Me and my husband of 10 years would like nothing more that to buy a home. We have 2 boys, ages 13 and 1. Our dream is to buy a home. Our credit is bith not good, mine 595 and his 587. I have been trying 2 years to clean them up. When you are young you do not think aboutthings like this but we are in our 30's and it DOES matter a lot. We are sick of living in an apartment. I want a yard, I want to be able to paint and change things. It has been my dream for awhile now. We can afford up to $950.00 house payment, although we have nothing down...as we are a working family of 2. We pay our bills now comfortabley but are not able to save much. Can someone please help us get to someone who will not turn their noses up or look down on us and really and truely cares about our dream?
Thanks
2007-10-25 04:31:45 · 4 answers · asked by Sylvia Brown 2 in Business & Finance ➔ Renting & Real Estate
You need a lender first...YES!
Days of 100% loan gone...NO!
NACA is not in every State but if they are in yours, they can help you. http://www.NACA.com
2007-10-25 05:20:43 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you have been paying all of your bills on time for two years, and continue to do so, your credit scores should be coming up, and you might be able to get a loan in another year or two. With scores in the 500's, not likely to happen now. Sorry. You can still have your dream, but just not now.
2007-10-25 05:32:37 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You are looking at the incorrect trade for help in this area. You need a mortgage lender to get you approved for a loan first. Then ANY real estate agent would be pleased to help you locate a home. Real estate agents can do nothing about your credit score. That's up to the lenders.
Good luck.
2007-10-25 04:41:08 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
I totally agree with the previous answer. As a mortgage underwriter, there are programs out there that you will qualify for, but unfortunately, the days of zero down are over, at least for a while. Try a rent/lease to own scenario. This will work for you especially with no money for a down payment. Start out with a smaller payment if possible, then put away anything over your new mortgage payment up to the 950 you are paying now. this will help with a future downpayment. also, get a fixed 30 year loan. they will be the lowest interest rate and lowest payment. Try to go thru a bank, not a mortgage broker. Brokers charge you points, that can be added to your mortgage, but of course will raise your payment.
2007-10-25 04:50:36 · answer #4 · answered by puppylove 2 · 0⤊ 2⤋