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Profile picture for PatriciaCushen1

We have credit scores of 636 & 638 we are both retired and would like to buy ,need help with down.

would like to buy again, we sold our home 4 years ago, we are looking in the 130,000 range so either one of us could make the payments if need be. we need help with down payment and closing costs how hard would it be for us or is there a chanch.  income is 41,000 a year
  • September 07 2009 - South End
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Answers (8)

Profile picture for MoniqueU
I heard Wellsfargos underwriting sucks, specially on the refis. I heard they only want purchase transactions.
Hopefully they didn't buy six months ago. or they would have lost alot of money in equity. How is the purchase market in GA? A friend tried to refinance his condo in atlanta and there were so many foreclosures in his building he couldn't even do the obambam loan. and that was a wellsfargo loan going back thru wellsfargo.
  • March 27 2010
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This thread is SIX MONTHS OLD, about the same time frame other posters have said it takes Wells to close a loan. They probably took Bob's advice last September and bought a home in 2009.
  • March 27 2010
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Profile picture for MoniqueU
depending on how old you are. buy with a reverse mortgage.then you won't have any payments , I think.
Use wellsfargo retail. they have an internal rule of only being able to charge 1.5 points on any deal. so these little loans that no one wants to do for less than 2 to 3 points . they have to do for 1.5 points. Its very hard to get a wellsfargo loan officer to take that small of a loan so you have to go to their 800 number or do the loan application on line.
  • March 27 2010
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Profile picture for BuyItFromHiatt

It depends on a variety of factors. Where you want to live is one of them. Many Cities and Counties have programs where they will loan you the down payment. Often they have no payments for 10 years and it keeps your out of pocket very low.

With where you state your scores to be, finding a broker who has multiple channels to put your loan through would be the best bet. Some have as many as 30 banks with lots of varying programs.

Lastly, there are conventional loan options as well, that may have advantages over FHA. Smaller down payment, competative rates and special programs for school teachers and other government workers.

I'd be happy to refer you. It sounds like it should be a cinch!
Steve Hiatt

  • March 27 2010
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Profile picture for DaveAndersson
With your credit scores being in the low 600s, you are probably looking at FHA financing. FHA allows for buyers to get down payment funds in the form of a gift. If either of you are a veteran, you may be able to purchase a home using a VA loan with zero down. You really need to speak with a knowledgable lender who knows what programs are available in today's changing market. The lowest interest rate may not get you the best person to work with for your financing needs.
  • March 22 2010
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Hi Patricia,

Your first step in any real estate transaction is to get preapproved.  Contact a Realtor to work for you as a buyer.  They can recommend a mortgage professional to better assess your ability to purchase a home.
I have different mortgage people I recommend depending on the type of loan I think a buyer will be using.
The VA and USDA loans are two loans that currently require no money down.  The VA loan is the best loan you can get. :)
Good Luck! 
Christine
  • March 14 2010
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Depending on where you wish to purchase and what type of property it is, you could conceivably purchase with no money down.  I have had some sales like this and everyone walks away from the closing happy.  Consumers who qualify to buy with proper income and credit would be wise to take advantage of the current market conditions and buy now!
  • March 14 2010
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This doesn't sound difficult. 

I would recommend filling out a Zillow loan request to get the ball rolling.  Make sure you check the lender's feedback.  Or, you can use the Zillow directory to find top Zillow lenders in you area if you prefer. 

I would recommend using local lenders first with exceptional feedback.
  • September 07 2009
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