You've taken the first step, asking questions of professionals in the business. In most cases, with just a little bit of cooperation from you, a lender and a Realtor we can establish a plan and timetable to get you into a position to buy through normal chanels. You do have options outside the normal channels, but costs and interest rates make them a bad idea in most cases.
I'd be delighted to serve as your guide from where you are today to getting you into a home of your own. I'll make the process painless and affordable. Affordable you ask? Yes, how about free?
Contact me directly if you'd like my team's assistance and are not committed to a Realtor already. Best wishes!
Bill ~ 512-709-6343
I just met with a potential buyer yesterday who wants to purchase a home in NW Austin and has a similiar story to yours, so I'm very familiar with your situation. You'll want to find a lender who can consult with you about how to get your credit score improved - it can happen faster than you may think! Lenders also consider your debt to income ratio, which would include such things as car loans, student loans and credit card balances. Finally, lenders are looking for job stability, so if you have been at your current job for less than 2 years, they'll weigh that into the equation.
The lenders I work with are like a part of my team, and we work together to help buyers get qualified as fast as possible, then guide them through all the steps involved from contract to close. I would love to visit with you and connect you with my lender team.
Don't give up on your dream of being a homeowner - it will happen!
Kim Stanley, The Stanley Team
Your best bet is to work on improving your credit score. If you are able to get a loan with a score in the low 500's you will be paying a much higher interest rate and ultimately paying much more money for the same priced home. I would talk to a lender you trust, perhaps your current bank or credit union to see what loan programs they offer. Then once you have raised your score a bit see about getting approved and your interest rate will be far better. I wish you the best!
Austin Home Girls Realty
A low credit score can be a big problem. A good job and good income are plusses. Do you have at least a 5-10% down payment available (don't know what price range you are in, but whatever it is, you will need a good size down payment)? I am giving you below the email of a mortgage broker who is very helpful. Contact her and see what she suggests and if any loan is possible. Probably waiting another 6 months and raise your credit score is the best thing you can do at the moment. Try to pay off any outstanding debt because if you have other loans (car, student) or big credit card debt, your chances are very low. Another solution would be to find a home where the seller is willing to finance.
Contact Stephanie at:
Feel free to contact me after you talk to her and let me know what she said and what your options are. I'd be happy to help you find a home in your preferred area.
Sierra Homes Realty
Michael Leseten at United Lending
can help you with this.
I would love for you to own your own home it is a joy to see folks owning their own home.
Albert Elhage, Broker