My husband and I are looking to buy our first home. We have bad credit. Not much money to pay down.

Asked by , Howell, MI Mon Dec 8, 2008

Is it possible?

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6
Barry Lynn M…, , Trussville, AL
Tue Dec 9, 2008
Stephanie

FHA IS YOUR BEST BET-- but if you do indeed have bad credit then that want work at this time and I have a program that will possible work for you so if FHA doesn’t work give me a call. I wish you the best

If you do get FHA approval I live just off the Coldwater/Munford Exit and I would love to help you find your perfect place.

"Your Complete Real Estate Professional"
Real Estate Agent
Mortgage Broker
Credit Repair Spec.
Private Money Investments -FHA Altern
0 votes
The Hagley G…, Agent, Pleasanton, CA
Mon Dec 8, 2008
It depends on your FICO scores, debt to income ratio, income, and more. I would talk to a local mortgage broker...who will most likely advise you to explore FHA
Web Reference:  http://www.cindihagley.com
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Dallas Texas, Agent, Dallas, TN
Mon Dec 8, 2008
Only a mortgage broker who has reviewed your credit scores, debt ratio, financial statements, employment history would be able to provide your expert answer. In some instances YES, however banks now require you have 3% to 20% down payment.
Web Reference:  http://www.lynn911.com
0 votes
NANCY LOCKLAR, Agent, PELL CITY, AL
Mon Dec 8, 2008
If this is Munford Alabama you may qualify for Rural development which means o down and no PMI making your monthly payments lower. I actually have a home in Eastaboga that we are trying to short sale that I may be able to get you in for next to nothing. Call me if you are interested and I will give you some names and numbers of lenders that handle that and we can get you in a home.205-739-8466
0 votes
Frances Flynn…, , State College, PA
Mon Dec 8, 2008
FHA financing has always been a mainstay for credit challenged borrowers. Down payment requirement is 3.5 percent and underwriters enjoy broad discretion in approving loans. Find a lender with a proven track record of success with this type of situation and consider the following links. The first discusses a letter of explanation for credit discrepancies and lapses in employment:

http://www.trulia.com/blog/frances_flynn_thorsen_srs_e-proa/…

The next discusses compensating factors that may weigh in your favor in receiving loan approval:
0 votes
Scott Slocum, , Fort Myers, FL
Mon Dec 8, 2008
Stephanie without the total picture of your credit report and other information it's tough to just come out and say yes it's possible.

But this is what is possible... A great loan product for your to consider is a FHA Insured Mortgage. They require as little as 3% to 3.5% minimum buyer investment and allow for the seller of a property to contribute up to 6% of the purchase price towards your buyers closing costs.

The next best thing to do would be to contact a local community bank in your area. Pose the above question to them and ask for assistance. They may or may not be able to do a loan for you however they may be able to put you in touch with another area mortgage professional or guide you in the right direction with your credit and finances to purchase a home in the next few months.

Scott Slocum, REALTOR®
Licensed Real Estate Broker Associate
Florida Future Realty, Inc.
2816 Del Prado Blvd South Unit 2
Cape Coral FL 33904
Direct: 239-340-1384
ScottSlocum@FloridaFutureAgents.com
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