Profile picture for TeeGold

Help! Planing to buy a single or town home.

Pls. Help! First time home buyer. Planing to buy a single family house or town home and credit is not that good but have a good salary. Any advice on what steps to take pls?
  • December 02 2010 - Burtonsville
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Answers (20)

Profile picture for TimMcIntyre
This answer is for any Buyers who find themselves wondering the same thing as the original poster.

Here in Maryland, we are fortunate to have townhomes that often rival some single family homes in square footage.  Many townhomes offer anywhere from 1,500 square feet to up to 4,000 square feet, and anywhere from 2 to 5 bedrooms or more.  Also, some townhomes here in Maryland sell as quickly as single family homes, and depending on where you choose to live, some townhomes may increase in value by as much as or more than single family homes.  So in Maryland, whether to buy a townhome or a single family home is all about what it is you are looking for in a homeownership experience.

Townhomes generally offer less in the way of exterior maintenance - there is usually less yard to maintain, and some of the maintenance may be handled by the neighborhood association, depending on which community you live in.  Townhomes also offer less in the way of privacy, so if that's important to you, then you may want to consider a single family home.

When making this decision, it's best to have a consultation with a Realtor.  We're experienced in helping Buyers identify what it is about owning a home that is of greatest importance, and then helping those Buyers get what they want.  Good luck!
  • April 30 2014
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Hi Gary!

It might be due to the fact this question was asked in Dec of 2010!!!

Best wishes, Jim
  • July 29 2013
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I find it hard to believe that this important question has had no responses for so long. In the past three years the market has hit bottom and the Mortage rates have hit the lowest rates in over 50 years. And both home rices and rates are going up. Buy a house now. Go to my profile for my contact info. Then call me for some great ideas for First Time Home Buyers. Don't delay. What goes down must go up.
  • July 29 2013
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Hi, Maryland has a first time homebuyer program that allows scores as low as 620 and the rate is 4.5% fixed. If your scores are lower than that you will end up with a sub prime FHA lender and pay very high fees and high rates.
Id be happy to work with you on improving your scores, no charge of course.
  • March 07 2011
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Profile picture for Connie Klemme
talk with a lender to get specific advice.  Ask about bond money and programs like that.  Use a reputable lender not a fly by night company.  someone with an acutal building where they do business and have been there longer than a few months, etc.
  • January 30 2011
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Profile picture for wetdawgs
@ Nancy:  You seem to be in a spam attack mode today.  Please review the good neighbor policy and read the section towards the end about self promotion, phone numbers and websites being forbidden.

All of your spam has been reported.
  • January 30 2011
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My dear I can get you a loan as low as 580 score .Contact me as soon as possible I am in Gaithersburg,Md. ,but we can correspond  with email !
We work as ateam of realtor and mortgage direcrt lenders !I have closed 3 loans with credit 580and the other 575 ...Please contact me at [Contact info removed by moderator]
  • January 30 2011
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1. Rreview your credit report carefully. If your score is below 640. There are things you can do, I can tell you over the phone.

2. Review your financial situation and decide on the max mortgage you feel comfortable.

3, Make a list of what you want in home and what you don't want. 

4. Once your credit is ready contact a loan officer to request your pre-approval letter. I can recommend one.

5. Get a good realtor. I can recommend one.


6. Let your realtor do the rest for you and with you!.
  • January 27 2011
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Hi,
Are you working with a lender now ?
IF so what is your results today for the last 2 months?
Let me know if I can refer you to another mortgage officer that can get you results and we work together as a team and have lots of buyers on our database that we are helping that have credit score of 580 and we got them a loan up to 230000 they closed on their house just last October ,and another on last December and we still are looking for more buyers that are in your situation so please spread the word for us !
Let me know about your case.
  • January 27 2011
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Profile picture for jadedea
or if you dont want to do all that, there are a bunch of calculators on this website. just look under the mortgage tab. you should also keep in mind how much you want to pay including taxes, hoa fees, insurance and others. keep that in mind when you talk to your lender or counselor or whomever tis assisting you with your credit. it doesnt hurt to surf through the listing on the website to see whats out there. also keep in mind what type of home do you want. how many beds and baths, and seperate needs from want. if you find what your looking for under needs in your price range you can upgrade it from there with garden tub or garage. dont limit yourself to just one website. some sites have old outdated info and some have special info. like i can find more info on foreclosures and short sales (like pictures, sizes of rooms etc) on my agents website than going here or redfin, or trulia or etc.

