ARE, Home Buyer in Lawrence, MA

Planning to buy a house, have a credit of 576, I want a one family home in Lawrence, MA with 2 or 3 bedrooms, will I be able to do it?

Asked by ARE, Lawrence, MA Wed Apr 4, 2012

Will I be able to find a house with my credit and putting down around 10,000 dollars. Can you let me now if I'm able to do it and around how much my monthly payments will be? Thank you.

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Irina Karan, Agent, Aventura, FL
Wed Apr 4, 2012
Even though you may not be able to buy right now, it is a great idea to go see a couple of mortgage pros and ask them what needs to be done to fix your credit scores. April 1st brought a change to FHA underwriting rules on debt. If it is over $1,000, it will need to be paid off before buying.
Besides the scores, you'll also need to prepare some financial reserves, money for downpayment, home insurance, inspections, moving expenses...

There are also some pretty good books on how to fix your credit yourself (starting from the smallest credit card, paying it off, then using the money you used to pay for the old card to pay a larger card etc.)

Good luck!

Irina Karan, CDPE
Beachfront Realty, Inc.
0 votes
I have looked into does things too, I have less then 10,000 in debt, will be giving a down payment of 10,000 and planning to buy a house for no more then 120,000.
Flag Wed Apr 4, 2012
Eric Erickson, Mortgage Broker Or Lender, Andover, MA
Wed Apr 4, 2012
620 middle FICO is the magic number today. You most likely need to work on your credit and bring up your score. You are not giving enough information. Income and complete credit profile is needed to evaluate a loan application. Also the property type is very important. Contact me by email or phone and I will discuss your situation.

Best of Luck
0 votes
ok, thank you, will be looking into a one family, no more then 120,000 going for 100,000, down payment of 10,000, and an income of 30,000
Flag Wed Apr 4, 2012
Richard Shap…, , Framingham, MA
Wed Apr 4, 2012
Not with that credit score. What is knocking it down?
0 votes
I'm actually re-building my credit up from bad credit, it used to be worst
Flag Wed Apr 4, 2012
Christopher…, Agent, Methuen, MA
Wed Apr 4, 2012
I work in the area and here is a link to my website with local 2 mortgage brokers that I would highly recommend. They are both licensed in MA and NH. Give them a call and they will be able to tell you pretty quickly if you can qualify. Feel free to tell them that I gave out their names. Good luck!
0 votes
thank you
Flag Wed Apr 4, 2012
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