Financing in Kansas City>Question Details

Jonathan, Home Buyer in Kansas City, MO

Me and my fiance are getting married in july we both really want a house her credit>my credit!

Asked by Jonathan, Kansas City, MO Wed May 14, 2008

We want a decent home but my credit is hurting becuase of a student loan that i have been not paying foolishly. She has a excellent credit got approved by herself for a 5.1 intrest rate but only 65,000 becuase she goes to school and works part time so doesn't make a lot of money. (21,000) I on the other hand make twice what she makes but need about 6 months to get my credit in order. Can we lease or something until i get my credit straight we cannot do another apt. Help me!!

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12
You can absolutely find a lease right now, there are many homes that have been sitting on the market that will be motivated to offset some cost. I actually have a 4 bedroom colonial in Lee's Summit in mind if you would like to talk further. Also, someone I really like on this entire subject is http://www.daveramsey.com

you will like him alot.....good luck to you, David
0 votes Thank Flag Link Thu Jun 26, 2008
If you would like a nice two bedroom home in the North end, recently remodeled, and you would consider lease to own, I would like to talk to you. I have a number of easy financing terms designed to help first time home buyers, even if their credit is marginal.

Sincerely, John P. Madden owner Ready Remodeling
http://www.ADDAPROP.com
0 votes Thank Flag Link Fri Jun 20, 2008
Have you gotten with a Lender to see if you would qualify to go FHA? I work with lenders who can get you started if you would like further assistance email directly at Isabella@reeceandnichols.com
0 votes Thank Flag Link Mon Jun 16, 2008
Jonathan,

It sounds like you are on the right track in looking at your credit situation and seeing just how close you are to owning a home. You are right in that you will need both of your incomes and creit scores if you are looking to purchase a more expensive home. Our in house lender is Coldwell Banker Mortgage and they are aware of what programs are out there for first time home buyers, those with student loans and buyers who need a little help in getting into a home.

No doubt, getting back on track with your student loan will go a long way towards helping both of you in your loan processing. This might be a good time to focus on getting those payments caught up and puttig some away for your upcoming down payment on the home you plan to purchase.

With some more details on your situation and plans, I may be able to help direct you towards your home purchase. Another few months in preparation will save you thousands over the next several years. My web site is http://www.RustyMason.net. Let me show you what we can do for you.

Rusty Mason, Realtor
Coldwell Banker John Moffitt and Associates, Overland Park, KS
office line 913-317-0125
0 votes Thank Flag Link Sun Jun 15, 2008
I am a mortgage broker in Kansas City and I have a special lender that offers a program that will qualify loan off best credit score of both borrowers. Feel free to contact me to discuss your options. My company, Equity 1 Mortgage, is a member of better business bureau and I am the branch manager. I can be reached at 816-777-5098 xt.101
0 votes Thank Flag Link Sun Jun 8, 2008
Depending on what your middle credit score is there are still lenders that are willing to take on a 530 or higher credit score. This would be a FHA or government loan and would allow you the least amount of out-of-pocket expenses. If I can be of help please feel free to e-mail me: badams@nmcmtg.com. My name is Brett
0 votes Thank Flag Link Fri May 30, 2008
Keep in mind it is not only all about the score alone.
A high credit score with no revolving history, seems to be almost equal to bad credit. My score is 729, but without much history, I doubt I'de get a loan.
0 votes Thank Flag Link Sun May 25, 2008
All of these answers are good. I especially like Dale's suggestion of talking to a reputable lender. One who will meet with you in person so you can look them in the eye. You didn't mention what you do for a living. There are many financing programs available. Some are geared toward service-oriented workers such as teachers, firefighters and medical technicians. New monies will refresh some of the grant funds at the beginning of the third quarter.

In what part of Kansas City were you thinking of buying? You may be able to find a HUD home. Leasing with an option to buy might also be a possibility; especially with one of the homes that's been on the market a while. One of the Dream programs is another possibility. Talk to a Realtor to find out what might be available in your chosen area and which lenders might be most helpful for your particular situation.
0 votes Thank Flag Link Fri May 16, 2008
Jonathan -
The time and effort you take now to straighten out your credit will give you a big payback in the future. Talk with a professional to see what your options are and what the most important and fastest things are to do to improve your score. I also agree with Michael that the 5.1% sounds like a teaser rate or an ARM (adjustable rate mortgage) and you should fully understand those kinds of lending vehicles prior to making a decision.

An ARM has a lower rate at the beginning and can go up dramatically over a relatively short period of time. With the number of houses on the market you might be able to lease something if it's not selling and get out of your apartment. Remember, leasing a house is different than renting an apartment. You may be required to maintain the home (mowing, etc.) and there isn't anyone on premises to fix things immediately. Make sure you understand all the ramifications of the lease (read the fine print).

Good luck.
Trisha Lee REMAX Boone Realty
Columbia, MO (573) 999-1000
email: TrishaLee@Remax.net
Web Reference: http://www.TalkToTrisha.com
0 votes Thank Flag Link Thu May 15, 2008
I think Jeffrey and Dale gave great answers below to your question. I also wanted to add that if you do decide to purchase, double check what type of loan program you are getting into with that 5.1% interest rate. It sounds like it could be a teaser rate that will go up after a short amount of time.
0 votes Thank Flag Link Thu May 15, 2008
Jonathan,

Do several things. Sounds like you might know your credit situation in full, but if not, you should, and you shouldn't rely on someone else to do this. Google "free credit score" and pick one of the sites that will give you ALL 3 credit scores during their free trial period for their monitoring service. Then, presuming you don't want their monitoring service, you cancel during the trial period and owe nothing. Do this for both you and your fiance. This is the only way you can judge how good or bad your and your fiance's credit situation really is. If you pull your credit, there's no hit for the inquiry with any of the 3 agencies, but if someone else does, they count that as a credit inquiry, which only adds to a potential decrease in your scores, albeit small.

With that in hand, you should have a better handle on what reality is. Presuming your credit situation is not that good, say 650 FICO or less (average of the 3), then bite the bullet and wait until you can fix your credit situation. You'll get a lot of feedback that you can still get a loan with bad credit - doesn't that sound lucicrous? Don't be the "now" generation, and buy something just because you can, you'll get taken to the cleaners with high interest rates, and high fees. Then, you'll feel good until the new house emotion wears off, but the loan payments and high interest will stick to you like glue.

If you're serious about fixing your credit situation, then fix it, but don't go from the frying pan into the fire by lobbing on more debt.
0 votes Thank Flag Link Thu May 15, 2008
the mortgage lenders will check it several ways for you - by yourself, by herself and together. they will figure out which way works best for you based on multiple things including your career fields, special programs that you may be eligible for, first time home buyer monies and more. Talk to a reputable mortgage lender. They are there to help.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Wed May 14, 2008
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