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I NEED HELP BUYING A HOUSE(OR SOME GOOD ADVICE!)

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!

 
pinkclover

Asked by pinkclover at 5:17 PM on Oct. 26, 2008 in Home & Garden

Level 1 (0 Credits)
This question is closed.
Answers (4)
  • well, there are other options out there.. FHA, HUD, etc, that is exactly what is out there for times like this and for those with poor credit. Those are exactly for those who don't have 20% to put down, give you low interest loans, etc. I still think if you really want to invest your money in a home at this point rather than throwing it into rent, go speak with a loan officer. The answer is either going to be there is an option for you or there isn't. I have had friends with amazing credit be turned down because they didn't have a long enough credit history and they were advised to go buy some furniture on credit for 6 months and come back, so it's not always bad credit that is the problem! My best friend is a loan officer--his advice is come in and talk. They will give you the advice, pull your credit scores and tell you some routes to clean them up. Equity is a great thing!
    KnoxvilleDoula

    Answer by KnoxvilleDoula at 10:40 PM on Oct. 26, 2008

  • best bet is to go to a loan officer and get pre-approved for whatever loan program you DO qualify for. good luck!
    KnoxvilleDoula

    Answer by KnoxvilleDoula at 6:29 PM on Oct. 26, 2008

  • If you can take time to clear your credit or just boost your credit rating by paying down or paying off existing loans, credit cards whatever might be dragging your credit rating, you would save a ton of money! The lower your credit score, the harder and the more expensive your loan. This is a given fact. You may not even be able to get a loan in the current mess we are in. I am sorry, not trying to depress you, but these are the facts. Try and curb your expenses as much as you can, and if the current rent is high for your area, try to find something a bit cheaper. The money you save use to pay off any outstanding debts. The sacrifices you make now will pay off in a big way when you do go for a home.
    hibicent

    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.

    teri4lance

    Answer by teri4lance at 10:23 PM on Oct. 26, 2008