I have poor credit ,and little down payment,my daughter and i would be purchasing together so she would have something when im gone . My daughters

Asked by Deb, Grinnell, IA Mon Oct 5, 2009

credit is fair what are the chances we could buy a home with low to median cost say not above 85,000 dollars

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Matt Karjala…, Agent, Grinnell, IA
Tue Aug 5, 2014
Hi Deb,

You may be able to co-
sign something with your daughter or she may be able to purchase on her own. Definitely talk to a couple of lenders first before you invest too much of your time into looking at properties. I recommend talking to both a local bank and credit union. Between the two of them they should very clearly be able to show you what you and your daughter will be qualified to purchase.

Good Luck!
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Jane Pagel, Agent, Denison, IA
Thu Jan 14, 2010
I would refer you to a local banker you trust to get pre-approved first. And if that bank can't help you, ask them to refer one that could. If your daughter is your only child, the tax issues when you do pass on probably wouldn't be too bad, but if she's not, talk to a tax attorney first (might want to anyway). If you don't have the funds, ask first, but most attorney's will give you the first Q & A session at no charge. Know what you are getting into before you commit.
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Sally Lovig, Agent, Grinnell, IA
Wed Jan 13, 2010
Hi Deb,
Best idea is to talk to a lender/bank to get preapproved. If they check your credit they may find that you can improve it. Different loans have different credit requirements. I am a realtor in Grinnell and would be happy to help you in any way. Give me a call at 641-990-2503. Sally Lovig
Web Reference:  http://SallyLovig.com
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Michelle Ben…, Agent, Cedar Rapids, IA
Mon Oct 5, 2009
Well, there are a lot of factors as far as qualifying you to purchase based on what you say here. Poor credit and fair credit are somewhat subjective themselves. When you say fair do you mean a FICO score above 630? If yes, that improves your chances. What are your debt to income ratios like? This is another important part of purchasing - if you have good income and very little debt (i.e. your house payment and all other payments combined are less than 30% of your gross income) that is another factor in your favor. As your income to debt ratio increases, the chances of you getting a loan decrease. Do you have any judgements or liens against you? Understand that any collections, judgements or liens will typically have to be paid off prior to closing.

University of Iowa Credit Union in Grinnell has some in-house loan products that are often good at working with challenges. I would suggest giving them a call, they can do an application over the phone for you and just tell you where you stand. They also have a program to loan you the $8000.00 first time homebuyer credit if you qualify that you can use as down payment.
Web Reference:  http://www.skogman.com
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"Carolina Jo…, Agent, Charleston, SC
Mon Oct 5, 2009
Contact a direct lender (a bank) and set up an appointment to discuss your specific situation. they will be able to tell you what type and amount of financing you can qualify for.
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