Is it just a pipe dream? My husband and I desperately want a home. Our credit isn't great, but we can put down a decent down payment.

Asked by Robyn, 34741 Wed May 5, 2010

I heard that if you put down 20-25% of the loan, you are more likely to get approved with bad credit. Is this true? If it IS true, how should I chose a reputable broker? I am feeling completely overwhelmed in this process. I don't know who to pick, where we should live, etc. Any suggestions on a good Realtor too? lol.

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Antonio Vega…, Agent, Saint Cloud, FL
Thu May 6, 2010

My suggestion is you start at your local back, where you keep your checking and savings account. Since they have access to your records they will be able to give you an answer easily as to how much they could lend you based on your credit and history. If the amount they offer is close to what you want then an independent mortgage broker may be able to get you a little more money from an independent direct lender. Keep in mind that the lower the credit , the higher the interest.

Tony Vega
Charles Rutenberg Realty
2 votes
Bill Eckler, Agent, Venice, FL
Wed May 5, 2010

Buying a home is much like taking a long trip.....where the best results are experienced when proper planning is taken into consideration.

To identify an agent and location, at this time, may be premature. Your first step in the journey of purchasing a home needs to be collecting information on making financial arrangements. It would make no sense to persue an agent or find a home if you cannot get funding to buy the home.

Our recommendation is to begin by meeting with several 3-4 lenders to find out what programs are available, which would be best for your personal situation, and whether or not you can qualify for funding.

Robyn, many people feel their credit is very poor but learn they still qualify for financing. Begin your journey by meeting with a loan consultant. And if you don't qualify now....find out what you can do to improve your credit. The dream is waiting for you but you will have to reach out for it................

Best wishes,

1 vote
Idarousse Ch…, Agent, Celebration, FL
Thu May 6, 2010
Hi Robyn,
The first step is to contact a mortgage broker, they will be able let you know if you qualify for a loan or not. If you cant at that moment, they can give you suggestions on how to raise your credit score so you can get finanaced.

If you are looking for a realtor, it would be my pleasure to assist you with your house search.

Take care and good luck
0 votes
Jason Tropf, , Tampa, FL
Thu May 6, 2010
Hi Robyn,
I also work with the mortgage broker Erica mentioned below, Chris Brown. I would recommend him as an honest man. I am a realtor in the Tampa Bay area and I represent buyers and sellers from Tampa to Orlando, I actually work out of both locations. If you would like a very straight forward glance at your realistic options I suggest contacting someone like me and chris simultaneously to get home prices and your buying power matched up correctly to see what your options really are. It's a simple process. I can send you a list of everything on the market within your criteria.
Chris can tell me what your buying power realistically is and I can tell you what your options really are and facilitate the sale of the property at no cost to you.
I'd love to chat more about it with you. Send me a message on facebook:
0 votes
Linda Reming…, Agent, Lodi, OH
Thu May 6, 2010
Bill has given you some good advice. Your first step is to speak with the lenders that will determine whether or not they have a product to finance you for a mortgage. Erica is also very correct in stating that your credit score and history does play an important role in the underwriting process of acquiring a loan.
While the size of your down payment will have an impact on some of the loan process, a lot will depend on why your credit isn't great and the type of lender you are working with. Most banks do resell their loans much like the mortgage brokers so they all have to meet the same guidelines.
So, bottom line, you do need to speak to some lenders....explain your circumstances and guage their response. Do not make the initial application for a preapproval with them until you are comfortable with the loan officer/mortgage broker as numerous inquiries over an EXTENDED period of time will "ding" your credit score....within a 30 day window they are usually considered 1 do your research, and if you are given enough encouragement move forward, if not, find a lender that will give you some guidance on what you might need to do to improve your ability to qualify for a loan.
One other otion might be an independent local lender/bank that you may do your banking with that doe not resell your loan.

Good Luck!
0 votes
Erica Muller, Agent, Winter Garden, FL
Wed May 5, 2010
Hi Robyn,

I'm not sure where you heard that but it's not true. Credit is more important now than it has ever been. Banks are also taking into consideration your income, debt and past credit. The lending restrictions are very tight. Some banks won't even finance you with a co-signer anymore because they are still taking into consideration your credit. It's not impossible but don't buy into the hype. A lot mortgage specialists are just out there to tell you what you want to hear to get you in the door. I work with a very honest mortgage broker named Chris Brown. I suggest giving him a call:

Phone: 4073770500210
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed May 5, 2010

We've got a good mortgage broker in house, here in St. Cloud. Her name is Terry Young. Phone 407-908-2217. Give her a call.

Good luck,
Mark LeMenager
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