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marriedtopaul · Oct 28, 2009, 11:42 AM

Id like to buy a home in milford pa.the home is under 100,000.00 the problem is I have bad credit.I have a score of 525.I have money for a big down payment but still no one says they can't help us.I can put down as much as 20,000.00.is there any other programs out there or anything to help us buy our first home.I know some of you will say to clear up our credit which we are working on doing.my husband has owned a home before over 4 years ago never a late payment.I just hope someone out there is willing to help us wile we fix up our credit.you can email me at >E-mail Removed< if anyone has a solution.

JudyKayTee · Oct 28, 2009, 12:33 PM

Please don't post your email address. It's dangerous and not allowed on AMHD.

What type of assistance are you seeking? What do you mean by "will anybody help us"?

If you are seeking financial assistance, this is not the place to request it.

If you are seeking advice I would suggest a mortgage banker or mortgage broker - your credit score will matter less when you have a sizable down payment in relation to the purchase price.

marriedtopaul · Oct 28, 2009, 02:05 PM

Originally Posted by JudyKayTee

Please don't post your email address. It's dangerous and not allowed on AMHD.

What type of assistance are you seeking? What do you mean by "will anybody help us"?

If you are seeking financial assistance, this is not the place to request it.

If you are seeking advice I would suggest a mortgage banker or mortgage broker - your credit score will matter less when you have a sizable down payment in relation to the purchase price.

Sorry didn't relize email address are not allowed.

I'm looking to get a mortgage.ive gone to many different mortgage brokers and even with 20,000 down they won't even look my way.I just was wondering if there was any mortgage brokers on here to give me some advice on how to get a mortgage with a low score and big down payment.

Fr_Chuck · Oct 28, 2009, 05:47 PM

The issue is the bad credit, you may need to check with local credit unions and smaller home town banks.

But at the end of the day normally in today's credit problem, you can't get a loan with really bad credit

mjcolyer · Oct 29, 2009, 08:37 PM

Try an FHA loan. For conforming loan amounts there is technically no minimum credit score for this loan although individual lenders may have more restirctive guidelines. You do not need to be a first time home buyer. If you have a large down payment you should be able to take care of any bad debts that the lender will require to be paid off. I would also suggest asking the mortgage banker you choose to review your total credit situation and ask them what you can do to help increase your score. If you have a large down payment you should be able to set a resolution to your credit issues in motion. Finally, rather then going to a small bank, I would avoid them. I would use a major national bank because they usually have more lenient guidelines based upon the volume they are able to provide to the investor and they are also able to portfolio loans that investors will not buy.