I would like to know how my husband and I can buy a house. he has reposed on his car last year, and i am under credit couseling company for 2 yrs now. we both make good income now. how can we start when looking for a house? I just want simple cheap house. not looking for mobile home either.
2007-03-07 04:28:39 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
First get your credit report. It is a scary thing, but you need to look at it so you don’t get any surprises. Also, so you can verify all the entries. Sometimes companies do not take entries off your credit report even after the debt has been settled/cleared. (If that becomes a problem, there are a lot of sites on the Internet that can assist you in getting entries cleared off your report.)
Look for a mortgage BROKER. They have access to more lenders and more options to offer you and your husband. Brokers will look nationally for a loan for you, not just locally and lets face it - who cares where your lender is. All you need to do is send them a check. There is no reason they need to be local or close to you.
Brokers also USUALLY have the ability to invest/loan their own monies to buyers. They usually have their own funds that they loan from.
And - be prepared to pay a higher rate of interest at first. But don't let that dissuade you. You can refinance your loan in a few years when your credit history is more stable and your interest rate will go down.
Hope this helps or at least gives you another option to look at. GOOD LUCK!!
2007-03-07 05:11:22 · answer #1 · answered by Judi H 1 · 1⤊ 0⤋
1. Do not deal with mortgage brokers.
2. You and your husband should keep your bank accounts at the same branch of a single bank.
3. Go to the bank where you have your bank accounts and discuss your home owning aspirations with the branch manager.
4. Go to a second bank where they do not know you and ask the same questions. Tell them you are willing to move your accounts to that branch.
5. Compare the results and pick the better of the two to work with.
Best wishes and congratulations on getting out of debt, putting you finances in order and owning a piece of the American dream.
2007-03-07 05:55:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get out from under that credit counseling. You are going to pay a HUGE mortgage rate, traditional way (ie FICO score) but if you find someone who does MANUAL underwriting (which means that FICO means something but you as a person actually mean more (imagine that) ). They should be able to get you into something. Also try a credit union in your area, 90% of them do manual underwriting. And don't give up! Someone is always willing to take your money :-)
2007-03-07 04:39:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
get a recent copy of your credit report. an easy way to up your credit score is to get rid of those credit lines that you don't use anymore, such as a no interest payment credit card that you paid off and don't visit the store anymore. also stay away from those offers in the future, they're considered "high-risk" by credit agencies, and will decrease your score if enrolled. look into countrywide as a lender - the nation's largest, if they can't help you, they may find someone who can.
2007-03-07 04:38:15 · answer #4 · answered by mizzouswm 5 · 0⤊ 0⤋
if you have money in the bank try a passbook loan or theres a loan where you pay alittle more interest not much especialy that its a buyers market and they dont care as much about credit ,no check loan or something like that ,good luck
2007-03-07 04:36:12 · answer #5 · answered by chris c 2 · 0⤊ 0⤋
I'll mail you some money ,.,.here,.
http://www.wishbone13569.com
2007-03-07 04:37:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