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Answers (11)
- PukonYukon
- Contributions:173
wait.
you can always buy later. anyone that uses fear of rates going up, or fear of something else to get you to buy now is only lookign out for their pockets.
you can always buy later. anyone that uses fear of rates going up, or fear of something else to get you to buy now is only lookign out for their pockets.
- Mack McCoy
- Contributions:1115
Well, you can stop wanting to purchase a home.
Look, Joanna, I love people buying homes. When they have good credit and some money in the bank to tide them over. I'm not a fan of people with bad credit signing up for thirty-year commitments any more than I'm a fan of people with sprained ankles entering "fun runs." Heal the credit, rehab, build that credit score up and get those savings in place - then, go out and do that homebuyer run!
Look, Joanna, I love people buying homes. When they have good credit and some money in the bank to tide them over. I'm not a fan of people with bad credit signing up for thirty-year commitments any more than I'm a fan of people with sprained ankles entering "fun runs." Heal the credit, rehab, build that credit score up and get those savings in place - then, go out and do that homebuyer run!
- ConnieK_ppm
- Contributions:97
nothing wrong with renting. It's going to be stressful enough when baby is here. sleep deprivation will take on a whole new meaning. no matter how organized you are or how much in the past you worked long hours and went with little sleep- it's not the same. I don't reccommend adding to that stress with a house payment if your credit is not in great condition. If you are going to buy...don't buy at the top of your range, buy so that if one of you didn't go back to work and the other had to take a paycut you could still afford to live there and you had enough money so that if your heater stopped working in mid january and it was 10 degrees outside you could afford to get that hvac company over that night so mom and baby wouldn't be dangerously cold.
- SoCal_Engr
- Contributions:5663
Having a new, especially first, child and buying a home are both life-altering events - even if you had great credit, a 20% down, and solid incomes and financial plans.
It may not be in line with your "wants", but I'd seriously consider Dan's advice and chew the elephant one-bite-at-a-time. I also echo Wetdawgs' advice about starting with a financial plan. Frankly, I think many avoid this step because it can be depressing - but so is losing your house when there's a family and children involved.
It may not be in line with your "wants", but I'd seriously consider Dan's advice and chew the elephant one-bite-at-a-time. I also echo Wetdawgs' advice about starting with a financial plan. Frankly, I think many avoid this step because it can be depressing - but so is losing your house when there's a family and children involved.
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
Talk with your local lender or go to your bank. See if they can assist you there. If you can't move forward now, you might be able to purchase in the near future. I have had several buyers who needed assistance getting their credit repaired. Start there first. Thank you for your question.
- William Metzker, "MrLiam"
- Contributions:209
Multnomah County and Portland have programs available for first time buyers. Start here: http://portlandhousingcenter.org/. My guess is that you'll be provided information on attending first time buyers classes, which some of my clients have found enormously helpful. You will also find resources on re-building your credit and, down the road, incentives and offers available to first timers.
- Octavio Garduno, "Octavio Garduno"
- Contributions:29
The 1st step is talking to a loan officer that knows 1st time buyer programs. Those programs are available at City, County, State and Federal levels and could help you with your downpayment and/or closing costs. Each program has its own pros and cons. You will also need a loan, a good option for 1st time buyers is an FHA loan where you need to put only 3.5% down.
After reviewing your income, savings and credit score, the loan officer will let you know how much you qualify for or He can give you pointers to improve your credit score and/or funds so you can qualify in the future.
- wetdawgs
- Contributions:26804
This is a great time to spend time coming up with plan. You've identified your goal, how do you get there. First, how do you get great credit? How do you save up a down payment? How much do you need to save up for an emergency repair fund (I'd suggest perhaps 5% of the purchase price of the home).
When all those have been achieved, then you are ready to buy. House purchase is not an emergency, it is far easier to purchase a house than keep the house - don't do that to yourselves!
Oh, yes, I agree with Dan and Joan.
When all those have been achieved, then you are ready to buy. House purchase is not an emergency, it is far easier to purchase a house than keep the house - don't do that to yourselves!
Oh, yes, I agree with Dan and Joan.
- Joan Braunschweiger, "Morris County NJ"
- Contributions:1543
What Dan said.
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
Make an appointment with a loan officer with a local bank. Most loan offiicers will do appointments after hours & on weekends & many will come to you. Ask him/her what documents to have available for the meeting. After looking at all of your documents, checking your credit reports & credit score, he/she can tell you if you can qualify for a loan pre-approval. If you can't qualify for a loan now, ask the loan officer what you need to do to repair your credit, so you can qualify for a loan.
- Dan, "the_country_hick"
- Contributions:4694
Rent. What would you do if you bought the house and suddenly a $3,000 repair was needed? How could you afford to pay for that expense?
This does not mean rent forever. It means save money for a down payment. Improve your credit. Work toward the goal of buying a house. Have an extra few months of income saved after you have bought a house. Then you will be in a much better place to buy a house.
This does not mean rent forever. It means save money for a down payment. Improve your credit. Work toward the goal of buying a house. Have an extra few months of income saved after you have bought a house. Then you will be in a much better place to buy a house.
Couples first time home buying with bad credit and little for down payment, what are our options?
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