Need Help finding a Mortgage Broker or Lender Please (Washington: lease, credit report)

[jardamian]

Hi,
I have only been in Ohio for a year now and I've been renting. I moved here for a job and was really wanting to buy now. However, my credit is not good and I don't have much cash for a down payment. I am recovering from a financial crises but its going good now. I have better income than before and am building my credit back up. I know its not as easy to get a mortgage anymore for people in a my situation but I was hoping that I could find sometPZhing. I'd be looking to buy in a rural area if that might make a difference? I would be looking to buy in the Hillsboro or Washington Courthouse area but in the country. So if anyone could recommend someone or some place to start, I'd greatly appreciate it. Thanks!

[xnyer]

Originally Posted by jardamian

Hi,
I have only been in Ohio for a year now and I've been renting. I moved here for a job and was really wanting to buy now. However, my credit is not good and I don't have much cash for a down payment. I am recovering from a financial crises but its going good now. I have better income than before and am building my credit back up. I know its not as easy to get a mortgage anymore for people in a my situation but I was hoping that I could find sometPZhing. I'd be looking to buy in a rural area if that might make a difference? I would be looking to buy in the Hillsboro or Washington Courthouse area but in the country. So if anyone could recommend someone or some place to start, I'd greatly appreciate it. Thanks!

You've chosen a beautiful area of Ohio, but jobs are not plentiful, so happily you indicate you are employed. I would check the USA.gov website, for the CFDA (Catalog of Federal Domestic Assistance). Since you want to live in the country, you would likely qualify for a rural housing loan through the Dept. of Agricultural. Look for the Farm Credit Agency office in whichever county (Fayette or Highland) you choose to reside. also request your annual free credit report from the 3 major reporting agencies. They have to supply it to you by law. You can ask the people at Farm Credit what score you need on your credit report and then take steps to achieve that. Finally, for a government backed mortgage you'll need about 3 1/2% down and you can finance your closing costs. I would do some of this legwork first if I were in your shoes and save a mortgage broker as a last resort. Nothing against those dudes, but you'll end up paying them big bucks for finding you some mortgage money that you may very well be able to obtain by yourself. If they work for you, well they are entitled to their fee, but try it on your own first. BTW, let me know how you've done in a future post. Good luck

[jardamian]

Good advice, thank you I appreciate it. I didn't know about these RD mortgages. I have now started to research them and it looks promising. I'm going to work on my credit and save until my lease is up so I'll be in a better position when its time to move so hopefully I will be moving to my own house Thanks!