Where does a single mother with decent, steady income, yet no so perfect credit begin to get a mortgage loan.?

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I have been trying to repair my credit for the past few months so I may purchase a home with no money down. How can I go to a closing with no money down?
I have been trying to repair my credit for the past few months so I may purchase a home with no money down, in MA. How can I go to a closing with no money down?

10 Comments
  1. Reply
    bobsled193
    May 1, 2011 at 8:14 am

    Depends on the state….often, states have programs for first time buyers.

  2. Reply
    dzr0001
    May 1, 2011 at 9:03 am

    go to http://www.rodneyanderson.com they are great and he writes loans in like 30 states.

  3. Reply
    leah_ifft@sbcglobal.net
    May 1, 2011 at 9:36 am

    Are you working with a mortgage broker? If not, you should be.

    A good mortgage broker will tell you exactly what you need to do to raise your credit score and prepare to buy a home with no money down.

    Even though you may qualify for a loan without a down payment, you may still need some money for the first year of home owner’s insurance and earnest money.

    You may also want to look into down payment assistance programs offered by your state, city or county.

    Best of luck.

  4. Reply
    kristenbeiza
    May 1, 2011 at 10:15 am

    You have come to the right place at the right time sista! I actually work for a company called Self Help, Although I just now started as a loan officer there…you really should call the local office (800) 476-7428! I am not sure where you are but I am in NC. If you are not close to NC then we also buy loans from other companys using our portfolio for secondary lending. We are a non-profit organization and we specialize in exactly what you are!!! Single parents, diverse backgrounds, low income, bad credit. Those people who originally have been underserved in the banking industry! Please check out our website!!! If you call please tell them that a new hiree named Kristen Beiza Sent ya!!

  5. Reply
    Jess
    May 1, 2011 at 10:29 am

    Don’t go to your bank…Banks (esp BB&T) are very conservative with their lending and aren’t hurting for business. Go to a mortgage broker. They do business with many different lenders and can find a mortgage for you. They seem to work harder for you. The mortgage rates are a little higher but you can always refinance in a few years once you have a few years of good payment history and better credit! We went to a place called Advance Mortgage Services (I don’t know if it is local or nationwide however) We were very happy with the service. Make sure you research the mortgages they offer you and ask a lot of questions, though. Some of the mortgages they may offer could get you into some financial trouble (ex: balloon mortgages, interest only, etc) You can read about some of the different mortgages on bankrate.com I think. A mortgage broker is your best bet on being approved, just make sure you can afford (the payments now and in the future) what they offer you! Good luck to you!

  6. Reply
    ladybug
    May 1, 2011 at 10:52 am

    No money down does not mean you do not have to fund some cash into the transaction. If you qualify for a zero down loan you still need to have money for your appraisal (250-350), your home owners insurance (entire premium), Earnest Money Deposit (takes house off market) and home inspection (not required but recommended) then the seller can cover your closing cost and prepaids and you don’t have to bring anything to closing. Paying off items on your credit sometimes lowers your score before increasing it. If you are not paying anything that reflects your credit (i.e., credit card, car note, student loan) then you may not have a score. Lenders use your middle score of three or lower score of two or one score (subprime lenders only for the one score). I am a mortgage broker which means I have tons of programs for bad/good credit. Please contact me if I can be of more assistance to you. 🙂

  7. Reply
    cafe_blue_note
    May 1, 2011 at 11:27 am

    Try applying for the mortgage now, I am a mortgage concultant, with CITINET MORTGAGE, we are a direct lender with 150 investors we do A paper and sub prime,
    and also specialize in fixing credit, E mail, me or call me direct on my cell @ (951)660-9580, and let me see what
    I can do.

  8. Reply
    unclejesse1
    May 1, 2011 at 11:37 am

    If the credit repair has worked let me know and can steer you to a couple different options. If not let me know and we can get your credit score ticking the right direction, get you into that home, do it with no money down, and give you a month or so with no payment. LEt me know, just shoot me an e-mail if you have questions. Looks like you have severa lchoices on this one.

  9. Reply
    James H
    May 1, 2011 at 11:54 am

    There is some useful advice here.

  10. Reply
    cfcrep_mtgpro
    May 1, 2011 at 12:02 pm

    Hi There,

    Well your in luck today. I was just checking out Yahoo answer and would love the opportunity to answer your questions. I’m a 20 year mortgage professional with a Brokers license and have been personally responsible for over 75 billion in lending. I offer over 97 different investors and am certain we have a lender for you. I also specialize in fixing credit and making credit issues go away completely, so email me and I will forward you my complete contact information. The other benefit is I will put all this in writing for you once we get the process going. Email me your scenario and I will work it up for you in writing, along with solutions to you credit issues.

    Kemo Smith
    Sr Consultant
    Creative Financial Consultants
    (888) 232-8002

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