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Ask our community...If I am a first time home buyer with challenging credit and a modest income what

If I am a first time home buyer with challenging credit and a modest income what is my best option?
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April 22 2012 - Sandy Springs
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Answers (7)

I would highly recommend seeing if you qualify for any of the home-buyer grant programs, that will give you funds towards your purchase, as these can help make purchasing a home affordable and do not have ruthlessly strict credit requirements.  Hope this helps and happy house-hunting!
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April 24 2012
Make that decision after you meet with a lender, that way you will have an idea as to how long the process of building your credit will take, it may be 6 months, instead of one year in which case you will need a short term lease instead of a yearly lease.l 
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April 23 2012
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April 23 2012
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That is all great advice! I will work on building my credit and wait before I buy. Thanks!

My lease for my apartment is up in two months. I am married and have a young son so I need more space. Would you recommend that I rent a home or condo while working on building my credit and finding a home?

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April 23 2012
Your best bet is to contact a local lender that can guide you about the best way to buld up your credit.  Don't rush take your time, so that you will be able to make a wise decision later on.  Good luck!!!
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April 23 2012
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Your best option is to spend some time working on your credit so that it is stellar, and saving up a great down payment, closing costs and emergency fund (several percent of the house cost).

Don't think about co-signers, if you can't do it yourself you aren't ready.  Cosigners don't make up for challenged credit, and asking someone to co-sign is like putting a noose around their neck. 
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April 23 2012
Talk with a local lender, one that friends or family recommend and they can look at your credit and income to help you decide what your options are.. There are also local mortgage banks that will work with you to build up your credit at no charge. You might also want to consider a cosigner, maybe a family member can assist you with that.
Best wishes to you.
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April 22 2012
 
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