English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

I heard that you pretty much have to have top of the line credit to get into any house so what would my choices be?

2007-03-28 16:49:02 · 8 answers · asked by krazy_k 1 in Business & Finance Renting & Real Estate

8 answers

Not true, but credit is tightening up. In the next two years maintain or improve your credit rating by making all payments on time, reducing any outstanding you can. Save as much as you can for a house down payment - this greatly increases your options for financing when you are ready. Try to save at least 10% of the purchase price. 20% is ideal. If you have someone in mind to help you with the down payment, have them give you the money well in advance of buying thew house, then put it in an interest bearing account and leave it there. In the meantime, look into 1st time homebuyer programs offered in your area. A good mortgage broker can point you in the right direction. Then, when you actually buy the house, don't be overly optomistic about how much you can afford. That's how many, many people dig themselves a hole they can't get out of. Good luck

2007-03-28 16:56:55 · answer #1 · answered by Mark G 4 · 0 0

Well your credit has to be A1, and if thats not a problem and you have all the in's and out's of being a new car owner then how did you save for that or did you finance the whole thing that will have an affect too. Save at least, 15% of the house cost, and then add the amount for property tax transfer, the cost for the lawyer, the cost of any estimates and inspections, some people like termite inspections and stuff and fire inspections and all this stuff is extra. Add that on top of your money for the down payment on a house, now a days you don't need to have a down payment but it makes such a difference that you are better off if you do. I hope this helped take care Heather

2007-03-29 00:16:02 · answer #2 · answered by Anonymous · 0 0

Just pay your bills on time and don't go buying another car. The worse thng you can do before trying to buy a home is buy a new car, but if you're waiting a few years, you should be fine (assuming rates great rates hold out!) You don't have to have top of the line credit, just ATLEAST 680 or above, which shouldn't be hard if you pay your bills on time and always stay below 50% of your credit cards' max. 2 years at the same job, paystubs and tax records to show, and good credit and you should be fine for a full doc loan (which have good rates)

2007-03-29 01:55:00 · answer #3 · answered by CJ 3 · 0 0

One problem you might have when you try to buy a house is a bunch of collection agents suddenly trying to collect old debts from you shortly before closing day of the house. Experian alerts them when anyone is trying to buy a house, and they compare that person with their old files, to see if there is a match of anyone with old debts. But their matching criteria are loose, such that you might match even if the debts aren't yours. But they don't care if you owe or not, because you're practically forced to pay, to avoid having your mortgage fall through, which could cost you a lot of time, effort, and money, after you're already committed to buying the house.

To minimize the risk of such last minute problems, you should avoid having any mortgage brokers pull your credit report, until you're very close to actually buying the house. Because, pulling your credit report for mortgage purposes is how Experian finds out you're tryiing to buy a house. They need time after that, to notify the collection agents, and for the collection agents to search their old files, and start dunning you etc. All you have to do is keep the collection agents from hitting your credit report until after closing day.

Keep in mind that even for debts beyond the statute of limitations, collection agents can still sometimes kill the deal by putting collection inquiries on your credit report. It depends partly on whether your mortgage underwriter cares about collection inquiries. Some don't even care. Some don't even care about old debts at all. Only more recent ones. So it's a good idea to take that into account when shopping for a mortgage.

Also keep in mind that you can't count on the law. Just because the collection agent is doing something illegal doesn't mean you can make them stop fast enough to save your mortgage. The FTC is almost constantly prosecuting collection agents for crimes commonly committed by most of them, but new ones come along faster than they can shut down the old ones.

You can learn a lot about credit and mortgages at www.creditboards.com where they discuss all aspects of credit repair, improving your credit, getting mortgages, and lots of other related topics.

2007-03-29 00:38:12 · answer #4 · answered by x4294967296 6 · 0 0

Make sure you are checking your credit every 6 months. You want to keep it clean & you want to stay current with all payments & monthly bills. You would be surprised on what can be put on your credit report. Start setting aside at least 10% of your monthly income in a savings account. You should have a nest egg you can borrow from when you apply for a mortgage.

: )

2007-03-28 23:52:58 · answer #5 · answered by JPC 2 · 0 0

Listen to the Dave and J Show. It is pretty much the best real estate / mortgage radio show out there. You can listen to them on the web at www.daveandj.com or on iTunes. You can even emial them with you questions and they will answer your questions on the air. the are awesome!!!

good luck dude.

2007-04-01 03:24:35 · answer #6 · answered by Justin Lair 2 · 0 0

Who said that you have to wait? with as soft as the market is right now.... you should look at buying if your finances allow....

If you are in NV, CA or AZ, I can help you.... 866-957-3348

2007-03-28 23:54:42 · answer #7 · answered by Jennifer T 1 · 0 0

save about 80% of all income!!!!! you can buy a house off of minimum wage in a year if you do this

2007-03-28 23:53:32 · answer #8 · answered by Nic B 2 · 0 0

fedest.com, questions and answers