Financing in 60517>Question Details

Rachel, Home Buyer in 60517

Help! First time home buyer!

Asked by Rachel, 60517 Mon Jun 11, 2012

student loans, but they are in deferment until June 2014. I work full-time with the same office for 6 years. Due to illness, I was unable to keep up with bills a few years ago, but I have now paid off all past due debt. However, my credit score is still low due to the past (560-600). I make enough to afford a mortgage (I used to pay $1200 a month for rent). I have "poor/bad" credit, but my parents have good/excellent credit and will cosign. Anyone know of anyone that can help me? Thanks so much in advance for any advice/help.

0 votes Share Flag Financing in 60517

Help the community by answering this question:


A licensed Realtor can help access your situation for you, but perhaps talking to a mortgage broker may help you understand your financial situation and help you determine the best path for you to follow. You would hate to fall in love with a home and find out that you are not able to qualify for a loan . Home ownership has its rewards as well as potential overhead that you may not be ready to handle. A realtor can help set you up on reports that will show you what is available in your price range, as you get qualified by a mortgage broker, and then you can begin the process of finding your dream home.

It is an exciting adventure to find a new home, but proceed cautiously so you do not get in over your head! You may find it is better to continue saving for another year or so before you take the plunge and enter more debt.

I would be happy to help you any time. Feel free to contact me (#630-607-0705). Happy hunting!
0 votes Thank Flag Link Fri Nov 9, 2012
You need someone to take an in depth look at your credit history. Often, it can take a few months to pay some minor bills and your credit will improve.
0 votes Thank Flag Link Wed Jun 13, 2012
If you would like to schedule a time to talk and ask some questions, I would be happy to help. It can seem overwhelming but working with first time home buyers is a pleasure and my specialty. or call / text me at 630-805-2521
Flag Wed Jun 13, 2012
Hi Rachel!

That is wonderful that your parents are going to co-sign for you!! Give me a call at 630 430-4797 and I can start a search in the areas you would like to look in and you can see what's on the market. I also have a few lenders that I work with if your family does not have a lender they currently use. Check my website out and you can start your own search if you would like Looking forward to talking with you and have a great day!

Lisa Wenzel, ABR, GRI, RPA
Managing Broker/Owner
Wenzel Select Properties, Ltd.
630 430-4790 office
630 430-4797 cell
630 824-4797 fax
0 votes Thank Flag Link Tue Jun 12, 2012
Hello Alcantara....My advice to you is #1 take a step back and chill out a bit and realize this that this is not only happing to you.. #2 get ALL your Financial stuff in order.. (if you go to a lender/bank and do not have this and just ramble on, your chances are not good on getting a loan)
Indded you need to study up. Below is a link to get you started!
All my Best in your Quest... Neal Paskvan (Baird Warner)
0 votes Thank Flag Link Mon Jun 11, 2012
Yes, there is help available. I can work with you on the home selection and pricing various scenarios. My loan consultant can assess your best path to obtaining a mortgage. Credit scores required for a mortgage are not as high as they once were but you will still to raise your scores some to qualify. It 's not as far away as you might think. The willingness of your parents to help you will also raise your probability of success.

I am available after 11:00 am on Tuesday, June 12th if you would like to talk further. I enjoy helping people so challenges are just that. How can we overcome the challenge.

Jerry Hix
Keller Williams Realty Infinity
Cell: 630.258.2062
0 votes Thank Flag Link Mon Jun 11, 2012
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