Profile picture for user8091158

Why isn't it easy for me to get a house just like my coworkers?

My coworkers told me that they were house hunting since the beginning of this year and they bought one with no problem, even with their bad credit.  When I took their advice, I had no luck. Why? What is it that I'm not doing?
  • October 07 2013 - Atlanta
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Answers (12)

Profile picture for Shane Torres
Everyone is different and all lenders are different I would suggest stepping back with lender and your Realtor and come up with a game plan to move forward. 
  • October 08 2013
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Every clients situation is different.  We specialize in tough loans.  We have some very out of the box investors that can deal with lower credit scores.  We also handle credit rebuilding and rapid re scoring.

Contact me for details.  All of my info is in my profile.

Take care and good luck!
  • October 08 2013
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How do you know their credit is bad?  Just how bad is it?  How much did they put down on this house?  How much was the house worth?  Did they get a garbage mortgage with an outrageous rate?  Did they finagle a ridiculous co-signer with a fantastic credit score to rig the mortgage by having only one of them on the deed?

See where this is going?

There is much more to buying a home than a credit score.  That being said, if you post more specific information here, I'll help you figure it out.
  • October 07 2013
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Profile picture for Brookstone Mortgage
Do you know what your co-workers credit score is? Do you know what their income and debt load is? Do you know what assets they have? You say "bad credit" but what does that mean? Is your bad credit worse than their bad credit? How much did they put down? What are the terms of their mortgage? 

What you are not doing is focusing on "YOUR" situation and instead getting caught up with what others "told" you.
  • October 07 2013
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Profile picture for ATopRealty
Maybe you need to get cash back at closing to pay for some of your closing costs.  My company offers up to 60% cash back to all our buyers!
Good Luck!
  • October 07 2013
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It may depend on the lender. Each lender is different and requires different credit minimums. Also, even if they had bad credit maybe they were able to make up for it by having a large down payment which some lenders may allows. This is a hard question to answer because there are so many different factors coming into play with this situation. What's the reason why you have been able to get a loan? If it's credit there are lenders like myself that can give out loans with scores as low as 580. I recommend you speak to different lenders like myself so we can try to help you.

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
  • October 07 2013
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Profile picture for CallTheSisters
First of all co-workers are not the best source of reliable information.

If they had bad credit and started looking in the beginning of the year - they may have cleaned up their credit sufficiently to qualify for a mortgage.

It all depends on "what" the bad credit is.
  • October 07 2013
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You just never know a friend or co-workers financial situation so don't sweat it. If you are just trying to buy a home for the first time I always suggest looking around for a down payment help program. Here in Durango the developers have to participate in these down payement assistance programs and/or affordable housing programs. Also, a good lender should be able to point you to a local credit councilor. USDA still has some good programs (FHA too except for the astronomical Mortgage Insurance issues - thanks FHA :-(  )
  • October 07 2013
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Profile picture for Dunes ..
I would suggest that before you run out and find a "creative" Lender or make any other decision you become as informed as possible about just what your options are or may be...
Choosing a Lender or RE Agency/Agent are very important decisions and buying a house/property is a much bigger and important decision/process/impact causing endeavor than buying a Pizza or TV or car...it's the big time!;)

You will have many important decisions to make
A lot of those decisions are gonna be based on the market/area you intend to spend a sizable hunk of money in....might be good to get out and check it out

This is YOUR Financial obligation and business transaction and it's YOUR responsibility to watch out for you and yours best interests

In case you're interested here are some excellent resources, places of info imo...lots and lots of info available, Forums to cruise to see who says what..make use of them... preparing for your Financial decisions and Business Transaction might be a good idea

First Time Home Buyer Info about the Process & Excellent Info/Resources for any Buyer..Buying a Home

Provided by the Federal Gov..Info on their Loans/Programs
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.org

Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Consumer Financial Protection Bureau
Well worth a look imo

Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale, Programs
Sites Like..Bank of America...Wells Fargo...CitiMortgage

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale/Info on programs/loans
HUD Homes...HomePath.com (Fannie Mae)...HomeSteps (Freddie Mac)

You can find the links to Gov sites here...Link

Lots of info out there
Shop Smart...
Best of Luck
  • October 07 2013
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Profile picture for wetdawgs
Here's a link to the buyer's roadmap from Zillow.  Perhaps that will help you figure out the steps to success.  

Hint:  coworkers are often great people, but less than ideal sources for real estate/lending advice.

Have you talked to agents to find a great buyer's agent?  Have you talked to lenders to see if you get pre-approved?   If so, what do they say?
  • October 07 2013
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There are SEVERAL programs for the first time home buyers, and when credit is not the best, there are lenders that are more creative than others and willing to help even if you are not a candidate to buy if your desire is to own a home, working with a lender than can guide you to work on what needs to be worked on and getting you in the track to be a home owner in the near future is the key.
Good luck!
  • October 07 2013
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How could anyone here answer this? Find a better Realtor would be my suggestion and try again. Find a Realtor with at least 4-5 years experience and is full time, not a friend or part time agent. Good luck


tim
  • October 07 2013
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