I'm interested in a home that is offered through the homesteps program. How does this program work, do i?

Asked by Nayelly, Kansas City, KS Wed Jun 10, 2009

need a a high credit score to qualify? What do i need in order to qualify

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3
Dallas Texas, Agent, Dallas, TN
Thu Jun 11, 2009
All other agents are correct, lender for loans, need confirm you have ability purchase that home.

620 credit score + , 3.5% down payment, debt ratio, employment history, 2 years financial statements

THAT IS NORM, however I do not have required info. make any further detailed information.

Your buyers agent should be able review all with you.

RULE of thumb: Never purchase a home direct from a bank, builder, for sale by owner, listing agent UNLESS you have your OWN agent who represents you.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911
Web Reference:  http://www.lynn911.com
0 votes
RJ Avery, Agent, Forney, TX
Thu Jun 11, 2009
Yes you will definitely need a good credit score but im no sure that it has to be much higher than the standard FHA's 620. If you would like to call me @ 214-682-0598. I can connect you with a lender that does homepath and then we can look at the house and make sure its a good deal.

RJ Avery
214-682-0598
Web Reference:  http://www.findapadfast.com
0 votes
Dominick Dina, Agent, San Antonio, TX
Thu Jun 11, 2009
Nayelly,

Homesteps is a FreddieMac program for realse of REOs. You really need a professional real estate agent to assit you with the process. Tehre are a lot of pros and cons on buying properties from a bank. It can be tricky.

A mortgage specailist also is needed to asnwer your questions about qualifying for a loan.

You may already have seen this web site: http://www.homesteps.com/hm01_1findahome.htm

Good luck!

Dominick Dina
0 votes
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