I'm in my late 30s, I think its about time I stop renting however the last time I looked my credit score was 580 (2004). I have no down right now. Should I be looking now or wait until I have some money. Also due to a disability I'm on housing assistance now. I would love to live in the country but because of my situation thats not doable, so I'm stuck in the city (Oklahoma City, OK). Any suggestions would be appreciated.
Thank You
2007-08-17 08:13:19 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The first thing I recommend to anyone looking to buy a home, regardless of their circumstances: Go talk to a decent mortgage broker. They should be able to tell you what if anything you can qualify for in today's market.
If you can't qualify for whatever reason, if the mortgage broker knows his/her stuff, they should be able to give you suggestions and reocmendations on what to do so that you may eventually be able to qualify.
Then and only then would I start looking. It does no good to have your heart set on a particular piece of property only to find out that you can't get it. Not only that, but if you come into a transaction pre-approved for a loan, you are in a much better barganing position.
2007-08-17 08:26:28 · answer #1 · answered by CMR2006 3 · 1⤊ 0⤋
Wait until you have money.
Do you have an IRA. If you don't I suggest you start one.
One rule with an IRA is that you can't touch the money until you reach a certain age. But if you plan on buying a house you can touch the money without penalty.
Set aside a certain amount of money every month and put it in your IRA. Over time you'll get a lot. Also while setting aside the money, work on getting a higher credit score.
2007-08-17 15:24:02 · answer #2 · answered by christigmc 5 · 0⤊ 1⤋
Get an FHA loan. you don't need a down payment at all. I got one. but any you could save up will help your credit when you get the loan (for example, i had to include the money i would be getting back in taxes as an asset if needed.
2007-08-17 15:17:38 · answer #3 · answered by just_a_hick 4 · 0⤊ 0⤋
Not sure how, particularly in light of the current mortgage crisis, you could do it without some money for a 20% down payment. Any relatives who might be willing to let you start paying their mortgage, in exchange for letting you inherit their home when they die?
2007-08-17 15:19:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would start by getting a copy of your credit report (2007). You might want to get started, while there is still 100% financing out there.
2007-08-17 15:20:52 · answer #5 · answered by ? 4 · 0⤊ 0⤋