I don't have a perfect credit score but have a great career, how do I qualify to purchase my first home?

Asked by Cmoyo, 40243 Fri Nov 20, 2009

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Nancy Keith…, Agent, Louisville, KY
Fri Jan 1, 2010
What do you consider a perfect credit score?
0 votes
Debbie Simms, Agent, Louisville, KY
Sat Nov 21, 2009
Kevin is right in that you should find someone you are comfortable with, that you can understand and who knows what is going on in the marketplace. You may already have someone who fits that bill. If not there are great options depending on your needs and personal preference!
0 votes
Kevin Griess…, , Louisville, KY
Fri Nov 20, 2009
I agree with Debbie with one exception. You ALWAYS want to get more than one opinion on a first time transaction. Once you establish a relationship with a service provider, then it is different. She has a relationship with her preferred lender but you don't. I suggest contacting at least 3 different lender options. I usually recommend 2 mortgage brokers (like the guy she recommended) and your local bank. If you are unhappy with the options they provide or they offer no options to you, that does not mean you are out of options. There is the possibility of finding private funding or owner financing. I would be fascinated to hear how your search for funding goes, and I would be thrilled to help you find the right property once you know what you can afford. If you need help with the private funding, owner financing or even additional brokers or banks, don't hesitate to call.

Kevin Griesser
Elk Creek Realty
0 votes
Debbie Simms, Agent, Louisville, KY
Fri Nov 20, 2009
Get a mortgage expert that is near where you live or work and ask lots of question. The reason you want someone close is so you can work face to face and review everything as needed. That will eliminate much of the fear of the first purchase process. Some of the top realtors in your area use the same mortgage expert that I do. I'll drop his web site in below. He told me recently about two forgivable 2nd's for Jefferson County, one for up to $10,000 and the other one up to $4,500. I think he said they are forgivable over 5 years. If you can grab one of those on top of the tax credit - Whoo Hoo!!!
Web Reference:  http://jamessimms.com
0 votes
., , L' Anse, MI
Fri Nov 20, 2009
Do you have any of the following:

A documented history of Rental/Lease Payments
Any new education that can translate into future earning increases
Evidence of Credit Card paydowns or payoffs

There are more things that an Underwriter may consider. FHA has programs that may reduce lender risk when you purchase certain types of homes, such as energy-efficient.

Keep in mind that not all Lenders and/or Banks have the same products. Shop yourself around for pre-qualification at all of the banks within a 14 days period.

Not knowing you or your personal situation, I can only comment in a general way.
0 votes
Leigh Hays, Agent, Altanta, GA
Fri Nov 20, 2009
You may be able to purchase a home with an FHA loan. FHA loans are really great options for less than perfect credit. Typically you will still need to have 620 credit score along with 2 yrs. steady employement. Your best bet would be to find a lender in your market who can help you see if this would be an option for you. Most lenders will work to help you improve your credit score if you need to increase it qualify. I would encourage you to find a lender who has an office locally and someone you can sit down and talk to about your specifics versus going online. Many times a lender may know about additional down payment monies/grants/programs which you may qualify. Good Luck!
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