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First time buyer in Missouri

I am wanting to buy a home for me and my daughter for the first time. I live in Missouri, but my credit score is not that good, I believe it is around 588. Are there any programs to help a single mother with not so good credit? I have found a house in the school district that my daughter goes to now, but dont know how to go about looking into buying the house. Thanks Emily
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September 18 2011 - US
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Replies (7)

Hi Emily;
The best advice I can give you is to find a good loan officer that does credit repair. This should be free of charge to you. Other factors to taken into consideration is what is your income and how long have you been on the job. Most lenders require at least two years in the same field of work. I have got clients bought with the 600 credit score, it all depends upon their situation. If you're working with a realtor, they probably have good reputable loan officers that they can refer you to. Good luck to you and your daughter on getting a home.

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September 18 2011
I would start out by enlisting with a realtor in your local area.  Let him or her perform a credit report so you know for sure what your score it.  The credit report should be free of charge.  Once you have an absolute number, your realtor should have you work hand in hand with a mortgage professional to see what things you can do to lift your credit score.  You can also get an idea of what you would need to do get that dream house that you are looking at.  Good Luck!
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September 18 2011
Profile picture for sunnyview
I want to be honest with you. I think you need to work in your credit before you buy. You also need to make a plan before you jump into home ownership. The lower your credit score is the more your mortgage will cost you in fees and in the rate that you pay over the life of the loan. Zillow has a blog on raising your credit score here. You also need to look at your own finances and your ability to afford a house before you call an agent. There is a blog on the steps that first time buyers can take on their own to get ready to buy here.

You do not need to pay for credit repair in my opinion. Credit repair companies charge you for things you can do yourself and cannot remove negative information from your report that you cannot remove. If you want to buy, the programs to help facilitate ownership are few and can be restrictive in their target group for the program. Focus instead upon the things you can do to put yourself on solid path to homeownership.
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September 18 2011
Profile picture for hpvanc
EmilyKD,

I'm going to give you some advice that many real estate agents will try to contradict.  Right now you are trying to buy what will be the largest expense/purchase in your life on impulse, this is always a bad idea.  Finding this property has put the idea in your head, and if leveraged properly could put you on a path to a solid financial future.  That being said with your less than good credit score and lack of mention of funds available for a downpayment, it will probably be better for your financial future if you wait. 

Put together a budget and stick to it, this should help you in at least two ways, it will allow you to save for a downpayment and rainy day fund (you will need this to handle the unexpected and uneven expenses home maintenance will create).  It will cause you to use credit in a sparing and judicious manner which coupled with the saving plan will allow you to pay all of your bills on time and raise your credit score.

With this plan in place you will be able to use a portion of your hard saved money for the downpayment, have a higher credit score reducing your interest rate and fees for acquiring a mortgage, and the restraint that you have learned during the process will allow you to make a more objective business decision in the purchase and reduce your chances of being scammed by a less than ethical buyers agent, mortgage broker, seller, sellers agent.  Unfortunately it is definitely a buyer beware world, and many of the "professionals" that will rush to help you are exactly who you need to be beware of.

Good luck.
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September 18 2011
Profile picture for Dunes....
Please give these 3 Links a look..

They IMO are absolutely the Best Place for you to start...

Homeownership Assistance:Missouri

Buying a Home

GovLoans.gov ..search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program
(USDA. FHA,Vet ect..)

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September 18 2011
Profile picture for sunnyview
Good links above. This article here talks about the effect of your credit score on your mortgage interest rates and your payments. Most professionals will not tell you not to buy, but good ones will tell you to be ready before you buy.

Please take the time to get more information and really make a plan before you jump in to the market. Too many people jumped before they were ready and things did not turn out for the best.
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September 18 2011
There is ALWAYS someone willing to lend you money, regardless of your credit score.

They're called vultures.

Work on your credit score and come back when you have a good score and a good down payment. Otherwise you will end up like so many Americans who bought homes, who lost homes and who are now in worse shape than they were before buying.

Anyone who tells you that home prices are going up anytime soon are paying themselves first at your expense.
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September 18 2011
 
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