SIf you’re looking for a mortgage loan with bad credit you may be able to seal the deal even with a credit score below 620. You’ll just have to be willing to jump through a few hoops. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that first, you’ll need to know where you stand. You can get your credit report for free once a year at AnnualCreditReport.com. You can also pull a free report summary every month from Credit.com. But the only program out there for applicants with credit scores below 620 is the Federal Housing Administration. Fannie Mae and Freddie Mac offer conventional loan financing with a hard credit score requirement of 620. Generally, you’ll need a minimum score of 600 to buy a home or get a mortgage. Although, there are some mortgage companies that require consumers with bad credit complete online counseling to ensure they fully understand what homeownership entails. Typically, this counseling can be completed online. If required, get it done early in the loan process as a sign of good measure. Check out below to see what sold in Briarwood in April 2016:
24483 Bramblewood, Novi: 4 bedrooms, 3.1 bathrooms, 2,883 sq. feet, 2 car garage, Sold Price: $380,000
Briarwood Home Sold
April 2016
Talk to your mortgage professional about your credit and the means you currently have to buy a home while considering what options make the most financial sense for you overall. For more information on Briarwood, or similar Northville or Novi neighborhoods such as Abbey Knoll, North Hills and Lakes of Northville, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.