whats the best area to purchase first home?? with bad credit?

Question

city , state? im so tired of renting... i am 27 and have a large dog ... currently live in central NC looking for somewhere not that far away but affordable... i have terrible credit and might consider a rent to own... please give me some areas and opinions...plz thx

Answer 1

kansas

Answer 2

You have a few things working against you, bad credit, a dog.
Bad credit being the worst. Renting with bad credit is hard too. I would go to a private person not thru a real estate company or property managers. I say this because they must check your credit. I would find out if the area that you are interested in is currently experiencing a buyers market and if there is a large inventory currently on the market.
I would strongly recommend that you work diligently at fixing your credit.
One more thing I'd like to say. Where there is very reasonable house prices they also have very low employment possibilities. Places like the outskirts of Kansas.

Answer 3

I can totally relate to your woes. only more problems with bad credt because each time you apply for another place they check your credit which lowers your score even more. I'm currently homeless, have never owned a home of my own, have never filed bankrupcy and have only one outstanding bill that has pretty much made my life hard. I work 2 jobs and make enough money, but the credit history follows you. I don't suggest you move. If you have a place keep it. I would totally love to have a place to live. Hopefully within the next few years I will. Until then maybe being homeless for a while will make me appreciate the world I live in away from the barriers of 4 walls and a roof.

Answer 4

Let me get this straight, you have bad credit but want to move out of your current area. Do you have a job?

The housing market in NC has just begun to tank, there is a long way to go before you guys hit bottom. Even if you moved, found a great job (really hard to do) and got a loan, you would figure out you overpaid for it within a couple years.

If you have a good job, why would you want to leave it? That is not going to help your credit at all.

If in your shoes this is what I would do, take a second job, pay off all my debts and clear up my credit report, start saving money for a down payment and then worry about buying a house.

Good luck to you.

Answer 5

With bad credit? Nowhere, to be brutally honest. You'll pay premium rates if you can get financed and your payments could easily be double what they would be if your credit was good. Rent isn't related to your credit rating in most cases so you'll pay less for housing by renting and using the excess money to pay down your debts and clean up your credit rating for a few years. And setting aside money for a down payment and closing costs.

Don't waste your money on a rent-to-own scheme. Most folks who sign those contracts wind up purely as tenants and never get the deed to the place. Make one late payment and most land contracts revert to a standard lease and any money paid towards the purchase is lost. If you do go that route, make SURE that your attorney reviews the contract! Make sure that the seller has the right to sell the property and that they cannot encumber the property, i.e. take out a loan against it. If they do that, you'll wind up having to pay that off as well!

Answer 6

Cougar,
given the info u stated -don't buy , u'll be broke and homeless b4 u know it.
visit daveramsey.com to learn how to own ur cash not be owned by it.
read '48days to work u love' d.miller
'total moneymake over' d.ramsey and apply .
rent to own nearly allways are good deals for owners , bad deal for renters.
we done 20 & only one finished and bought.

Answer 7

alaska... or maybe.. hmm... oklahoma?