Home Buying in Nashville>Question Details

Smikaperry20…, Other/Just Looking in 37013

Currently live in an apartment and wanting to buy a house soon but need to work on credit. Advised to rent/lease a house until then. Where to start?

Asked by Smikaperry2002, 37013 Wed Apr 20, 2011

Kinda tired of apartment living. My fiance would like to purchase a home soon but need to work on bad credit. I've been advised to look into renting/leasing a house until then. Where do we get started?

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Hi Smikaperry2002!

Congratulations on your decision to begin building personal wealth through homeownership! I specialize in assisting first time home buyers ensuring that they are prepared throughout the process.

I encourage you to participate in a home buyer's class which covers every phase of preparing to buy a home. We spend a lot of time focusing on credit, financing, and budgeting because in answer to your question, this is where you start. We help you understand reviewing your credit as well as addressing any items that should be corrected and/or removed from your credit report.

You'll get a chance to hear from a lender and ask various questions regarding the entire process. We also address various down payment assistance opportunities designed to help qualifying first time home buyers get into a home.

Our next class is Saturday April 23, 2011 from 8:30-4:30 at Goodwill Industries located at 37 Herman Street, Nashville, TN 37208.

This is a certified THDA course which will give you access to free down payment grant money when you are ready to buy your home. The certificate is good for a year which gives you plenty of time to address any areas of concern related to your credit and/or credit score.

If you're unable to attend, I encourage you to contact me if you'd like to schedule a private home buying preparation consultation.

All of the best to you!

1 vote Thank Flag Link Thu Apr 21, 2011
If you haven't already talked to a lender and got some advise, I would start there for sure. Find out your credit score, what to do to bring it up, and how long it will take before you are approved. After you have ALL the information you can make an education decision about where to rent, and for how long. Another option is a lease/purchase. If you find something you really want to purchase, you can ask the seller if they would be interested in a lease/purchase. Let me know if I can help put you in touch with a loan officer.
0 votes Thank Flag Link Thu Apr 21, 2011
A loan officer at your personal bank or a professional loan officer can help you build your credit history, or even get you started in making the necessary repairs to your credit. If you already know that you have bad credit, you might make a plan with a independent investor or even one of your parents until your scores allow you to move forward on your own.

You might have more options than you think. If you don’t mind sharing your monthly rental expenses (estimated, general number) I’m sure the agents on here would be happy to suggest some homes that might be more attractive to you AND beneficial to you each moth than your apartment.

What areas of town have you considered buying a home to live in?

Kevin Pellatiro http://www.trulia.com/profile/kevin/
Hoping to help you take advantage of the market – when you are ready.
(615)714-7918 | kpellatiro@realtracs.com
0 votes Thank Flag Link Thu Apr 21, 2011
Dear Smikaperry2002:

What a great email name!

First things first...meet with a lender or financial planner to determine the condition of your credit. Feel free to meet with several lenders until you find someone you trust, and has a proven track record in working with clients in your situation. A lender or financial planner should be able to guide you through "cleaning up your credit" if that needs to happen, or provide you with information on how best to establish credit, save money for a down payment, etc. Also ask them for advice on calculating the true cost of home ownership.

Once you know where you are financially, meet with a local real estate agent in the market where you want to live. Realtors are a wonderful source of information about schools, traffic patterns, home values, etc. They should be able to provide you with home value trends as well.

Congratulations on taking the first step, and thinking about how to position yourself to purchase a home.

If you decide to move to northern California, feel free to talk with me about our local real estate market.
0 votes Thank Flag Link Wed Apr 20, 2011
Renting with poor credit can be as big a challenge as buying....certain landlords will take a deposit or your first born as collateral, but having a great track record with a landlord will take you a long way towards a better credit score....
Steve Condurelis
Founding investor, Keller Williams Realty, Nashville
Web Reference: http://www.my6gs.com
0 votes Thank Flag Link Wed Apr 20, 2011
Hi Smikaperry:

You really ask two questions here. First, as mentioned by Bambi, a mortgage broker can help you figure out how to improve your credit score or give you some advice about getting a loan with your current score. In the meantime, you might check out this blog post for some basic and general information about credit scores: http://www.trulia.com/blog/rovtar/2009/11/understanding_your…

Secondly, you asked about rent-to-own homes. Often a real estate agent can help you with this, but you might want to start by googling "rent to own" or "owner carry" and the city, state or county in which you want to buy. You should come up with some sites that list such homes and, perhaps, even some listings uploaded by owners or agents in the area.

I hope this helps.

0 votes Thank Flag Link Wed Apr 20, 2011
Good for you for asking how to stop wasting $ on rent! A professional lender will typically give suggestions re: how to repair your credit (at least the ones I work with do). One simple way to begin to do this is to be sure you have overdraft protection on your checking account and do NOT use it. In effect it will show as available credit that is not used (a good thing).
0 votes Thank Flag Link Wed Apr 20, 2011
Hi Smikaperry,

First things first. Lease/Purchase's can be a good option for some people. It is largely dependent on what your credit score(s) currently are. If your score(s) are even decent, it might be a good idea to speak with a lender so you better know your options. I work with several who would be good choices for you to talk to. They can also help you get on a path to better credit if that is what is needed.

Your first step in any course of action is going to be to speak with a Realtor. You need to get someone on your side who will have your best interests in mind. Myself or any of the other people who respond to this would be good places to start. That person will help you with a road map for home ownership.

Feel free to ring or email me with any questions.

Nathan Weinberg
0 votes Thank Flag Link Wed Apr 20, 2011
I can also help you with a house rental or a lease.
0 votes Thank Flag Link Wed Apr 20, 2011
My phone number is 615-299-7995
0 votes Thank Flag Link Wed Apr 20, 2011
I would be happy to put you in contact with a reputable finance officer who works directly with my clients in order to repair their credit. You would be surprised sometimes how quickly that can be done. feel free to contact me at your earliest convenience.
0 votes Thank Flag Link Wed Apr 20, 2011
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