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Answers (14)
- NANCY AFIFI (TOP AGENT), "NANCY SELL HOMES"
- Contributions:57
Hi '
By now ti is almost six months ..your credit should have been better by now .I hope you have been working with a counselor .If you need any free counselor, loan officer to follow up with your credit I can refer you one .
Good luck to you!
Nancy
By now ti is almost six months ..your credit should have been better by now .I hope you have been working with a counselor .If you need any free counselor, loan officer to follow up with your credit I can refer you one .
Good luck to you!
Nancy
- Maria Avellaneda, "MAvellaneda"
- Contributions:278
The question is what you feel comfortable doing, is the rent the same as the mortgage? Are you moving any time soon? I most always recommend buying vs renting as long as your credit is good and you can get a loan,if you qualify. Having downpayment doesn't mean you do. Today you need a minimum score of 640; sometimes more depending on the type of loan. You credit history is an inidication of how likely you are to repay your loan in full and in time. The question is, why is your fico shaky? What do you mean by sahky? Debt to income ratio? Spend less and pay off your debts. Keep credit cards at about 50% or less dont stop using one and charging another 100%. not sure why but this gives you extra points. Don't close any credit cards or lines of credit this decreases your debt to credit ratio. Review your credit carefully and pay collections, write letters of explanation , etc.. Don'st ask for credit from any one as denials take points off and don't get into any more debts. It is crucial that you look into your situation and talk to a loan officer. There are many things that you can do to improve your credit rating and your situation. I worked with clients that didn't have a rating period and brought them to have a decent rating to buy in 4-6 months . This all depends in what situation have brought your credit down some can be improved in a few months others take longer; You can aslo try to get a cosigner that has a better situation to help you qualify. The cosigner needs to understand his resposibilities clearly. I work closely with several loan oficers that can tell you exactly what is wrong and what steps to take. So a loan officer is the way to go. . Definetely talk to a good loan officer. I can recommend one.
- Scott Reiber
- Contributions:151
Seems like you got a lot of good and some long answers. It depends on a few things.
1. What is your credit score?
2. How much do you have down?
3. Are you a W-2 employee?
- Jeff Ehrich, "jehrich1259"
- Contributions:29
I suggest talking to the right lender. Ask them to let you know what you would qualify for, based on your current financial condition. Then at least you know what you need to move forward. More down payment, less debt, or just some time to repair your credit score. Some lenders won't even look at clients that don't have at least a 720 credit score, but there are programs out there that will suit clients with a credit score as low as 580. Look online for the right Lenders.
- Michael Hoffee, "mhoffee"
- Contributions:67
You may want to consider a lease-option.
- cleanairplus
- Contributions:2
If your income is now good and stabilized, then it might be worth considering a purchase if you don't get turned down due to your past credit rating.
- Virginia Callaway, "ladyva05"
- Contributions:92
Yes just work on paying everything on time and keeping your balances low. Also, anything in collection...set up a plan or just pay off. :)
- sunnyview
- Contributions:25139
You should focus on your credit before you focus on getting a home. There are lots of things you can do for free to improve your credit score and make it easier for you to buy. Do not hire a credit repair company, instead target areas you can work on to raise your credit score.
Start by getting a copy of your credit report so you know what is on it and what your current score is. 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 $12. You can get strategies to improve your score here and here. That 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. It will reduce your costs in getting a mortgage and make it more likely that you will be able to keep the house that you buy out of financial trouble later.
Start by getting a copy of your credit report so you know what is on it and what your current score is. 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 $12. You can get strategies to improve your score here and here. That 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. It will reduce your costs in getting a mortgage and make it more likely that you will be able to keep the house that you buy out of financial trouble later.
- Ken Dixon, "dixonteamoc"
- Contributions:58
I agree, it may be a good idea to wait until things are a little more solid. Just because the market is low doesn't mean it's a good idea to rush into something. But you don't need to pay a credit counselor, check out http://www.controlyourcredit.gov/ for guidance on how to improve your credit.
- Tom Matthews Joanne Taranto, "TomAndJoanneTeam"
- Contributions:528
Yes, Take some time working with a credit counselor to figure out how to get your credit up. You want to get on a plan where you pay your bills early or on time every month. Save money so you have a down payment and 3-6 months in reserve for a rainy day account and then make a move on something. No reason to rush into something if you are not ready. Best
- wetdawgs
- Contributions:26833
Yes, if your credit is shaky spending time renting, building up your credit, building up a down payment and a slush fund all are important steps of the house purchase process. There is nothing wrong with knowing your financial limits and going slowly rather than on a course that may have some problems.
- Kathryn Wutz, "Kwutz"
- Contributions:28
RLH2,
You have other options besides just [link removed by moderator] or an apartment. Are you familiar with a [link removed by moderator]? This could be an option for you if you are not able to get a mortgage. This option is great if you have enough for a downpayment and have the possibility to be able to pull a mortgage within the next 5-10 years depending on what your land contract states. You would make monthly payments and then when your contract ends at that point you would pay off the remaining balance of your home with either a mortgage or a cash payment. You could also look into [link removed by moderator]. I hope this information is helpful. Please feel free to contact me if you have any other questions/comments.
Kathryn Wutz
- Monson Corcoran Group Inc, "MC Group Inc"
- Contributions:213
The best thing for you to do at this point is to contact a mortgage broker and have them assess your ability to qualify for a loan.
They will be able to tell you if you currently qualify and what your loan limits are assuming you qualify.
If you're unable to qualify at this time have your mortgage broker give you the reason why you're unable to and address those issues.
They will be able to tell you if you currently qualify and what your loan limits are assuming you qualify.
If you're unable to qualify at this time have your mortgage broker give you the reason why you're unable to and address those issues.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Yes
I really want to buy a home. My credit is very shaky. It is best to just rent for now?
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