hope that helps and good luck!
  • December 09 2010
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Congratulations!  I would ask family and friends to recommend a good mortgage professional.  Before meeting with the mortgage broker, have an idea of a monthly payment that will fit your budget as well as the amount of money you have available for a down payment.  On your first meeting your entire credit/asset profile will be reviewed for pre-qaulification at which point you can formulate a "game plan" to become a first time homebuyer.

Best of Luck!
Melinda
  • December 08 2010
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I will review my credit first, your loan officer doesn't know what accounts are yours and which ones aren't not their status.  They will have to spend time in reviewing info that only you know to make sure is accurate.

 Is very easy to request a review of an account status  and request changes right there on line.   

Regardless of your interest in buying or not buying it is a good practice to review your credit for free once a year to make sure your record is accurate,   Web Page for free Credit Report:       www.Annualcreditreport.com

You are entitle a free credit report a year and one every time you are denied credit, if you are unemployed, etc.
  • December 08 2010
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I agree, talk with a loan officer, but wait to review your credit until the loan officer pulls your credit report. Most loan officers are adept at reviewing your credit and giving you hints and help making your scores as high as possible, and helping with any issues on your credit report. Then the LO can go over programs and your payments associated with various programs available to you...
Congratulations and good luck!

Jim, HSOA

  • December 06 2010
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I would start with a Mortgage Broker or Bank Loan Officer. Find out what you can qualify for. I would also talk with a Realtor to find out how to meet your desires and realities and find the right home for you.
  • December 05 2010
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Definitely talk to a good loan officer, but  first review your credit report to make sure everything is accurate.

don't close any credit cards or lines of credit and don't get into any more debt.

If you don't have a goof loan officer you trust I know several good ones.
  • December 05 2010
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Your first step is to call a loan officer to see if you qualify to purchase a house. 
  • December 02 2010
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Find a good loan officer that can review your credit and options with you and help you make a definitive plan. Best wishes!
Jim
  • December 02 2010
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Profile picture for sunnyview
The smartest step that you can take is targeting your credit score for improvement. That will reduce the cost of getting a mortgage and it will give you more buying power in the market.

You can make your credit score better once you know what areas to focus on. One credit report a year is free from the credit reporting agencies here, but you will have to pay a small amount for your actual credit score. Last time I looked it was about $14. Strategies to improve your score are here and here. The myfico site also has a break down of what makes up your score and what you can do to improve it for free. Focus on making yourself a good candidate to buy before you buy. 

Creative financing should be the last resort not the first. Many seller finance deals fall apart and some are problematic because until the own the property liens can pile up. The other thing to think about is that most owners are not willing to carry the mortgage forever so in a year or two down the line you will need to be able to qualify for a mortgage with a regular lender. Improving your credit will do nothing but help you and it not hard once you know what to do.
  • December 02 2010
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Now is a great time to buy (for so many reasons).

I have done a lot of work in your area and would love to help you buy your first home!  We work with an amazing team of lenders, too.

Just contact me and we can get started.  You can also check-out my website to see my testimonials.

Thanks,

Peggy Lyn Speicher
The Speicher Team

  • December 02 2010
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Profile picture for KCSells Team
It's a perfect time for alternative financing, also known as "creative financing".  Have your agent search for lease-options and seller financing. With the large supply of unsold properties nationwide and most likely in your area as well, you have a great chance to purchase a home through the lease-option, seller financing or even a builder with a backlog of unsold properties.  Hope this helps.  If you need a referral for a good agent in your town, let me know. My company is National and i do know experienced, qualifed agents throughout the US.
Good luck to you.
  • December 02 2010
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