mid 500 credit score trying to buy a house

Asked by Joe Vargas, Miami Beach, FL Tue Jul 31, 2012

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Robinson Seda…, Agent, Coral Gables, FL
Thu Aug 2, 2012

If you have a good employment history and a good explanation for your credit woes, you may be able to find a home with Seller financing and once you get your credit in order, refinance into an FHA or Fannie Mae mortgage.

Another option is a Lease-To-Purchase where you rent a unit until your credit scrore improves to provide you the financing needed to close.

As a Miami Dade Resident, you may also qualify for MMAP funds. The assist with the closing costs up to 6% of the purchase price.

Want more, email me at info@lifterrealty.com

Good Luck!
0 votes
Ann Ryan, Agent, Doral, FL
Thu Aug 2, 2012
Joe, talk to a credit counselor and see if they can help you fix your credit.

You really should be trying to qualify for a regular mortgage, rather than focusing on a special deal where you'll pay higher interest on the purchase for the life of the loan.
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Alma Kee, Agent, Tampa, FL
Wed Aug 1, 2012

Also try a credit union. GTEFCU.org gave a mortgage to my tenant after closing on a short sale only a few months earlier. He had 20% to put down (I think you mentioned you have $50k to put down) and also a strong work history and did rent from us for a year and paid every rent payment on time.

Otherwise, go down to the courthouse (it may be online in Miami) and you may be able to buy something for $50k cash. You have to do a lot of homework and the property may have certain liens that survive the foreclosure. It may be a good "temporary" home until you can get your credit back in order.

Good luck!

All the best,
Alma Kee
0 votes
Eduardo Sanc…, Agent, Miami, FL
Wed Aug 1, 2012
Hi Joe, at Avanti Way we have a sister mortgage brokerage company that may help you.
Send me an email with your detailed information and I'll have our mortgage manager give you a call.
Also please include what tipe of property you are looking to buy, area, price, etc.
Best regards

Eduardo J Sanchez PA
Avanti Way Realty
(786) 271-2161
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