i have been looking into buying a house-is there an easy way to do this?

Question

I want to buy a house,i can't find financing , my credit score is not that low so i can't figure out what the problem is or where to turn for help.

Answer 1

Then you need to come up with a bigger down payment or wait. If you don't qualify for a house, then you don't want to get into a situation you can't handle.

Start saving and work on getting your credit score up.

Answer 2

You have to know what you are qualified to purchase even if you have bad credit.

speculation is just that speculation.

So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.

This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.

Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect. This credit score will tell if you are able to get a 100% loan and if not how much cash you have to bring to the table as your down payment.

There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.

#1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment

#2 One months of pay stubs from all that are going on the mortgage.

#3 Two years of federal income taxes and W-2s

After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will issue you a pre-approval letter. Don't forget your good faith estimate (GFE). This will give you an idea of the cost of your loan. That
is in addition to any down payment how much additional cash you must bring to the closing table.

In order to preclude PMI when a lender will finance 100% of the house you are buying the mortgage industry have solved that problem by offering a 80/20 loan. Don't be afraid of them.

You have to understand that the increase in payment if the loans are adjustable.

Your first mortgage (80%) might be a fixed product, while your second (20%) could be an adjustable product. If you don't understand the product ask your mortgage broker and don't leave until he/she has explained it to your satisfaction.
Now once this has been established you should connect up with a real estate agent to find you a home. Upon finding a home you like the real estate agent will then prepare a sales contract for you and the seller to sign.

The mortgage broker will order an appraisal of the house to prove the value.

Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don't plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.

Don't sign the loan docs if anything has change from what the mortgage broker explained to you. Call and get an explanation.

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

"FIGHT ON"

Answer 3

if you have already a house that you thought you would like to buy, talk to a bank or a private lender for prequalification for a loan. You have to have good credit 750 and above, major credit card, savings with at least 20,000.00 dollars in it, checking with at least 15,000.00 in it, money for your downpayment at least 15 to 20% of the house price that you are buying, been in your job for at least 2-3years, your marriage is intact, no late payments on any of your bills, don't buy a car or don't open any credit cards while this is all happening, don't quit your job and tell your wife not to change job also, and you have at least 5,500.00 monthly income if you are buying a 300,000.00 house, and of course double your income if you are buying a 600,000.00 house. you can already imagine how much your income every month if you are buying a 500,000.00 house. Do not get an adjustable rate (arm) if you are buying a house and would like to stay in that house for a long time. Get a 15 or 30 fixed rate. And don't just get too excited when you talk to a loan officer - read between the lines, what's the saying is. Be careful and understand all the disclosures. Get an copy of Good Faith Estimate from your loan officer and understand every thing in there. Don't forget to ask about pre-payment penalty and the cap. There should be penalty on the loan that you will decide to get. Let the loan officer explain this very well in the lingof of a person that is not very familian in loan mortgage. Good Luck.

Answer 4

My husband had TERRIBLE credit when he bought our house, he got approved through ditech.com, Our interest rate is around 7%. He had gotten rejected by several local banks before we tried it, and it was as pleasant an experience as buying a house can be! lol! Its a very complicated (and expensive) procedure that is stressful, but in the end, you have a home to call your own, and equity, and its all worth it! I really suggest going to Ditech.com, they were always very friendly and easy to work with and I have no complaints with them. My grandparents even had a bankruptcy in their credit, and they still got a loan from them, so trust me, theirs hope!

Answer 5

most people need a mortgage (financing) to buy a house. Unless you have a bunch of cash on hand, you won't be able to raise the necessary capital.

Answer 6

Study the following to see if it's of any help:


http://www.cmhc-schl.gc.ca/en/co/buho/hostst/index.cfm

All the banks also have home buying guide booklets.