Any tips on buys a house?

Question

I dont have much credit and I dont have much savings. But I need to move due to landlord selling the property.

Answer 1

It sounds like your landlord selling the property put you under some pressure to find a house right now.

The very first thing I would do if I were you is to acknowledge that there is much more risk in buying a house than there is in signing another lease somewhere else. Given the pressure you're under, I would strongly suggest you at least consider renting for a while longer so you can take your time looking for the right house for you. Rushing into a $100,000 to $200,000 commitment carries some risk with it. Many people say "you're throwing your money away by renting" but the reality is that it costs to live, whether you're renting or paying interest and maintenance.

If you do decide to immediately purchase, the next biggest thing is to make sure you don't pay too much for the house. If you find you made a mistake in buying a house and you paid market, you can probably sell it again right away and you'll *only* be out the 6% commission. If you pay too much then you could be out significantly more than that. You can have the real estate agent look up the prices at which comparable houses have sold and you can also ask the courthouse to see if the house you're considering has been sold recently and at what price.

Those are probably the major negatives to avoid. The positives are to make sure you like the house you're considering. Take some time to imagine how you would be living in the prospective house and if that suits your needs.

Good luck!

Answer 2

Do you have a relationship with a bank? Ask them. Or better yet, contact a mortgage broker who specializes in first time home buyers. There are usually good programs for first time buyers.
They will pull your credit, which is very important. Do you pay your bills on time? If your credit is ok, it is very possible to pull off a deal. If your credit is really bad, you will have to clean it up first, and that may take a while.
If you can't pull off the deal, look around and in the papers for a rent to own or owner financing.
Income also comes into play, how much money do you make, how long have you been on your current job. There are many factors involved.
Lets recap the highlights.
1. see a mortgage broker. they will pull your credit.
2. that will determine where you stand.
Good luck!
I don't know how old you are, but buying is the best move, by far for you. If you can't do it now, don't give up, you will be able to do it in the near future!

Answer 3

just went through this! contact your real estate agent. let them help you. they can find a lender that will work with you, no matter what the circumstances are.