Interest in buy a house credit not that good, what can we do?

Asked by mary rhodes, Detroit, MI Tue Oct 23, 2012

My husband and I first house, got married two yrs. ago

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6
Derek Tunison, , Clinton Township, MI
Wed Apr 22, 2015
Tracy,

Depending on your situation, you may be able to obtain financing. There are lenders that will lend to borrowers with lower credit. I am a mortgage specialist in Clinton Twp. I would be happy to see if you could be pre-approved for a mortgage.

If you are interested, please call.

Derek Tunison
Sr. Loan Officer
Nowland Mortgage LLC
4195 Hayes Rd
Clinton Twp, MI 48038
Cell: 586-306-8995
Fax: 586-601-2798
NMLS 162605
0 votes
Donna Shaba, Mortgage Broker Or Lender, Whitmore Lake, MI
Wed Sep 25, 2013
Hi Tracy,
Most lenders require your credit score to be at least 620 or above. You definatly want to speak to a mortgage officer to see what products you may qualify for. There are 3 Credit bureaus and it will be based off your median score.
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Fri Sep 13, 2013
To qualify for a traditional loan, you are going to need a minimum credit score in the 620 - 640 range though most require 680. USDA loans with a credit score of less than 580 are denied if you have been late on any payments. (Reference: http://www.rurdev.usda.gov/SupportDocuments/CA-SFH-GRHUnderw…)

There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)
0 votes
Ron Ristovski, Both Buyer And Seller, Troy, MI
Tue Oct 23, 2012
Tracy,

First option is to speak with couple of mortgage people to get better perspective on when you can get loan and for how much.

Other options include rent-to-own program, lease-options, land contract, private owner financing.

Good luck,
Ron
http://www.TheBestMIHomes.com
http://www.AffordableMIHomes.com
0 votes
Anne Piekarz, Agent, Sterling Hts, MI
Tue Oct 23, 2012
Talk to a lender so (s)he can guide you to get your loan eligibility where it needs to be. I would highly recommend talking to Chris Ervin at First State - he's fantastic and actually answers his phone evenings and weekends 248-390-3443
0 votes
Vera Gonzalez, Agent, Sterling Heights, MI
Tue Oct 23, 2012
Tracy,

You have a lot of options. Please feel free to contact me I would love to help.

Vera
0 votes
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