If you use this method you will need to make sure the condo building you want to purchase in is FHA approved, your mortgage rep can tell you this.

You may also want to ask your mortgage rep about SonyMae and GinneMae loans for condos.

Plus, you can also get down payment assistance from services like ACORN and NHS (Neighborhood Housing Services).

In closing on my answer, I always feel that if you're not able to save towards a purchase or keep up with your credit, it makes me wonder if you are ready for this type of financial investment at this time. But I wish you luck in finding a property that makes you happy.

I hope my answer has helped you.
0 votes Thank Flag Link Wed Sep 23, 2009
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