i am looking to buy a home. i work full time and except for a jaded financial past, i am trying to get things straight. is there any help?
2006-09-07 07:58:17 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
1. Contact the credit bureaus, pull your reports and correct anything that is wrong.
2. Contact a mortgage broker, there are a lot of programs out there but expect a much higher interest rate then the norm
3. The larger the down payment the more likely you will qualify for something.
4. Wait a year, take out a consolidation loan, and establish some good credit
2006-09-07 08:01:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are many home buying programs out there -- they are not all geared towards the first time home buyer, but don't exclude the first time home buyer. There are programs that make it possible for credit challenged people to buy homes as well. Factors like how long you have had your job and how long ago was your "jaded past" will be factors since you have bad credit. Do you know how bad your credit score is? Have you checked your credit reports for errors? You may be able to improve you credit somewhat (watch out for credit repair scams -- some are legit, but many are not). What part of the country to do you live? With the slower real estate market, many sellers are willing to help with the buyer's financing which is making home ownership possible for many. Let me know where you live, I should be able to find someone who can answer your questions specifically.
2006-09-07 08:10:47 · answer #2 · answered by LasVegasMomma 4 · 0⤊ 0⤋
Try the FHA; they have a first-time home buyers program and I think they do forgive bad credit history, up to a point. Many banks also will work with you. Be prepared, however, to have a higher interest rate because of your credit history. Depending on how far in the past your credit problems are, you may be better off waiting to buy, so you can build good credit (and continue to rent) and save up for a big downpayment.
2006-09-07 08:02:24 · answer #3 · answered by Playboy 2 · 0⤊ 0⤋
Can I become a homebuyer even if I have I've had bad credit, and don't have much for a down-payment?
* Answer: You may be a good candidate for one of the federal mortgage programs. Start by contacting one of the HUD-funded housing counseling agencies that can help you sort through your options. Also, contact your local government to see if there are any local homebuying programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or your county executive's office.
2006-09-07 08:11:33 · answer #4 · answered by steamroller98439 6 · 0⤊ 0⤋
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having good credit.
Would you consider delaying your plan for 2 reasons? First, use this time to build better credit which will lower your borrowing cost. Second, housing market continues to slump, there is no need to jump into it now.
http://money.cnn.com/2006/09/07/news/economy/housing_forecast.reut/index.htm?postversion=2006090713
If you plan to continue with your purchase, try to stay away from adjustable loans, because they will lure you in with initial low payment. Usually people end up a house too big (mortgage is liability). Try to avoid interests-only loan also, because that is like paying rent, because paying interets won't add equity to your house and per current market condition, there won't be any appreciation to save the day later.
Good luck! :)
2006-09-07 08:45:25 · answer #5 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
You can try a loan from Fannie Mae. they are a government (sorta) program that assists people when buying a home. They can help you secure a loan and are very reliable.
You can also try to purchase a house with a second buyer who has great credit. A parent that can help you or someone you can trust.
I wish you the best of luck.
2006-09-07 08:03:02 · answer #6 · answered by makawao_kane 6 · 0⤊ 0⤋
It depends. Many stuggling cities offer first time homebuyer tax credits and some even offer help with down payments. You can also look into a mortgage with Ginnie Mae, a government agency dedicated to helping people buy homes. Check them out:
http://www.ginniemae.gov/ypth/index.asp?Section=YPTH
2006-09-07 08:00:31 · answer #7 · answered by Robin A. 3 · 1⤊ 0⤋
If the "jaded financial past" is 5 yrs ago and for past 2 yrs you have been paying your bills on time and no credit cards debts for one year, you are OK!!
2006-09-07 08:10:33 · answer #8 · answered by Tony I 2 · 0⤊ 0⤋
try to call 1-859-935-2008
2006-09-07 08:03:35 · answer #9 · answered by cosmocutie03 2 · 0⤊ 0⤋
go to the FHA website - federal housing administration
2006-09-07 08:01:57 · answer #10 · answered by e fitz 4 · 0⤊ 0⤋