Profile picture for leeann255

do i even have a chance?

Credit score:  Not good.  Great work history:  same job for six years with advancement during that time  Good history with paying rent.  Tired of paying rent.  Would like own home.  Where do I start?  Is there even a chance if my credit is bad from previous mistakes and I have no down payment?
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March 12 2010 - Worcester
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Answers (10)

The fact that you believe your credit score is not great you might want to look into Seller Financing.  In today's market there are a lot of homeowners looking to sell their homes or condos that are upside down.  But they purchased the property when interest rates were low.  You could potentially assume the loan or by a property with seller backed financing. 

I don't work in the Worcester marketplace but I have several EXIT agents in the Shrewsbury office that could assist you in finding alternatives to purchasing a home.

I hope this information is useful.  Good luck.

Derek
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September 03 2010

Check with the local lender. There are options available thru FHA financing  for buyers with scores as low as 580.
Good Luck!

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August 31 2010
LeeAnn-

Masshousing (Quasi-government agency) has new no money down programs with no PMI.  You'd need to have a good credit score though.

There is one local lender who has an in-house credit expert on site.  He may be able to tell you things you can do to improve your score quickly.

I don't know if Zilllow wants people posting endorsements, but send me an email and I'll poing you in the right direction.
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August 30 2010
Leeann, You are assuming your credit is bad but when was the last time you had it checked?  The only person who can tell you if you qualify for a mortgage is a mortgage lender.  I suggest contacting a mortgage person and starting there.  You'd be surprised that you may think your credit is bad only to find out its improved and you're eligible.  Whether or not you qualify, you will at least know where you stand and what steps are necessary to get to where you want to be.  Good luck.
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August 26 2010

YES you do have a chance there is good credit and bad credit as long as your debt-to-income amount is good and I suggest a down payment from your savings you can get a home. there are still many 1st time homebuyer programs out there. search HUD's website for the one's avaliable in your area.

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August 24 2010
Leeann, first you need to assess your credit properly.  Determine your score and steps you can take to improve it.  Depending on your state, there may be many programs of loans and/or grants to help homebuyers with downpayments.  Speak to a local mortgage broker and see what products they have available. 
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March 12 2010
Profile picture for shapiroamg
Get your credit score worked on first. See what it is and what you need for the various programs. MassHousing here with 3% will need need a min 680. MassHousing also is dropping their 100% product. Bottom line, get your credit score and score analysis done.
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March 12 2010
Hi Leeann,

There is FHA financing available for buyers right now with scores as low as 580. In my state of WA, there is a bond program which requires you to take a five hour class before loaning up to 10k for a down payment. The only caveat is that this state bond money is running out so buyers want to act now and sign up a class in their area soon.
   
I think it would be helpful if you began working with an agent that will take the time to explain the house buying process and discuss your options with you. Choose a lender that offers many financing options such as; FHA, VA, USDA and check to see if your state offers the house key or home choice loan programs.

Obtaining a pre-qualification letter before you get serious about looking will set you on the right track and give you confidence in this buyers market.

Good Luck to you!!
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March 12 2010
Profile picture for shapiroamg
You start with your credit. What is the score? Most lenders/brokers have a credit modeling service. So if we check your credit, we can analize it to see how to improve the score to the point that you need to qualify for a home. You also will need some savings for a down payment and closing costs (although you could negotiate a seller to pay these).
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March 12 2010
Everyone's definition of "credit: not good" is different, but you seem convinced your scores are too low. I would recommend you work on cleaning up your credit before you proceed in earnest with a home purchase. It might take a few months to increase your scores to an acceptbable level, but if it gets you a more reasonable mortgage payment over the next 30 years it will be well worth the effort.  This will also give you time to start saving for your down payment.

The loan options that might work for your low down payment low credit score would be VA, USDA, and HUD Foreclosures.  Both VA and USDA allow for 100% financing, and HUD will sell you their foreclosures with as little as $100 down.  VA loans are only available to qualified veterans and USDA loans can only be obtained in certain areas (and they have a maximum income requirement).  So you might want to focus on the HUD foreclosures which can be found at www.hud.gov/homes.

Good Luck!
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March 12 2010
 
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