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Answers (9)
- William Dawes, "ewpdawes"
- Contributions:24
1) Obtain a pre-approval letter from a mortgage lender. This will let any realtor or seller know that you are qualified to purchase a home.
2) Find a home you like and make an offer / negotiate with the seller
3) Once you have an accepted Purchase Contract, conduct Loan Application
4) Order appraisal to verify that the home is eligible for Financing and has the necessary value.
5) Submit your file to Underwriting for Loan Approval.
6) Receive Loan Approval and schedule your closing
7) Move into your new home!
Your question regarding credit has a few 'what ifs' in it. Most lenders require a 620-640 credit score in order to obtain mortgage financing. If your score is lower than that you may be able to work with a qualified person to do some credit repair to increase your score.
If you have not, I suggest you visit http://www.AnnualCreditReport.com to access a free copy of your credit report. This will be a good starting point for you to know what is appearing on your credit and if it is accurate.
Feel free to email or call for more information!
2) Find a home you like and make an offer / negotiate with the seller
3) Once you have an accepted Purchase Contract, conduct Loan Application
4) Order appraisal to verify that the home is eligible for Financing and has the necessary value.
5) Submit your file to Underwriting for Loan Approval.
6) Receive Loan Approval and schedule your closing
7) Move into your new home!
Your question regarding credit has a few 'what ifs' in it. Most lenders require a 620-640 credit score in order to obtain mortgage financing. If your score is lower than that you may be able to work with a qualified person to do some credit repair to increase your score.
If you have not, I suggest you visit http://www.AnnualCreditReport.com to access a free copy of your credit report. This will be a good starting point for you to know what is appearing on your credit and if it is accurate.
Feel free to email or call for more information!
- Scott Fortney, "Scott Fortney"
- Contributions:32
The first step to a buying a home purchase is to speak with a mortgage professional. Even with less than stellar credit there are progams that may help you get into a home.
- Ofe Polack, "Ofe Polack"
- Contributions:1420
We all agree that your first step should be to contact a lender, in the privacy of the lender's office you will be able to share your financial background and the lender will guide you as to how to fix it. You may not be able to purchase a home immediately, but if you are focused and follow the lender's advice in time you will be able to apply for a loan. The best of luck!
- Metro Indy Expert.
- Contributions:197
- Juan Pineda, "Juan A Pineda"
- Contributions:9
you already know that you credit is bad you need to start fixing it call a mortgage company a loan officer will tell you what to do.
good luck
good luck
- Leigh Bryant, "lbryantrealtor"
- Contributions:12
First and foremost your first step before even setting a foot in a home is to talk to a lender. They will tell you what your credit score means in terms of qualifying, tell you how much monthly payment you can afford, and explain to you the types of programs you qualify for. If you need a referral for a lender feel free to let me know. Credit unions are a good place to start if you have an account with one. Best of Luck!
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
you will first need to improve your credit. work with a credit specialist or realtor to negotiate down the outstanding balances you owe to different creditors. pay off all the accounts you can.
then start saving for a downpayment. FHA loans required just 3.5% down and have a very competitive interest rate
then start saving for a downpayment. FHA loans required just 3.5% down and have a very competitive interest rate
- Wade Kawahara, "Wade Kawahara"
- Contributions:69
The first step to buying a house is checking with a lender to see if you are qualified for a loan. If you aren't, most lenders will tell you what you have to do to obtain a home loan. Then you should contact a real estate agent to see what the next step is. If you aren't sure about finding a lender, you can contact a real estate agent and the agent should know a competent lender to refer you to.
what are the steps of buying a home and what chances do i have if my credit is bad
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