i have less than perfect credit but have a good stable job and low debt ratio. what are my options for buying?

Asked by Darryl, Gulfport, MS Mon Feb 2, 2009

a house?

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Mike Linkena…, Agent, Jacksonville, FL
Fri May 22, 2009
A 580 score can get you a home in most cases right now. Proved no collections
0 votes
Damion Flynn, Agent, Saucier, MS
Fri May 22, 2009
Suzi has offered some great tips here but you may also want to look at all that is available on seller financing and even potentially lease options as they can offer a great way to get into a house now while you are working on your credit.

There are so many options that you would really need to discuss it with a knowledgeable agent or broker. If you are not currently working with someone, I would be glad to assist (albeit I realize I am answering a bit late here). We deal in a lot of these types of agreements and know of several new home builders who will consider them with less than perfect credit. You can see some of these homes on our website at http://mscoastrealty.com
0 votes
Suzi Gravens…, , Biloxi, MS
Tue Feb 3, 2009
Hello. Great answers already. There are also some trustworthy rent-to -own real estate groups. Cal Realty Group in Biloxi has unists in Gulfport, Biloxi, Diberville. Of course there are other companies with rent to own as well.

There are also several home buying counseling groups such as: Mercy Housing and Human Dev.
Ann Wilson*
Christine Blair
1010 Ford Street
Gulfport, MS 39507
228-896-1347 fax

and : Visions of Hope
Sarah Walker
618 Division Street
Biloxi, MS 39532
228-374-0430 fax

This would be my recommended first outward step. The first inward step would be to get your free credit reports and see if there is anything you can do to improve your credit score. Go to http://annualcreditreport.com to get your free credit reports from the top 3 agencies.
Web Reference:  http://calinvestmentsllc.com
0 votes
Marty S, , Irvine, CA
Mon Feb 2, 2009
FHA is still working down to a 580, and USDA and VA will work at a 620.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Karen Wenzel,…, Agent, Brookfield, WI
Mon Feb 2, 2009
The best thing you can do is to sit down with a Mortgage Loan Officer in your area. If you don't have someone that you are familiar with, may I suggest you ask friends or family that can give you positive references for one. They will gather all your information, check your credit scores and explain what your options are. There is no one-size-fits-all, and since the mortgage credit criteria has been changing rapidly, it is important that you get current data. Make sure you are totally honest with the lender- as they are here to help you.
Don't give up hope- if you can't buy immediately, they may be able to assist you in putting together a plan by which you can work towards a purchase in several months.

Plus, if you have not owned a home before, you may qualify for the Federal 1st Time HomeBuyer Tax Credit- which is currently being "refined" by Congress.

All the Best to You!
Web Reference:  http://GoPackerUp.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Feb 2, 2009

Your best cource of action is to begin by contacting a mortgage consultant. They will be able to advise you of your options and make recommendations. Be sure to speak with several.

Many people, who feel their credit is not good, are suprised by the infromation they recieve from a loan agent. Finding out their credit wasn't as bad as they thought.

Remember to ask for a "Good Faith Estimate" each time you meet with an agent. This information will document the program(s) and rates quoted by the agent.

Good luck
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