fg.kidslover, Home Buyer in Atlanta, GA

My credit score is 547 and I want to buy a house, I make 40K per year and a good job that will allow me to buy a house, is anyone out there willing to

Asked by fg.kidslover, Atlanta, GA Tue Jul 2, 2013

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Becky Sandov…, Agent, King, NC
Tue Jul 2, 2013
There are several ways to increase your credit score so you can qualify for FHA financing and take advantage of some down payment assistance programs and lower interest rates. Contact a good mortgage lender in your area and they can guide you in cleaning up your credit and in a few months you may be able to buy a home. Good luck
1 vote
taborjim, Both Buyer And Seller, Hillsboro, OR
Tue Jan 13, 2015
The answer depends on many factors. Such as do you have a down payment in the 10 to 20% range. How big of a house, how long do you plan on being in the house, are you willing to make some repairs on a home,and how much can you afford for your monthly payment?
A traditional mortgage company or bank will have you pay a higher interest rate and expect a higher down payment. You should look at credit repair options to remove or improve any bad marks against your score.

You can look into lease options or Rent to own houses where you are a tenant buyer and as such you agree to lease the home from the seller. Your option price is the agreed price that the seller and you agree upon to purchase the home and it has an expiration date. For example, your option buy price may be at the market price in 5 years or some other agreed upon price. The cost of your option say ($10K) acts like a down payment and can be applied toward the purchase. Sometimes a percentage of the monthly lease or a flat rate can also be applied toward the purchase. So you in essence you own the property for 5 years and can reapply for a traditional mortgage company as your credit improves.

At the end of five years the option expires, you must have arranged for another form of financing the property paying off the seller before it expires. If not your $10 K then belongs to the seller. They can then agree to renew your lease or ask you to move out. An option obligates the seller to sell to you within the 5 years at a certain price and you are not obligated to buy.
0 votes
Dennis Evans, Agent, Clifton Park, NY
Tue Jul 2, 2013
Here are some things that might help you out.
First.... Go to your local Bank, Credit Union or anywhere you trust that does home mortgages... Explain your situation and ask if they have any programs that might help such as first time home buyers or local incentives, etc....
Have them pull your credit score and report... review it! You might be surprised to find out it may contain errors that may be easily fixed which may boost your score quite a bit...
Then you may not have any problems or issues and be able to buy something at a low interest rate...
But those are the first steps to take... they will guide you from there and point you to a great Realtor and onto your new home!
Good luck!
0 votes
Jirius Isaac, Agent, Kenmore, WA
Tue Jul 2, 2013
The minimum credit score you can buy a house at FHA is 580 as far as I know. I should be able help you get your score up if you want to work with me. Please contact me directly if you would like some help.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
Web Reference:  http://TriStarFinance.com
0 votes
Christopher…, Agent, Camp Hill, PA
Tue Jul 2, 2013
Most Lenders are looking for scores to be 620 and above some will go as low as 600. The best thing for you to do is get in contact with a local lender and see what there requirements are and to check you scores all on 3 credit bureaus sites and see what is on there that should not be and what you can take care of by paying or disputing. Your local lender can also assist you in this process. Hope this helps and best of luck to you.
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Jul 2, 2013
The rules for lenders are fairly strict, but knowing how to work with the rules can really help. Your credit score is only one issue, your income, assets and job time are others. The only final answer can come from a lender who looks at a complete file, but in the past several years, scores below 580 have very little if any options.
At 580 they exist, but are limited and generally require a higher down payment. Once you are into the 600's your options expand and the higher your credit the greater the options available and the lower the rate will be.
I want to agree with Becky, look into doing some legitimate credit repair. Dispute any inaccuracies on your credit report, pay down high balances to 1/3 or less, use your credit but don't abuse it. Do not close any accounts or pay off any old collections until your lender instructs you to.
Best of luck.
0 votes
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