Southeast Michigan Real Estate and Community News- Livingston, Oakland and Wayne Counties.

You will find our blog to be a wealth of information, covering everything from local market reports, home values, tips on buying and selling a home, and community events.  We are hoping that you find our website to be filled with information and we become your "go to" website! 

We also created Blog Categories to make it easier for you to browse, click on one and get informed!

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As always if you are looking to sell or buy, we are your people!  Contact Michelle Payne at The Payne Team!

Sept. 12, 2019

14 First Time Homebuyer Mistakes To Avoid


Infographic Design By Susan & Troy Susan & Troy: Sedona Real Estate Agents

Posted in Buying a Home
March 11, 2018

Do I Need Good Credit to Buy a Home?

Do I Need Good Credit to Buy a Home?

Credit is of course on of the main factors when applying for a mortgage to purchase a home.  Having good credit will give you the best opportunity for the best rate and terms. 

However, there are many programs in place now that would allow you to obtain a mortgage for a home even if you have challenging credit or have had discrepancies in the past. 

With these programs you can get a mortgage with a credit score as low as 530, and even as low as 500, if you can provide the down payment. 

 

Programs that will you give you an opportunity to buy a home

 FHA LOAN

An FHA loan will provide the buyer with the opportunity to obtain a mortgage with challenging credit and still allows you put as little as 3.5% percent down for your down payment. 

 VA Loan

A VA Loan program is for veterans!  Veterans can obtain a mortgage with a 500 credit score and recent bankruptcy's. The VA Loan also allows veterans to get into a home with zero down. 

 Reverse Mortgage

A Reverse mortgage is set up for anyone over the age of 62.  A reverse mortgage gives you the opportunity to obtain a mortgage for home and you are not required to make monthly payments.  If you have challenging credit and are on a fixed income, the Reverse Mortgage may be of help to you. 

 

Having good credit is definatly a plus and will give you the best opportunity for obtaining a low interest mortgage.  However, the answer to the question "Do I need good credit to buy a house?" is absolutely not!  

 

Information provided by:

Timothy L. Lopez

Branch Manager/Sr. Loan Officer

517-304-0689