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New Palestine : Real Estate Advice

  • All5
  • Local Info0
  • Home Buying2
  • Home Selling0
  • Market Conditions0

Activity 5
Fri Sep 5, 2014
Suzanne MacDowell answered:
Your loan officer is wrong. Call the HUD consultant and discuss with him. I bought my home with a full 203k loan and I switched contractors. The man has basically QUIT, this is not your fault. Call the contractor. ... more
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Fri Mar 14, 2014
Simon Campbell answered:
To qualify for a traditional loan, you are going to need a minimum credit score in the 620 - 640 range though most require 680. USDA loans with a credit score of less than 580 are denied if you have been late on any payments. (Reference:

There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference:

What will really help you will be a good down payment. 20% is the normal but there are loans that require less - but the loan terms will not be as good either. Another option is a land contract or a rent to own situation. Both of these maybe a good move as a first home buyer.
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Tue Mar 12, 2013
Tom McCollister answered:
Hopefully you've already found what you're looking for. If you haven't yet moved to the area. Feel free to contact me, and let me know how I can help.

Tom McCollister
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Wed Nov 10, 2010
Monte Howell answered:
It really depends on the bank, the market area of the home, and the condition of the home. Banks will look at average value in the neighborhood and what the latest sales have been.

Monte Howell
President, Howell Custom Homes
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