Have you thought about doing a contract for deed on a home and you can still receive the 8,000 tax credit?? It is a great option and will give you time to build your credit.

thanks

Daneen Jacquot
605-484-7832

Thank you, Stew.

I have seen a lot of erroneous advice causing people to get there hopes up or give up, neither of which is good.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct

Unfortunately, VA guidelines will most likely not allow you to purchase at this time. They do not use credit scores, but instead review your credit worthiness. Simply stated, whatever is causing your credit scores to be so low is what will also prevent you from obtaining a VA loan. Have you thought about taking the next 6 months or so and attempting to work on your credit? I would be more than happy to help you with that if you would like. If you ever hope to own a home, you need to work on your credit right away. If you would like some help on what you need to do, please email me at barb.hamm@yahoo.com and we can discuss. I am a branch manager for a mortgage company that covers all of Arizona. There are options for you in the future if you are willing to work on your present credit issues. Either way, good luck!

I must say paul has a vary valid point. If this is what it comes down to then it is time to simply count your blessings and remember today is the day you stat preparing for your new life. If renting is where you start then thats the way it is. be greatful and use that time to correct any financial issues you may have. and maybe start practicing delayed satisfaction. How ever it goes just learn from it. don't be discouraged. Get educated.

I am not in your area, every place has different rules. BUT ther are programs out there to help in such situations. strat with community assets or some such name. In my town of muskegon, mi we have a wonderful person who has been very helpful in getting homes rehabed including appliances, hoping to get $2,000 minimum for them. they have no real qualifications restrictions. It can be a single mother or some one who has a good job but is going thru a tough time making ends meet at the moment. I'm sure this isn't the answer you were hoping for ,but it is a start. there are willing people out ther that truley care, its just a mater of finding them. If your not having any luck get ahold of me. It really is a small world. some how some one I know will know some one that can give us a phone number. Maybe thats where we need to start. good luck and prayers.

Laura,

As Realtors, we are not supposed to be providing any determination of your ability to borrow as it is outside the boundaries of our license.

What you need is the help of a mortgage lender that is willing to review your credit and help you repair it in order to obtain financing.

There are credit service companies that can help assist you in improving your score, depending on the nature of the credit issue reported.

It will take time, but it can be done as Tony has pointed out below.

Best of Luck,

Stew Keene
2008-2009 Master of Real Estate Award
Signature Realty Group

Hi Laura,

In my opinion, based on the info you provided, you CANNOT get a loan and because you cannot qualify for a mortgage, you will NOT be able to obtain access to the $15,000 down payment assistance. VA loans are very lenient for their vets and if you can't get a VA loan, then you cannot get any loan, in my experience. I suggest you look at renting a home that will be comfortable for you and your family and work with a certified HUD counselor such as Housing our Communities http://(www.housingourcommunities.org) to get back on track with your finances. By the way, this is the only certified HUD counselor that I know of that is still FREE.

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PAUL WELDEN
Buyer's Agent Realtor
HomeSmart
480-241-0081

Laura,

The problem is that you need at least a 600 minimum mid fico score. Credit can be fixed depending on the issues involved, but will take a few months at best. if you want give me a call and we can see what is involved with getting your credit score up. I am a lender and do not charge for a consultation.

Tony