Can Anyone Help??

Hi K., i used to be a loan officer for a bank...Look into the ACORN program...there are several banks that will lend using this program. You have to go to a class and meet with a person from ACORN, but you can get really good rate, not have to put anything down for closing, and they work with people that have credit problems. There are income restrictions on how much you can make, if you make too much you won't qualify, but if you do it is a great program.

K.,
I'm a licensed mortgage broker and would love to tell you I can get you approved. I'm also a HUD counselor who assists people get away from the crappy loans they got because they had bad credit and no money when they got them.....

Sometimes renting is the best option. Owning comes with so many things to consider way beyond the scope of how much you pay in your mortgage. What happens when the AC blows out in August and it's $4000 to fix/replace? There is a reason mortgage underwriters want to see 3 months of savings in addition to what you're brining for down payment.

Homeownership is built up in this country to be this great thing, and like any other investment, can be with the right terms. Over the last 10 years I've seen homeownership destroy families because they bought prematurely. Had they continued to rent, saved their money and fixed their credit, then had down payment and reserves available, their situation would be very different.

OK - so you pay $1000/mo in rent and you COULD own for that, but that means you own an older home that likely will be in need of repairs. Now is not the time to buy for someone with bad credit - FHA is the most lenient loan available right now and doesn't stand for scores under 620.

Having said all of this, there are owner financing loans out there and I could get you in touch with one very reputable company - but you'll need some cash, no 100% financing in that game. Could you get gift funds from family for your down payment? If so, these guys will lend to you and if you are a First Time buyer, you'll get the $8000 tax credit and you would be able to repay your family. This company's average credit score for their buyers is 520!!!! It's thier goal to help you fix your credit in 12-18 months and get you refinanced out of the owner financing and into a straight-up FHA loan. If you really want to own, this is your deal...

C.
____@____.com
###-###-####

K.,

I completely understand. My husband and I were in your shoes about a year and half ago. I would recommend Patricia Yeager with Willowbend Mortgage in Plano. We were able to get approved right away either but she was able to give us some advice so that we could get our credit clean up. After about 6 months we went back to her and we were able to get approved for a loan. She is a realtor as well so she can help you with finding a home. Below is her contact information. She is great and I highly recommend her.

Patricia Yeager
Willowbend Mortgage
###-###-#### (direct #)
____@____.com

Good Luck!
S. S.

Hi K.,

We also were in a similar situation but were blessed to finally become homeowners this past November. It was a long fighting battle but it was well worth it. We went through HUD and got an FHA loan, they paid all closing cost and after loosing so many bids on many homes, we finally got our break and it was well worth the wait, we LOVE our new home. You can contact Nita at ###-###-####,she is a HUD specialist. Tell her Liz referred you. GOOD luck and if you do opt for this road, please be patient and dont get discouraged ,the right home will come your way..

have you talked to anyone within a church organization? might be a bad suggestion but maybe the preacher or whatever might know someone that would be helpful. good luck.

K.,

We are actually selling our house in the 75041 area code! We need to move closer to our jobs and Grandma, so we need to move closer to the Plano area soon! We too, are expecting a little girl in the next couple of months and just need to be closer to Grandma. We currently have our home on the market for 110,00, but would be willing to negotiate with the right buyer. Give our agent a call and she can set up a viewing. Her name is Elaine Sherp and her number is ###-###-####. She can also get you a list of lenders that would be willing to work with you as well. Here's the link to our home so you can get an idea if you like it too!! http://www.ebby.com/property/4304985/
Take care and hope to hear from you soon!

I went through mortgages USA and they connected me with CMA Financial CO that helped me to get financing for my house. My realtor was Steve Conner at steveconner.com. They helped me fulfill my dream of owning a home for my daughter and me. There are also some nice houses in that area of Garland that will meet your needs. Mine is down the street from that zip code in Dallas! Good Luck and God bless!!!

K.,
Today there is a really bad financial climate to have the issue you are having. If you are unable to find a mortgage company to loan you the money maybe going to a private sector might be an answer for you. A lot of investors have properties they might not mind selling right now so look in to a lease/purchase contracts. If you lease a house for say 12-18 months and you are on time with payments and generally have a good relationship with the landlord they might consider owner financing for you. The numbers would have to work out to benefit everyone, the owner would benefit from not paying real estate agent fees as he/she sells the property. It's a long shot since many things would have to fall in to place for this to happen but it's worth it. Drive around neighborhoods that look like something you are looking for and watch for rent signs and then just talk to the people. Renting first and giving then a chance to get to know you and have a track record of reliability is very important. I would suggest writing a letter explaining your situation and presenting your case to all that have the power to help your situation. Good luck!
L.

K.,

I can't promise anything but I do work with a gentleman that is a loan pro. He has asscess to all kinds of loans.. and I have a realtor too. The super thing is that they offer each of their clients 6 Free hours of Professional Organizing Services as a Thank you gift. That's 12 hours to get you moved in.... your home staged or organizing a room.

You can go to the home page of my site www.GetOrganized.ws to get their contact information.

Thanks,

L. B.
Owner and Founder of Get Organized!

Call my husband... he's a realtor and we are in a similar boat so don't feel bad - we all make some not so hot decisions but it's what we do going forward that counts!! Good luck to you, and he has some great people that will try and help get you into a home!!

Holt Barber
Ebby Halliday - ###-###-####

Contact Zack Grandell, he is a Mortgage Planner who also helps with Credit Restoration. He is a good Christian man, he will not steer you wrong,you can trust him.

Tell him G. sent you to him, I don't get any kickbacks, he and I pass referrals all the time and we trust each other.

His number: ###-###-####
His Email : ____@____.com

Call Brenda Mancil ###-###-#### she is an amazing realtor and is super knowledgeable.

K.,

You would have USED to be able to buy a home in your situation. I don't know about any more though. Sure, you might find somebody who is willing to give you a loan; but the interest rate will be sky high - and you will still need to come up with some sort of money at closing (we had to take $1500 8 years ago...)

One option you have that should work really well for you is to find a "Lease Option to Buy". You typically need to sign the lease with a little more money than a normal lease, but your "rent" payments will actually go toward the price of the home if you choose to buy it in about 2 years.

This way, you are not throwing your money away, you have time to fix up your credit, and I would make sure that in the agreement, you allow for the price of the home to be adjusted to market value at the time of purchase. (Home prices are expected to continue to fall.)

Good luck!