im looking for a new home in san antonio,tx.but i dont have good credit? where do I start?

Answer 1

A good downpayment often times smooths over the credit issues. A higher interest rate will probably still result though.

Have you had a loan officer pull your credit? How bad is it, and what is wrong with it. If it's mostly medical collections, you still might be able to go FHA.

Answer 2

The first thing you need to know is if you are qualified to purchase a home. You should not get a contract, talk to a real estate agent or do anything unless you know if you can afford to purchase a home and how much home you can purchase as well as the interest rate, type of loan you are qualified for and how much this is gonna cost to get the loan.

So the first thing you should do is contact a "Mortgage Broker' you may find this animal in your local telephone book. Tell him you plan to purchase a home in the next 6 months or so and want to get "PRE-APPROVED"

Now this person is gonna want to see lots of documents to prove certain things about you and anyone else trying to buy this home with you.

So to get you started I am gonna give you a few of the things you will need

#1 Fed income taxes for 2 yrs as well as W-2 for the same period

#2 Pay stubs covering one complete month.

#3 6 months from bank statements from all the banks you use to include any 401k plans at your place of employment.

This will get you started during your first interview. Now don't plan on a short trip to the mortgage broker's office or telephone to fill out the application. There are lots of questions as well as lots of forms to sign that are required by state and local authorities. He will even fax them to you. Make sure they are accurate as possible before returning them.

Once he has the documents signed and back in his hands, he will run a credit check thus finding out your credit score. With this credit score he can now tell you what loan programs you are qualified for. The appropriate monthly payment, how much the lender will allow you to borrow to purchase your home as well as tell you about the interest rate of your mortgage.

Once this has been discussed with you and whom ever is gonna purchase this home with you, now you are able to find a real estate agent or the mortgage broker can recommend one. At any rate you now have your "PRE-APPROVAL LETTER" and now you can look for this home you want to purchase.

Once found you go back to the mortgage broker to complete the transaction. He will order an appraisal to prove the value of the home you have selected. The real estate agent will draw up a sales contract for you and the seller to sign. He will give copies to the mortgage broker, and escrow closing agent.

Your mortgage broker might want additional items from you this is normal just find what he needs he is working on your behalf and acting as go between you and the lender.

Shortly thereafter the mortgage broker will call and set up a date for you to sign your loan docs, again plan on being there for a time. This is not hurry up process.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

start by NOT buying - you'll only lose it.
1st get a book 'house buying for dummies '
read study understand.
2nd get 2 more jobs work till u can't then do it again. Save your money pay off your bills Save your money.
3rd visit daveramsey.com to learn what the bankers pray you never ever learn and apply it.
4th only buy a house on Fixed rates , no variable 20/80% loan or balloons, less than 30 yrs long. don't buy tooo big a house they win you lose.
5th your P&I should equal one week take home pay no more. other two weeks will go to taxes, POA, transportation costs, upkeep costs, water, gas electric costs, empty house syndrom.
what left is what you can eat on , save for your retirement, pay slave cards & car notes, save for kids school , clothe your self
real world is harsh