Should I continue renting or look for a program like section 8 or something similar to buy....?

Asked by Lyrch07@gmail.com, Mon Mar 3, 2014

5 person family, credit scores are between 600-650.... income around $2,200 a month after taxes...

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4
Ken Fairchild, Agent, Reynoldsburg, OH
Mon Mar 3, 2014
Hello,

Given the information you've provided, we should be able to get you into a home to keep you from throwing money away on rent. There are options that we can explore including down payment assistance. Please give me a call when you're available to discuss the particulars of your situation. I can assist you with finding a home and also repairing any credit scores if need be.

Thank you!
Ken Fairchild
Key Realty
614-353-4958
1 vote
Heather Wise…, Agent, Columbus, OH
Mon Mar 3, 2014
There are other down payment assistance programs and no money down programs here in Franklin County, in addition to OHFA. You can often get qualified with as low as a 580 credit score, but there may be additional underwriting conditions. I would be happy to help point you in the right direction so you have a better idea of what you are looking at if you choose to purchase.
Best Wishes,
Heather Wiseman
0 votes
, ,
Mon Mar 3, 2014
Hi, Section 8 would be rental assistance (for those that qualify) who are looking to rent in pre-approved housing. The down payment assistance that we mostly use is OHFA (requires a minimum mid score of 640). They typically only give 2.5% and sounds as though your scores may or may not fit. If your scores are 620+ you could qualify for VA (if you're a Veteran 100%) or if you buy in the right area, you could possibly qualify for USDA (100% financing) and if the seller is willing to pay your closing costs then, you could possibly purchase with little out of pocket. Otherwise, the only options left with less than a 620 score are VA (if you're a Veteran) and FHA. FHA, you'd need 3.5% down (can be gift and/or you could use retirement funds). Since you're asking for assistance and if FHA is the only way, sounds like you'd need to save money for down payment, closing costs (not covered by seller), moving expenses and up to 6 months of cash reserves.That way you'd really be ready. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.
0 votes
Cyndi Stone, Agent, Grove City, OH
Mon Mar 3, 2014
Your credit scores are good for purchase, and there are no down payment programs that can help you if you don't have enough to put down. It shouldn't be a problem to find you a home that you can afford if you'd like to purchase, or explore your options.

Email or call me: cyndi.stone@kingthompson.com; 614.571.2107 and we can talk about some options. No obligation of course, just helpful info!
Thanks! Cyndi
0 votes
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