need a mortgage for a house 32,000. credit,me: 630 co-owner: 639. current on present mortgage. is it possible?

Asked by Boss Lady, Trotwood, OH Thu Nov 7, 2013

need to relocate due to family illness back home current house will be sold.

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Matt Helpling, Agent, Centerville, OH
Thu Dec 12, 2013
Boss Lady,

I am a lender in the Dayton area. As stated below the low loan amounts can be a difficult task to get approved. The repair programs such as the 203K could be a viable option for you. These programs allow for repairs, updates, upgrades, additions etc. Feel free to contact me if you would like more information. I utilize these programs on a regular basis and offer them down to a 620 credit score.

Best of Luck
Matt Helpling
0 votes
Kimberly Law…, Mortgage Broker Or Lender, Fairfield, OH
Thu Nov 7, 2013
I agree. Getting loan amts done that are that low are all but impossible due to Section 32 (High Cost loan rules). I agree with trying to structure the loan as FHA 203k to get the loan amt higher but if that's the price point that you're comfortable with then paying cash may be your best/cheapest option. If I can answer any add'l questions, or point you in a direction that may help with getting your scores up, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Thu Nov 7, 2013
All loans that will be sold to the secondary mortgage market (i.e. Fannie Mae and Freddie Mac) require that there be a minimum loan amount of $50,000. If the home is in need of substantial repairs, there are some loans that allow you to wrap the renovation costs into the purchase price/loan amount.

As to your credit score, well it is a little low but you may be able to get a loan with it. Your best bet is to go and talk to a lender to see how much loan you can qualify for. Good luck!
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