Pets Foreclosures
new job/old one is going under,need mortgage in MI, fair credit,0 down, have 3K/closing/ whats the chances?
I have found a house that we like(first time buyer). Wife can’t be on loan, she had foreclosure prior to marriage last year(lost her job),back in college. We moved back to her home town, so I took a job with co and they are in trouble(many layoffs). I have a chance for a new job offer but credit is only hittting 600 (all clean,had slow pmnts due to layoff last yr at this job). We only have a few thou to wrk with and would arbor mtg be a place to get decent loan? Fannie mae? help here plz. We have to move soon in 90 days and don’t want to get in the rent merry go round. that saps your savings and you can’t have pets(have 2dogs/ cats) I don’t want to get rid of pets wife would be devastated. We found a house that has great backyard and space for family. we are worried about losing any$ for appraisal and it falling thru due to all the foreclosures around area (house is only 60000)/ needs minor repairs. What would be a decent offer/on busy street/older neighborhood/ some urban blight
Fannie/Freddie 100% programs are drying up fast – the mortgage insurance companies are pulling out. Check out your state’s Housing Finance Agency for first-time home buyers. With 600 scores, it’s going to be tough. 97% programs are still around… for now. FHA might be an option. You would need 3% down, but it can be a gift. Plus you could get a seller concession for the closing costs. Gone are the days of easy money in the mortgage market…. for now anyway. To buy a home, saving at least 5% for the down payment puts you in a much better position. And the first step with your credit… do what you can to get your score above 620 as soon as possible. On a Fannie Mae approval with scores less than 620, you’re going to have a higher rate or you’ll need to pay more points. Good luck.
Pet Foreclosures
