my husband and i want to buy a house but our credit is bad and we dont have a lump sum of money

Asked by , 44212 Sun Jun 15, 2008

for a down payment. is there any hope for us?

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Michael Andr…, Other Pro, Baton Rouge, LA
Mon Jul 28, 2008
congress passed new bill to end ameridream and other downpayment assistance programs. Folks if you cant afford 3% or 5% down either your buying toooo much house or you should wait until your finances are better.

Realtors never tell the public what they need to hear, its always, I know this guy that can get you pre-qualified...only to watch the train wreck 10 days before closing because the pre-qual letter is worthless
1 vote
Robert Erney, Agent, Cleveland, OH
Tue Mar 12, 2013
Mortgage lenders, however, will grant home loans to qualifying home buyers with a down payment of as little as 3 to 5 percent of the purchase price if the mortgage is insured. I can give you some of my mortgage pros contact info if you haven't already figured out where you stand as far as borrowing power! I know some lenders offer programs where they can help better your credit so you can borrow sooner then later.

Please if anyone have questions about buying or selling real estate do not hesitate to contact me anytime!
Robert Erney - Real Estate
Cell (630)809-7224
Office (440)572-1195
0 votes
Lucien Solut…, Other Pro, Brunswick, OH
Wed Feb 6, 2013
This is one of those situations where an internet forum is the wrong place for the help you need if all you get are salespeople asking you to let them help you. You need to find a non-profit credit counseling agency, and there are a few really good ones in north Ohio, but not all serve all communities. Start by talking to a few to find out which ones are available to your situation. Then pick one and find out what you don't know.....then fix your problem before going to the next step.

I can give you two to begin with..... and
0 votes
Doris & Mich…, Agent, Highland Hts, OH
Wed Jan 27, 2010
Have you ever heard of the WECO fund.

This group will help you to fix your credit. It is free. it is government sponsored. They will teach you all the things you need to get out of debt. Then uif you save $750.00 of your own money, they will triple match it to help you purchase a home. Call them for details and qualifications.

I refer all my clients with credit issues to this group, and if you stick with it and do the work, before you know it, you'll be calling us to help find a home!

Call WECO at 866-432-9326

Best wishes,
Doris & Mike Wright
Century 21 HomeStar
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Nov 11, 2009
Clear your credit
Save for down payment by either cutting back on expenses and trivia you don't need OR obtaining a second job(s) acquire the money.

There are no options faster you accomplish these tasks quicker you can own a home, receive annual tax benefits.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter:
0 votes
A Loan For Y…, , Cleveland, OH
Wed Nov 11, 2009
I would contact Gary Banyasz, he is a credit specialist with America's Lending Solutions, a National Mortgage Banker based out of Cleveland, OH. He can be reached at 440-243-6760.

Obviously, it will take some time, but it can be done and hopefully in enough time for you to take advantage of the tax credit, low interest rates, and low home prices.

Good Luck

America's Lending Solutions
0 votes
Linda Reming…, Agent, Lodi, OH
Tue Jul 29, 2008
Lots of opinions here....sounds like you do need to speak with some qualified professionals. While I am a licensed Realtor in NE Ohio, and I am concerned about the housing and financing issues you need to be fully aware of, it does cost money to live day to day...whether it be rent or a mortgage payment. There are still 100% financing options at least through the beginning of October but depending on your credit score you may not be in a position to move forward that quickly. The recommendations to speak with Ethical and Honest mortgage brokers that can counsel you on improving your credit is the best advice anyone can give you. I have 3 in the Medina Co. area that I would recommend you having a discussion with. You are asking the questions so that tells me you have the desire to become a homeowner....and now is a good time to buy. If you haven't already spoken with some local people that you can meet with face to face send me an email and I'll share some recommendations.
0 votes
Debt Free Da…, , 85260
Sun Jul 27, 2008
You might want to look at an fha loan with an ameridream gift option.
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Thu Jul 24, 2008
call me...14 yrs. experience....bob mcclure- mortgage now- farmington, michigan (248) 806-0366......i am licensed in ohio
0 votes
NonRealtor, , 23456
Thu Jun 26, 2008
Save your money for a downpayment. Housing prices are not going up anytime soon.
0 votes
Melanie Stre…, , 44256
Thu Jun 26, 2008
Contact a Howard Hanna office in your area. Here you can select an agent to help you make an informed decision and they can direct you to the in-house lender. The lender will review your situation and then make you aware of your options. They will council you on your credit...for FREE. I have used this service with my company and I love it. I work with first time buyers a lot and sometimes they aren't sure what is expected of them. This way I know they are heading in the right direction. As for the "lump sum of money", the lender will be able to help you around that too. Many options are still out there for little or no money down in our market.
0 votes
Mon Jun 16, 2008

How bad is bad?

One of the areas I specialize in is helping clients rebuild their credit so that they can eventually purchase or refinance their home.

I have included a link for you to view acutal results of a client's report...I'll let you be the judge.…

Please email me with any credit or finance questions you may have,

I can be reached any time day or night:)

P.S. I have first time home buyer programs too!
0 votes
John Wirsing, Agent, Pepper Pike, OH
Mon Jun 16, 2008
Check with a qualified local mortgage broker. They can pull a credit report & help you to fix your credit score.
Steer clear of any of those services that guarantee your results. Manymotrgagae brokers will counsel you free of charge
If you would like, contact me & I can give you the names of a couple of good people in the NE Ohio area.
0 votes
Michael Andr…, Other Pro, Baton Rouge, LA
Sun Jun 15, 2008
talk to a mortgage broker, find out whats bad, correct if you can...if you cant, you can wait , bad credit items are deleted after 7 years.

Work on your income/debt ratio,
0 votes
Charles Coac…, , San Jose, CA
Sun Jun 15, 2008
If you have a bank that you deal with in your area set an appointment with their mortgage manager or find a friend that has recently made a purchase and get the name of the lender. You have a couple of things you will need to accomplish, find out where you stand with this lender and get some guidance on cleaning up your credit score. I know that purchasing a home is important to you, but getting the right loan and being able to do it without paying an extra high interest rate should also be important. We have about a million families in trouble right now because they were able to obtain loans that set them up to fail.
I would like to recommend that you check out Financial Peace University on, you will learn how to get yourself in a much better financial position and when you are ready to purchase a home you'll do it from a position of strength. Have a great day!

0 votes
Karen McMom, Home Buyer, Seattle, WA
Sun Jun 15, 2008
Apart from building your credit slowly, have you considered borrowing from friends/relatives? It's good for you because they can offer a lower rate than a loan from the bank, and it's good for them because you can give them a higher rate than a bank CD.
0 votes
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