2007-01-02 15:53:25 · 9 answers · asked by LIZ 1 in Business & Finance ➔ Personal Finance
There are so many loan programs available today, it would be best for you to meet with a professional lender to glean what your credit score is, what remedies you can take to increase your score (rapid score submissions if possible) and what type of loan and interest rate you may qualify for. Please make sure you meet with a reputable person/company as there are thousands of predatory lenders out there. Good luck with pursuing your dream of homeownership!
2007-01-02 16:05:51 · answer #1 · answered by ☼High☼Voltage☼Blonde☼ 4 · 0⤊ 1⤋
I'm quite sure no matter which lender you use, or if you use a first time home buyers program, you will have to clean up your credit.
Make sure all your bills are paid on time every month and pay off any collections, if any. Also, keep your credit cards at a low balance. Don't go over 25% of your available credit. The higher your balance, the lower your score. Also, do not apply for any unnecessary credit, or apply for a loan you're sure you won't get. Inquiries to your credit report, other than those made by yourself, also lowers your score.
Follow these guidelines, keep an eye on your credit report and score, and do some research on the available programs in your area and you could have a good chance at buying a house within a couple years, if that long.
2007-01-03 00:01:16 · answer #2 · answered by jussagirl 3 · 0⤊ 1⤋
Hi, I'm a Mortgage Consultant. There are programs out there that do not concentrate so much on your "less than perfect" credit; but instead it's a combination of criterias. Such as, your ability to repay the debt, prior credit history. People can have "bad credit" for something as simple as an account in Collections to Identity theft. But if you have a history of paying on time, not exceeding your credit limit and maintaining 1/2 your available credit; then a "Letter of Explanation" can be sent explaining the reason for your derogatory credit.
2007-01-03 00:06:35 · answer #3 · answered by ROB G 1 · 0⤊ 1⤋
Sorry to burst your bubble Liz, but now ain't the right time for you. Getting a loan might be easy, but you will be paying exhorbitant interest rate.
What you need to do is stay put and clean up everything on your "bad credit" report. Then save up 3-6 months of living expenses in an emergency fund.
Dave Ramsey give some great financial advice just for people like us. He's on the radio every day, and his web site is daveramsey.com
Good Luck
2007-01-02 23:57:46 · answer #4 · answered by snvffy 7 · 0⤊ 1⤋
Hi Liz, I do not suggest you to seek a house with bad credit, there are crappy rates and lenders will do anything to throw loans out there to you. Take 6-12 months and really focus on trying to PAY EVERYTHING ON TIME!!! Raise your score and get yourself disciplined. The worse your credit, the worse your home loan will be. Don't be too quick to move into a house until your financial situation is resolved. I deal with alot of homeowners with horrible credit get stuck with horrible loans and can't pay them. You are probably going to have to put a huge down payment down, etc. Think about it, talk to a financial consultant or a realtor and see what they say. You are welcome to email me with any questions you have...I won't try to sell you anything, but I do want to pass information on what to do before you really get into it.
2007-01-03 06:07:50 · answer #5 · answered by MadameJazzy 4 · 0⤊ 1⤋
Get a first time Home Buyers loan. Check this sight out, it will answer any questions you may have. Good luck!
http://www.hud.gov/buying/comq.cfm
2007-01-03 02:06:46 · answer #6 · answered by ksgirl 3 · 0⤊ 1⤋
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2007-01-03 01:38:32 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Have a Loan Officer take complete application and 3 bureau credit report to see what you qualify for.
2007-01-03 00:51:06 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Hi Liz (my name is Liz too) there are first time buyers offers out there.
they will check your credit rating and your income - try it - what have you got to loose
you may have to have someone co sign for you tho
2007-01-02 23:56:51 · answer #9 · answered by ekleinert 3 · 0⤊ 1⤋
Get your parents to co-sign and deposit 20+% down, pay some points and take a seat when they tell you the rate you will be paying..
2007-01-02 23:56:59 · answer #10 · answered by Fahzizzle 2 · 0⤊ 1⤋