i have a credit score of 561 would like to purchase a home any suggestions on bank or land contract

Asked by Beth, 49269 Thu Sep 16, 2010

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Bob McClure, Other Pro, Walled Lake, MI
Fri Sep 17, 2010
good evening...rather than going land contract...let's get you re-scroed, and a timely gameplan to fix your credit...so you can buy with as little down as possible..and a great interest rate..
best regards
bob mcclure
mortgage one
brighton, michigan
0 votes
Ben Latocki, Agent, Jackson, MI
Fri Sep 17, 2010
Hi Beth,
If you are looking to buy a house on land contract, we have a full list of land contract homes available in the Jackson area. Just follow the link below. I also have a video posted that explains how the land contract process works in Michigan. Let us know what you would like to see, and if you have any questions. Happy house hunting!
Thanks, -Ben Latocki, Broker - Production Realty
0 votes
Michael Beis…, Agent, Jackson, MS
Fri Sep 17, 2010
Beth- I would (in my opinion only) reccommend you check with a lender and see what they would like for you to do. Some loans can get done (conventional loans) with a lump sum down which can make it easier to obtain when credit challenged. Check with a local lender for the specifics. Land Contracts are what I am doing the most of right now and the best things about them is generally you can get a fair intrest rate, a fair term, fair down payment, and possession of the property generally within a few days on up to what ever is agreed upon. " In my opinion" I offer, nor intend to offer or insinuate no legal advice, no financial advice, nor any other advice that would constitute a profession that I am not licenced in. You may contact me directly with any question at 517-392-5894 or at mike@goodearthlink.com. Michael Beiswanger, Good Earth Real Estate, LLC 517-784-2024 ext 3216
Web Reference:  http://www.goodearthlink.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Sep 16, 2010
Beth,
FHA may be your best bet. These loans aren't as score driven as conventional loans. Find a local mortgage broker who offers FHA loans and talk to them about getting either pre-approved right away, or determining what you'll need to do to qualify. As a lender I've assisted clients in the past that needed to get a few things cleared up before they met the guidelines. By working with a lender first, rather than trying it on your own you'll have a good idea where to put your efforts if you can't get approved right away.
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