my hubby and i want to buy a house sooner rather than later. we want to get out of renting. however,our credit isn't up to most realtors standards. are there any special loan programs for our situation? any advice on this subject would be appreciated!
Answer by KnoxvilleDoula at 10:40 PM on Oct. 26, 2008
Answer by KnoxvilleDoula at 6:29 PM on Oct. 26, 2008
Answer by hibicent at 8:23 PM on Oct. 26, 2008
this would be about the worst time a person with poor credit could pick to buy a house. subprime lending is a huge part of why the economy just took a crap. I would buckle down, save as much as you can and work your credit rating hard. pull your credit report and contest every negative entry. if they don't confirm the entry within 30 days, it will be removed from your report. every little bit will help. bring anything past due to current, and make the payments on time. if creditors can see a clear demarcation where you pulled your act together, that will help. you might happen by a lease with an option to buy, it might be your only chance right now. if you don't have 20% to put down, you aren't likely to be considered financially ready to purchase a home.
Answer by teri4lance at 10:23 PM on Oct. 26, 2008