Zillow Advice: Rent vs. Buy - i wan to buy a house and start a daycare in my home also (small ) my credit is not that good worki

Never happen in a million ...

Mon, 15 Jun 2009 18:41:00 GMT

Never happen in a million years. The govt is already bought and paid for by the banking industry.

I'd love to see clawbacks ...

Mon, 15 Jun 2009 17:09:00 GMT

I'd love to see clawbacks for mortage brokers, but only if the companies they worked for did it (i.e. not in any way shape or form should the government do this.) I know that if I was in the business of loaning out large sums of money, I'd want my sales people to have no reason to want to put through a deal likely to make me lose that money.

As for agents, they are paid to close a sale. They may claim otherwise, and for some that might be true, but only fools would take their word against their own judgement. They did their job, the same as the car salesman that puts a middle-aged sucker into a leased sports car.

I wonder if all the agents ...

Mon, 15 Jun 2009 16:45:00 GMT

I wonder if all the agents would be so happy to help people find a house, and a loan if they ALSO had a CLAW BACK of their commissions on homes that were foreclosed on or had loan modifications within the say the first 5 years of the purchase, You see it is alot easier to offer to help them find a lender for FHA (they are in such deep trouble HUD, Fannie and Freddie) I think if that CLAW BACK idea was used, I think Agents, and Loan Brokers, and all involved would suddenly be a lot tighter about offering to find someone with say a 580 FICA Score, and barrowed down payments that are at the MIN anyway. A whole lot more responsible then they are now. I think we should push for CLAW BACK on ALL Commissions on any housing deals that are in trouble with in the first 60 months... what do you think of that idea?

You want to start by speaking ...

Sun, 14 Jun 2009 16:44:00 GMT

You want to start by speaking with a mortgage consultant. Don't assume anything regarding your credit until you start there. Our source has an FHA loan with a 580 credit score and in some cases, an explantation letter describing your circumstances is acceptable to the lender. There is also down payment assistance available in some areas for the 3.5% downpayment.

If this is your first home, you can take advantage of the up to $8000 tax credit if purchasng before 12/1/09. I'm told this credit can be applied for immediately after closing on you property.

We are happy to assist further if needed.

Best Wishes on your search!

Rent to buy is not often ...

Fri, 05 Jun 2009 03:02:00 GMT

Rent to buy is not often a winning proposition.   In order to get involved (after you find an owner who will consider it), you have to put down a significant deposit and you will have to pay more per month than just renting.     Should you not follow through, you will lose your deposit and you will lose the extra payments.   (Most lease-purchase agreements are not brought to completion).

As your credit is "not that good" now, owners will be looking extremely carefully at this.   As individuals they are probably even more concerned than the banks about FICO scores because they don't have the deep pockets (and banks are being VERY picky!)

Why don't you consider renting for a few years while you reestablish your credit and build up a downpayment. (i.e. I think it is a very bad idea to get involved in lease/purchase at this stage).

Many places that purport to 'repair' your credit actually do a worse job than you should be able to do yourself.

well you are right about ...

Fri, 05 Jun 2009 02:52:00 GMT

well you are right about that rental but if you got a contract on the property for 1 year and buy the home do they do that? I mean they dont have anything to loose that why and gain to sell the house but i don't know. but iam working with credit people from lending tree .so you think i should use FHA what do i need to do? so what credit score do i need to have.so do i need to get with a real estate agent

I'm hoping you have a good ...

Fri, 05 Jun 2009 02:04:00 GMT

I'm hoping you have a good credit repair specialist since so many just say to stop paying your bills and settle later for x amount. A person could do that themself without all the upfront fees. Not to mention that the credit score will be imploded. F.H.A. is not credit score driven but your derogatory accounts will need to be in plans or settled. In Texas, home daycares in low to low middle class neighborhoods might qualify for food money for low income parents kids(don't know in your location). Even if you buy a small house get one you wouldn't mind your kids staying at; in others words built good and decent looking. I've never seen a renter do this but I suppose it's possible. How would you like to be the landlord and something happens to a third party child in the rent house, I wouldn't?