Profile picture for user1928359

I have a down payment and I have a great paying job. because of past mistakes my credit is not good

How do I get in to a house so I can get a lower payment than rent, that will help get me into a more cash flow position
  • October 06 2013 - Belton
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Answers (6)

There are more programs available now for people who have negative marks on their credit than ever.  FHA is now lending for new home purchases with scores as low as 530 as long as you have money down.

What are the negative factors that you have on your credit?

Thanks
  • October 07 2013
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What exact score do you have? Some credit scores may be acceptable, but we would need to know your score. For example, I have been able to give out loans with scores as low as 580. So, if you are at that level or above, you may have a shot at getting a loan. Also, the fact that you have a down payment available and a good job will also help you get the loan. The higher down payment you have, the more willing a lender will be to over look your credit score. Either way, I recommend you speak with a lender like myself who would be glad to help you get the loan that you need.

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
  • October 07 2013
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Profile picture for Octavia D Green
It will all depend on your credit score...middle of the three reports...Next, you should contact a loan officer at a bank or mortgage company and let them review your credit report and they can tell you what you can and cannot do...they will also...at least the loan officers I deal with explain what to do to get you on track to becoming a homeowner.  Good luck
  • October 06 2013
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Profile picture for wetdawgs
Would you mind sharing your FICO credit scores?   It may be easy, it may be a big challenge.
  • October 06 2013
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A down payment is a great place to start!  Now you really need to talk to a lender you can trust and ask them how they suggest you "repair" your credit.  I have a lender I work with that has offered fairly easy suggestions to folks on ways to raise their credit scores.  He also has a company he works with that can help raise scores as well.  The important take away is that is needs to be a lender you trust, there are lots of "credit repair" companies out there, some are more helpful than others.

I am happy to help you in anyway I can, please don't hesitate to contact me directly to discuss further options.
  • October 06 2013
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Profile picture for Elise Harron
I would strongly suggest contacting a lender and getting prequalified for a dollar amount that you feel will do for you at this time and plan to use it as a "start all over again" home.  Live in it for a couple years, and then when your credit has repaired itself with your timely mortgage payments, timely credit card and utility payments you can purchase another home with a better interest rate etc. in a couple years.
Gear yourself up for the excitement of "recreating yourself" and make it a 24month project! 
If you are ever shopping in the Northern Arizona area - I'd love to help you in your recreation project!
Enjoy,
  • October 06 2013
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