Hi all, recently just got the job of my dreams after being a bartender for a decade and my 6 year old and I want to move out of our apartment and into a home. Seeing as I'm a single mother and I'm getting child support from the father, my options will be limited. I have tried to save as much as I could over the past ten years, and I've amassed around 16,000 dollars. Now there's a nice little house that's worth 145,000 that would be perfect for us, its by a school and a park, its only a twenty minute drive from work, and all the shops I need are within 5 miles from the house. Now this is my first home so I think there's a program available with that, but my credit is not too good. I believe I have a 690. My income has been stable for the past couple of years and I now am making 50,000 a year. What should I do? by jaime._602_923 from Philidelphia, Pennsylvania. Nov 17th 2011
If you have a 690 credit score your credit is good. More importantly is how long have you been on your current job? If its a different industry, and it hasnt been long, that might be an obstacle.If you are a first time buyer, consider PHFA loan, FHA , or if outside Philadelphia, USDA loans. All offer little or no down payment.Mike
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I'd be more than happy to work with you on a pre-qualification to determine the best mortgage that meets your needs. I'm located near Harrisburg PA, however I'm in Philadelphia once a week to meet with clients and I'd be happy to meet with you as well. Congratulations on the job! Geoff www.englendingpa.com
Based on your question and information provided, you would qualify... minimum score for most lenders is 640, and FHA only requires 3.5% down. There could be an issue regarding your job... Best advise I can give you is to contact a local mortgage broker, not a bank and get pre approved with them.. WillimaAcres.com
jaime....You are actually in a better position than you think. A 690 credit score is perfectly acceptable for a FHA loan which requires only a 3.5% down payment. Would be happy to sit down with you and discuss all your options. Email me at jcafiero@supmort.com so we can discuss further
Jaime, there are many programs out there that can help you, yes you would qualify for an FHA loan like the others have said. This is my reccomendation, try to skip doing the FHA loan if you can, use it as a last resort. As far as your cash that you have saved, lets try to keep that in your pocket for future uses; getting into a new home does have its expenses. I would try focusing on a USDA loan, gives you 100% financing and no down payment. Also check to see if the seller is willing to give a concession towards your cosing costs. In most cases they can, make sure your with a lender that can actually help you find the best product and not steer you. You want what is best for you and your family. There are also many down payment assistant programs out there. Let me know if you have any further questions i will be happy answer them for you. mbuchanan@paramountequity.com
It sounds like you are on the right path. Your credit score is fine for an FHA mortgage and even a conventional mortgage. Without reviewing your debt loan and your continuity of income, it is impossible to say if you would qualify. Take the correct first step and call a licensed mortgage loan officer in your area and get started right away.