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Answers (9)
- Linda Andersen, "Linda AndersenR"
- Contributions:8
My best resource for first-time homebuyers who need to get their credit in order before buying is:
www.naca.com (search for your local office/workshop)
Depending on a Buyer's financial situation, it can take anywhere from one to 14 months to get approved. But hang in there - there are no closing costs, no down payment, and the interest rate is below market rate. Good Luck!
www.naca.com (search for your local office/workshop)
Depending on a Buyer's financial situation, it can take anywhere from one to 14 months to get approved. But hang in there - there are no closing costs, no down payment, and the interest rate is below market rate. Good Luck!
How bad is "Bad" ?
Can it be Fixed?
Will time heal it?
Pull your FICO Scores and Credit Reports, ask a Mortgage Lender for help.
*** Beware of Credit Repair Services and Monthly Fee Services ***
Best wishes,
Fred
Can it be Fixed?
Will time heal it?
Pull your FICO Scores and Credit Reports, ask a Mortgage Lender for help.
*** Beware of Credit Repair Services and Monthly Fee Services ***
Best wishes,
Fred
- Daniel Hunter, "DanHunterRE"
- Contributions:44
Do not just throw in the towel based on the first response. While it is likely the truth, one persons bad credit is anothers persons 'just a dinged credit' Follow the advice given. Get with a reputable mortgage person, who will figure out if you can, or can now qualify. Take the uncertainty out of the equation.
if you can, move forward, if you can not...
a. work with the Lender to clean up your credit. Forget buying anythign else, everything, aside from living expenses goes to clearing up your credit. Along the way get educated at sites like this or Realtors Blogs in your area can be very helpful
b. Due to the current market there are alot of investors who have properties they can not get rid of. Mention this to yoru mortgage person. In a nutshell. You could do owner financing for 1 or 3 of 5 years. The investor holds the mortgage. You will be paying a higher interest rate, but you will be cleaning up your credit in teh meantime AND building credit by paying the mortgage. Than when your credit is re-established you refinance into conventional loan with the mortgage person who helped you get straight
I have found nothing that excludes Owner Financing from the FTHB tax credit, but check with your accountant or http://www.irs.gov/newsroom/article/0,,id=213375,00.html?portlet=6
If you do try to buy, the deadline is NOV 30th. You must close by than or you do not get the credit (which is actually 10% upto $8,000) Although there is a lot of rumbling about an extension of the tax credit or even an expansiion. Also if home prices in your area are still going down, you may save more money passing on the tax credit and letting home prices continue to fall, saving you even more money. But that is for a local realtor to tell you.
if you can, move forward, if you can not...
a. work with the Lender to clean up your credit. Forget buying anythign else, everything, aside from living expenses goes to clearing up your credit. Along the way get educated at sites like this or Realtors Blogs in your area can be very helpful
b. Due to the current market there are alot of investors who have properties they can not get rid of. Mention this to yoru mortgage person. In a nutshell. You could do owner financing for 1 or 3 of 5 years. The investor holds the mortgage. You will be paying a higher interest rate, but you will be cleaning up your credit in teh meantime AND building credit by paying the mortgage. Than when your credit is re-established you refinance into conventional loan with the mortgage person who helped you get straight
I have found nothing that excludes Owner Financing from the FTHB tax credit, but check with your accountant or http://www.irs.gov/newsroom/article/0,,id=213375,00.html?portlet=6
If you do try to buy, the deadline is NOV 30th. You must close by than or you do not get the credit (which is actually 10% upto $8,000) Although there is a lot of rumbling about an extension of the tax credit or even an expansiion. Also if home prices in your area are still going down, you may save more money passing on the tax credit and letting home prices continue to fall, saving you even more money. But that is for a local realtor to tell you.
- BlancaSellsParadise
- Contributions:16
Phythoness,
The best way to find out is to speak with a loan officer in your area. Get a recommendation from friends or co-workers...then go speak with him or her.
When you meet with them tell the truth, the whole truth and nothing but the truth; that's the only way they will know the whole picture about your situation.
If in fact, you cannot buy right now, a loan officer worth his weight in gold will guide you on what you should do to be ready in 3 months, 6 months, 1 year, etc. At best they will direct you to the housing conseling foundation in your community where they will offer you budgeting and home buying counseling.
Never, ever give up on your dream of owning your own home...and don't forget to invite us to the housewarming party!!
The best way to find out is to speak with a loan officer in your area. Get a recommendation from friends or co-workers...then go speak with him or her.
When you meet with them tell the truth, the whole truth and nothing but the truth; that's the only way they will know the whole picture about your situation.
If in fact, you cannot buy right now, a loan officer worth his weight in gold will guide you on what you should do to be ready in 3 months, 6 months, 1 year, etc. At best they will direct you to the housing conseling foundation in your community where they will offer you budgeting and home buying counseling.
Never, ever give up on your dream of owning your own home...and don't forget to invite us to the housewarming party!!
- real estate mike
- Contributions:2001
I agree with Bob, if your credit is shot who cares about buying a house. Work on your current bills and income and get the "ship righted" Save some money and be consistent when the time comes then you can purchase. renting isn't so bad.
- Ofe Polack, "Ofe Polack"
- Contributions:1420
There is bad credit, and then there is "bad credit" How bad is your credit and how long will it take to correct it, is the big question.
Consult a mortgage company, they will pull your credit report and advise you how to proceed.
You may also want to check the possibilities of obtaining a USDA-Rural Development loan, they are more forgiving than other lenders and you can obtain a loan without down payment.
Good luck!
Consult a mortgage company, they will pull your credit report and advise you how to proceed.
You may also want to check the possibilities of obtaining a USDA-Rural Development loan, they are more forgiving than other lenders and you can obtain a loan without down payment.
Good luck!
It all depends how "bad" your credit is. Talk to a mortgage lender who will assess your total financial situation including current credit scores, and he can tell you what you qualify for. There should be no cost or obligation on your part for this. There are some programs out there for people who have lower credit scores.
- Robert Klein, "rklein7777"
- Contributions:310
First you must answer what is bad credit. 500? 600? 650? depends on how bad is bad and how far you have to come back up to get in the game.
there are fast ways at very little cost to clean up and improve your credit significantly in a very short time.
If you need more time, make sure you pay off your bills regularly and lower the debt you have.
2nd major factor is down payment -- hoe much money can you put down. obviously the more the better to help overcome some of the credit deficiencies.
3rd major factor is yoru employment. How much you make, how long have you been at the job and how safe are you at your position. again, the more money you make the better, the longer you've been at the job the better.
If you are serious about buying a home, there are workable solutions to credit isues if you are focused, diligent and commited to repairing them. Good Luck.
there are fast ways at very little cost to clean up and improve your credit significantly in a very short time.
If you need more time, make sure you pay off your bills regularly and lower the debt you have.
2nd major factor is down payment -- hoe much money can you put down. obviously the more the better to help overcome some of the credit deficiencies.
3rd major factor is yoru employment. How much you make, how long have you been at the job and how safe are you at your position. again, the more money you make the better, the longer you've been at the job the better.
If you are serious about buying a home, there are workable solutions to credit isues if you are focused, diligent and commited to repairing them. Good Luck.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
It's a waste of time. I would work on cleaning up your credit and establishing good credit before purchasing a home.
is there any real way to get a first time home loan with bad credit or is it a waste of time?
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