Home Buying in 21613>Question Details

Otika Gibbs, Home Buyer in Cambridge, MD

Any suggestions for a first-time home buyer?

Asked by Otika Gibbs, Cambridge, MD Mon Dec 17, 2012

I am currently working 2 jobs to save up and repair my credit. I had an apartment while working 1 job and paying nearly $500. I shouldnt have a problem owning a home with payments around the same with 2 now. I have poor credit for the moment.

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yes,bid according to your finances,don,t get in to deep,remember,there are taxes,maintenance,your other bills,septic systems alone if they go bad can be 10,000 dollars,realtors are not your friends they work on commission,they don,t have your best interest in mind,they have how much commission they can make in mind!by law realtors have to submit your bid!or you can report them to the real estate commission!don,t fixate yourself on one home!if you can,t find a realtor that works close with you,find another one!and don,t over-pay!
0 votes Thank Flag Link Mon Sep 22, 2014
Otika, I am a licensed agent working with a non profit organization that specializes in helping first time homeowners and credit repair for free. We also offer down payment assistance programs for first time homeowners in the form of a matching grant up to $10k. Feel free to contact me at (202)582-2211.
0 votes Thank Flag Link Wed Dec 19, 2012
I am a teacher on the Eastern Shore and would love to someday be a homeowner. Could you help me?
Flag Sat Jan 10, 2015
Hello Otika,

This first step which i see you are working on his improving your credit. The higher your credit score the better your interest rate can be. Also, save for the downpayment and moving expensive etc. that come when buying a new home. Lastly, once your credit is in order to obtain a loan. i would suggest you contact them now so a lender can tell some things to work on.

good luck
0 votes Thank Flag Link Mon Dec 17, 2012
Your first step is to repair your credit. To qualify for a mortage you will need a minimum 620 - 640 credit score. Higher score will result in a better mortgage package and lower interest rate. If you have not done this, pull your credit report, (free credit report.com) review it for any entries that are incorrect, you can contact the credit bureaus and request these corrections be made. Step two clean up any outstanding debt such as hospital or health care bills. most important and really step one is to pay all of your bills before the due date every month without fail. Outstanding balances on any credit cards should be below 40% of your maximum alotted number.
In addition to cleaning up your credit you will need to save some cash, rule of thumb is 10% of every paycheck. Please don't hesitate contacting me if I can be of further assistance - jimbent@goeaston.net
0 votes Thank Flag Link Mon Dec 17, 2012
Your going to want to find an expereinced buyer broker to help you find and buy a home. Here's a link to an article on how to do this: http://www.trulia.com/blog/LarryTollen/2011/09/how_do_you_ch…

You're also going to have to qualify for a mortgage which will require you to improve your credit which you seem to be working on. I've atttached a link below on how to do this as well.

Finally if you have any access to a Credit Union (as a lending source) I would suggest you speak with them about a mortgage before going to the tradtional banks. I would avoid any of the big banks (wells Fargo, Bank of America, Suntrust etc) as these banks make things much harder than they need to be.

Best of luck to you.
0 votes Thank Flag Link Mon Dec 17, 2012
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