Financing in Chicago>Question Details

Preciousnind…, Home Buyer in Chicago, IL

i need information what can i do in buying my first house?

Asked by Preciousnindependent, Chicago, IL Sun Jun 10, 2012

i will like like to purchase a house my credit was low so i pid a couple of debts but im scared to pull my credit dont want to lower my score so i dont know where i stand.. my grandma has excellent score but she only makes $20k what can we do?

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Good Morning,

You should contact a experienced mortgage loan officer who can review your income, credit... and find out if you are able to get preapproved for the purchase of a home. If your credit score is not high enough to preapprove you for a loan, the loan officer should be able to review the credit with you and determine what needs to be done to put you in a position to purchase a home. This process is no cost to you.

Keep in mind that putting your grandmother on the loan with you will only help if your income is not enough to support a mortgage. Her having excellent credit does not offset your lower credit score.

If you have any other questions, please do not hesitate to contact me at the below phone number or email.

Good Luck,

Nick Nelson (NMLS#384413)
Mortgage Loan Officer
1st Step Mortgage Group, Inc.
6876 Spring Creek Road, Suite 124
Rockford, IL. 61114
815-289-0880 - Phone - email
0 votes Thank Flag Link Thu Aug 9, 2012
You may talk to a mortgage banker.Than you can began a good start. Good luck.
0 votes Thank Flag Link Thu Aug 9, 2012
Well, there is a variety of home loans and mortgages available, and the are also offers for people with bad credit. I think you should talk to a mortgage professional or advisor, but it's important to choose a trustworhy person who is a real professional. Yes, with low credit score you have less opportunities, but anyway, you have them. Lots of lenders and mortgage brokers work with low credit consumer so all you have to do is choose some one to apply to and discuss all the options available for you personally.
Web Reference:
0 votes Thank Flag Link Thu Aug 9, 2012
Your first step should be to speak to a trusted mortgage professional about your loan possibilities. I have some good recommendations, as do many of the real estate professionals who have answered here. Good luck!
0 votes Thank Flag Link Mon Jun 11, 2012
Go to and request a totally free copy of your credit report. However, for a small fee (I believe $7) you can request your credit score along with your free credit report. Remember that you are entitled to one free credit report a year. I am a managing broker with CurRealty, if you need any questions answered visit our contact page or re-post on trulia.

Just remember that a credit report and a credit score are two different requests.
0 votes Thank Flag Link Sun Jun 10, 2012
You should talk with a good agent. They will be able to walk you through the process, at no cost to you.
0 votes Thank Flag Link Sun Jun 10, 2012
Work - you need income
Save your money - you need a down payment
Credit - pay off collections

Get yourself preapproved from a lender. The lender will tell you whether you qualify on your own or if you need grandma's help.

Feel free to contact me should you need any assistance.

Bill J Deligiannis
First Centennial Mortgage
0 votes Thank Flag Link Sun Jun 10, 2012

As previously pointed out the only way to know where you stand with your credit is to work with a lender that can tell you what your credit score is.

Another benefit to do this is if the lender discovers credit issues he/she can address them and work with you to get the issues resolved, no charge.

Good luck!
0 votes Thank Flag Link Sun Jun 10, 2012
Definitely talk to a local lender and see what your options are. Good luck to you!
0 votes Thank Flag Link Sun Jun 10, 2012
Speak with a mortgage broker and let them know your situation. If they pull credit with the correct coding it should not affect your score. I refer to a great broker who helps you better your credit so you can buy a home. Please email or call me and I will send you their information. Then interview a few realty agents and go with the one you mesh with best.
Jesse McGrath
0 votes Thank Flag Link Sun Jun 10, 2012
How low is low? That might be a deal breaker to begin with. Otherwise you can get an annual 'free' credit report for each of the 3 credit agencies and doing so will not lower you FICO score. You can go on line to do it. My web site has has lender references if you want to speak with a few of them. It does not cost anything and they can give you an 'idea' as to what you might, or might not, be abkle to get even without pulling the report.
0 votes Thank Flag Link Sun Jun 10, 2012
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