Posted on: 26th Jan, 2010 09:38 pm
I am trying to buy a house i already have one in mind one i really want so i would like to know exactly what i need to do to get into this house im a first time home buyer and I can get a co signer if needed will someone plz help me out
-mom of 2 in des moines iowa-
-mom of 2 in des moines iowa-
Hi Srpnrc.
Welcome
You may apply for FHA loan but you have to maintain your credit score more than 620, but you have 582 so you have to improve your credit score first then you have meet minimum requirements of lender to get loan approval. You have to show recent statements from your bank, your credit history will be maintained good & you have to make 3.5% payment for down payment. As you say you buying home fist time, if you have not owe any home in paste three year then you will be eligible for First time home buyer tax credit. Try to improve your credit score by few points. Pay your bills before due date do not make late payments it will harm to your credit score.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
Welcome
You may apply for FHA loan but you have to maintain your credit score more than 620, but you have 582 so you have to improve your credit score first then you have meet minimum requirements of lender to get loan approval. You have to show recent statements from your bank, your credit history will be maintained good & you have to make 3.5% payment for down payment. As you say you buying home fist time, if you have not owe any home in paste three year then you will be eligible for First time home buyer tax credit. Try to improve your credit score by few points. Pay your bills before due date do not make late payments it will harm to your credit score.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
srpnrc, that 582 score isn't going to be viewed as acceptable by the vast majority of lenders. there are a few lenders who will consider you, but they're few and far between. unfortunately, i cannot advise you as to where you might find any of them.
gunz mentions the first time homebuyer tax credit, but that expires april 30 of this year (you must be in contract to purchase by that date, and close not later than june 30 of this year). it's going to take a while to go from 582 to 620, and that expiration date will appear before the score improves, i'm certain.
co-signers are handy in many cases, but not sufficient to assist you if your credit score is too low to allow you to qualify.
gunz mentions the first time homebuyer tax credit, but that expires april 30 of this year (you must be in contract to purchase by that date, and close not later than june 30 of this year). it's going to take a while to go from 582 to 620, and that expiration date will appear before the score improves, i'm certain.
co-signers are handy in many cases, but not sufficient to assist you if your credit score is too low to allow you to qualify.
would u know where to begin looking for those lenders that are few and far between? I dont even know where to begin looking at to figure out why my score is that low or who or how much i owe
My suggestion, begin with the lenders on this site. Once you pull a tri-merge (all 3 bureaus reporting), you will know your credit scores, you can determine if you're eligible for a loan as is or if you need to work on your credit.
check out these free credit report opportunities on the web. i reviewed 3 brand-new websites about a month ago on here:
http://www.mortgagefit.com/credit/free-profile.html
the three are as follows: quizzle.com and credit.com and creditkarma.com.
you won't get your specific score, but you'll get a good idea of why your score is poor along with some hints, and it won't cost you a penny. check out my review of them and you'll see the value of using one or all.
http://www.mortgagefit.com/credit/free-profile.html
the three are as follows: quizzle.com and credit.com and creditkarma.com.
you won't get your specific score, but you'll get a good idea of why your score is poor along with some hints, and it won't cost you a penny. check out my review of them and you'll see the value of using one or all.
Are the any options for me other than leasing or renting since i have a 582 credit score?
HI there, depeding on a few factors I might be able to help you. I have access to FHA lenders that go down to a 530 FICO, not every state though, and a few other guidelines.
[Email address deleted as per forum rules. Thanks.]
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