Financing in 48138>Question Details

Misty, Home Buyer in Grosse Ile, MI

Is there a mortgagecompany out there, willing to work with low income families?

Asked by Misty, Grosse Ile, MI Wed Apr 15, 2009

I am currently looking to purchase a home, and need to find a mortgage company willing to put in the effort. The effort to find me the best possible loan given my situtation. My credit is good, in the mid six hundred range but, my debt to income ratio is high. I was recently approved for a FHA loan in the amount 50-60,000. But the broker I have been working with does not have me at his best interest because, he is not going to benefit from my sale. This is my first time trying to buy a home, I do not know much about loan types and what my options are. Is there anyone willing to help me get the best possible loan for my situation? Please help.

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good morning misty......first of all.....the way to address a debt ratio issue is to ask you how much money (cash) you are working with?.i am not here to spend it, but mortgages right now are the lowest cost per-thousand of practically any debt someone can have.if you have more than just 3.5% to put down, which is fha's minimum, perhaps routing some of your funds to pay down debt would help your debt-to-income ratio.........also, i would need to know what type and how much income you have and what your debts look like before getting any more specific.......i hope that helps....bob mcclure- success mortgage partners- plymouth, michigan........
1 vote Thank Flag Link Thu Apr 16, 2009

Saw your posting online. I am a private lender willing to work with you. Flexible repayment terms and a timely closing schedule.We offer at typical rates of 4.7% APR. Get back via email for details.

0 votes Thank Flag Link Thu Apr 16, 2009

I applaud you on your decision to buy a home! As a first time buyer, it is especially favorable for you to enter the housing market.

Probably my best suggestion right now is simply this ... give me a call. During our conversation, I will have some questions for you regarding your personal financial background and history. After gathering that information, I will be able to better determine what the best timing for a purchase is, your best path for buying a home, and what lending programs are options for you.

I have 30 years of lending expertise with which to assist you and have the ability to lend within your state. I would ask that you view my website at first, then call or contact me. That way you have a little background on me also and will feel comfortable speaking with me. You can also view some of the preliminary information I have for the First-time Homebuyer's Tax Credit within that site. When we speak I will be able to clarify and answer questions you have regarding that tax credit and more.

I look forward to hearing from you soon and working together towards your purchase of a home.

Gene Mundt, Professional Mortgage Banker
Chicago Bancorp
Web Reference:
0 votes Thank Flag Link Thu Apr 16, 2009

Here are some websites you can try, you may or may not qualify for the products. The first one explains the difference between a lender and a broker. Not that brokers are bad or charge higher fees, but you should know the difference.

State of Michigan programs,1607,7-141-45866---,00.html

More possible programs…

Good luck and don't be afraid to ask questions.
Web Reference:
0 votes Thank Flag Link Thu Apr 16, 2009
Your broker will do anything he can to get you a loan - it's the way he gets paid, he will only benefit if you DO buy a home. Lenders are losing their shirts on loans that they've given to lower-income borrowers (foreclosures), so they are going to be very careful about who they loan to. Keep shopping around.
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0 votes Thank Flag Link Wed Apr 15, 2009
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