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I am wanting to buy a house.My credit scores are 650 and 670.I make 40k a year.There is a house I am interested in that they are asking 61k for.Downpayment is available through the Neighbood Housing Services.The only negative thing on my account is that I have a loan out through one of the "bad loan" places.
Problem is, I have no idea where to start.Some people have told me that going through a bank would be harder.Is something like quicken loans or something online be feasible?
any advice would be appreciated.
It's possible. I know the allure of 'online' apping is that you don't have to look someone in the eye and try to sell/justify yourself. The downside is that online application/approval processes only allow a more limited picture of your situation to be considered. I would recommend joining a local credit union (usually can join for as little as $5 deposit) and sitting down with one of their mortgage reps to discuss options and what's possible. The credit unions are easier to work with than banks, but talking to a real human allows you to explain your situation and get some really good advice on how to proceed.
Good luck.
For a small loan amount like that you will probably need to go thru a local place. Most of the big online lenders are not going to do mortgages that small.
The other thing is that many times when you use a downpayment assistance program you have to go thru one of thier approved lenders. So if I were you the first thing I would do is check with the program giving you the down payment assistance and see if they have a list of approved lenders or if you can go anywhere you want to.
Also I am not sure what you mean by "bad loan" place? Could you be more specific? As long as you are paying them on time and they are not reporting any late payments it should'nt be an issue, but again, I am not entirely sure what you are trying to say?