Zillow Advice: Buying a Foreclosure - Buying out of state http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ Zillow Advice | Zillow Real Estate Your credit score isn't great ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ Your credit score isn't great but it is still acceptable. There are lenders like myself that are able to give out loans with scores as low as 580. So since you are above that, you have a shot. Another thing to keep in mind is that it will be hard to find a lender to give out a loan without verification of future employment. If you do not have any jobs lined up, then this will make it difficult to obtain a loan. If you do, then you will need to show your employment offer letter to a lender.&nbsp;I recommend you speak with a lender like myself. Us lenders would be more than happy to speak with you to help you get the loan that you need.&nbsp;So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck! Mon, 21 Oct 2013 19:11:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-21T19:11:00Z I would say rent for your ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ I would say rent for your first 6 months to a year just to build your credit anf to make sure you&nbsp;check out all the areas to be sure of the area you would like to buy in . &nbsp; Sun, 20 Oct 2013 22:50:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-20T22:50:00Z If you live in New York city ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ If you live in New York city or the suburbs - Richmond may take some getting used to.<br/><br/>I worked there and lived 35 miles north for 25 years.&nbsp; Richmond the city is one thing.&nbsp; There are lots of outlying areas you may find more desirable.&nbsp; The city has neighborhoods which are on the upswing and those that are on the downswing.&nbsp; <br/><br/>You really need to live there and see how it is to get around.&nbsp; Wetdawgs made a great suggestion.&nbsp; Move there, get your jobs lined up, rent a home and work on your credit.&nbsp; <br/><br/>Become familiar with Midlothian, Short Pump, Mechanicsville, Glen Allen and other areas.&nbsp; They are all right around Richmond and have some great communities. Sun, 20 Oct 2013 22:32:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-20T22:32:00Z It can only help to take ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ It can only help to take your time. Working to rebuild your credit, and (if applicable) save a larger down payment, will give you stronger buying power. Stronger buying power means you can actually purchase a home you love, and not just what you can "get." Best of luck! Sat, 19 Oct 2013 19:43:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-19T19:43:00Z I would agree with working ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ I would agree with working on your credit now while still in NY. With scores starting at 600, it may well take 6-18 months to rehabilitate your scores depending on what needs your credit report shows.<br/><br/>The advice wetdawgs gave regarding renting for some period of time to learn the Richmond area is also very sound. If this is possible, you stand a much better chance of finding that perfect home, in a great neighborhood that is conveniently located for work and play.<br/><br/>We offer a wide range of credit services and repair to help you get your scores up! However, nothing is better than keeping your balances low compared to your limits and paying all monthly obligations on time.<br/><br/>Best wishes, Jim Sat, 19 Oct 2013 18:20:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-19T18:20:00Z I would strongly recommend ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ I would strongly recommend moving and renting.&nbsp;&nbsp;&nbsp; This would be my recommendation even if you had a credit score in the 800s and were ready to pay in cash. <br/><br/>Why?&nbsp;&nbsp; Do you know Richmond?&nbsp; Do you know the traffic patterns between neighborhoods, where you will work (when you get jobs)?&nbsp;&nbsp; Traffic between your favorite neighborhood and the fun things in life (whatever matters most to you)?<br/><br/>Get to know the community, get jobs, discover you love (or hate) your job and then consider buying if you love it in Richmond and love your jobs.&nbsp;&nbsp;&nbsp; It doesn't matter that someone might offer a loan to someone with a credit score of 600, but instead that you want to make a decision that you will be happy with.&nbsp;&nbsp;&nbsp; Prices will be lower in Richmond, but your income will also likely be lower. <br/><br/>You also don't want to buy today because you are moving in six months and will have to get an investment loan with a high down payment.&nbsp;&nbsp; (How's your down payment savings?)<br/><br/> Fri, 18 Oct 2013 03:29:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-18T03:29:00Z I am sorry I cannot just ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ I am sorry I cannot just edit my post, but I do just want to add that they have started loaning to people with low 600 credit scores, however, I do not know if this is the case in all states. It was mid 600s here for a while, and in the last two months 2 buyers I have worked with have gotten financed with scores below 615. Fri, 18 Oct 2013 03:04:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-18T03:04:00Z I actually have a couple ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ I actually have a couple of people I can refer you to that may be able to help. They are both mortgage brokers that offer, for lack of a better term, credit repair programs. It is free, and they have different programs that range from 30 days to 12 months depending on your credit. They basically walk you through the things you need to do in order to get the biggest boost in the shortest amount of time. It may be worth looking in to. You can always rent out the home in VA if you are not yet ready to move. If you are interested, I will gladly give you their contact information, both are STELLAR to work with. Fri, 18 Oct 2013 02:49:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-18T02:49:00Z I would suggest staying where ... http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ I would suggest staying where you are and work on your credit while you wait. &nbsp;A better credit score will give you more opportunities with financing. &nbsp;<br/><br/>The added time will help you save more money for a down payment. &nbsp;I don't know your situation but if you could put down 20%, that could save you PMI. &nbsp;(Check with a loan professional for specifics.)<br/><br/>There is plenty of time for you to find a house by June. &nbsp;By waiting, you also won't have to pay house notes for a home that you don't live in yet. That money could also go towards a larger down payment.<br/><br/>I would also begin learning about the real estate market in the area that you want to move to. &nbsp;You can do that here on Zillow. &nbsp;It would also help to contact and interview a few Real Estate professionals in the area. &nbsp;Tell them what you're looking for and your time table.<br/><br/>I hope this helps! Thu, 17 Oct 2013 23:28:00 GMT http://www.zillow.com/advice-thread/Buying-out-of-state/515721/ 2013-10-17T23:28:00Z