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jthompsonsc · Joined: 21 Feb 2008 Posts: 1 1.40 Dollars($)

i am in a lease to own contract throgh an indivisual but the lease isn't recorded and i'm not on the deed i make 60000 a year have 2 kids and am married my credit is around a 520

jenkin7 · Posted: Fri Feb 22, 2008 3:21 am Post subject:

Hello Jthompsonsc,

There are many lenders in the market who may be willing to work with you but the interest rates could be quite high. But I think it will be better if you try to improve your score and then go for a mortgage. That will help you to get reasonable interest rate.

You may try for FHA loan as they are not score driven. But the overall credit history will be considered.

jeffselan · Posted: Fri Feb 22, 2008 6:53 am Post subject: You have

You have a reasonable chance on a home purchase if the rental history is good, over a year old, and proovable.

Jen is correct, FHA is not score driven but you will have to show your problems are behind you and pay your debts on time now.

gmakerley · Posted: Fri Feb 22, 2008 10:42 am Post subject:

be encouraged. even if you are unable to find a lender who can grant a mortgage quickly to you, you can improve your credit scores by paying off old accounts, reducing your existing debt, etc. in short order you will find that your score will improve.

charlesarmbruster · Posted: Fri Feb 22, 2008 3:36 pm Post subject:

Make application with a bank or broker to determine where you stand!

Homeowners should routinely order an appraisal if they want to know their home value -- especially those who move frequently or intend to change jobs.

Homebuyers should be aware of needed credit corrections they can make -- a good loan officer will tell you what is needed to get a loan, and he/she can only do this when you make application - try to find someone who will not charge a fee.

GOOD LUCK!!!

gmakerley · Posted: Sat Feb 23, 2008 6:01 am Post subject:

chuck, i agree with you that a good loan officer will assist a person in efforts to purchase, and to suggest ways in which to improve what might be a poor score. and, by that, i do not mean sending them to a credit repair service. frankly, i look at those as a waste of money (and time) (and energy).
i think you will find, borrowing public, that most professionals do not charge any fee for beginning to work with you - the expectation is that once you have arrived at the place you need to be in order to make a purchase, that you will go back to the loan officer who was helpful to begin with. at that point, compensation comes into play.

chuck, as far as the appraisal you suggested to homeowners - i don't disagree, but i think an easier solution (one we practice in our office) is to request a market value analysis. we have several appraisers who do not hesitate to help us out in that sort of situation - also, realtors with whom we work are willing and able to do the same thing. this, of course, is also a fee-free service.

it is so gratifying to see posts from other responsible members of the lending community. Smile

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

It would depend on your down payment. With the score at 520 you may be looking at 20% down. I would work on improving your credit a bit more.

livinginnky · Posted: Mon Feb 25, 2008 2:46 pm Post subject:

FHA is a great option...

If you can prove your payments on the rental.

You have a good job history.

You can prove payment for 12+ months on at least 3 items plus your rent.

If you can do those things you have a good shot.

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who will give a first time buyer with a 520 credit score a h