Home Buying in Turnersville>Question Details

Stefanie Ref…, Renter in Cherry Hill, NJ

First time home buyer/renter with a chunk of money for a downpayment but not the greatest credit.

Asked by Stefanie Refsnider, Cherry Hill, NJ Sun Jan 6, 2013

Hi first time home buyer/renter with a chunk of money for a downpayment but not the greatest credit. Need to have a decent place and area bc of child. Please help need to be out by Feb 1st and do not know wat we are going to do...

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6
You don't necessarily need the greatest credit but you do need to meet certain standards for an FHA loan If you can do Conventional loan, you may have more options Understand, your interest rate will be higher because of poor credit If you need the name of a good mortgage loan officer, let me know Once we have you pre approved, we can find that home however, due to time constraints you may need to rent this year as most people have suggested Perhaps you can locate a month to month or short term lease but purchasing a home should not be done under duress to achieve the best outcome
Best,
Leni
973 207 9803
0 votes Thank Flag Link Mon Jan 7, 2013
Most landlords have give up on expecting good credit from tenants after the fall of the economy and so many people going through foreclosures and short sales. You don't say whether you have good employment, but that is what landlords want to see. How you are going to pay the rent. You need to be able to show that you are able to continually be able to pay the rent and that is what will impress landlords. Check out craigslist or put ads on craigslist that you have good references and can pay several months rent in advance. And Don't have a big agressive dog.!!
0 votes Thank Flag Link Sun Jan 6, 2013
Hello Stefanie,
Thanks for your question.
You are probably better off renting for a year since a mortgage will take around 45 days to close and you say your credit is not the greatest. This will allow you to improve it and get a place on your own.
Make sure you gather paystubs so you can provide them with your rental application on the place you would choose to rent. Look for vacant properties so you can move in right away if Landlord accepts your offer.
If you need assistance on what's available. Let me know what towns are of your interest and your email so I can send them to you.
Good luck!
Ines De La Cruz, Realtor, ABR, CRS
RE/MAX Connection
To view all the homes in SJ visit http://www.inesdelacruz.com
0 votes Thank Flag Link Sun Jan 6, 2013
No not being forclosed upon been stayin with fam and never had own place..
0 votes Thank Flag Link Sun Jan 6, 2013
I would get all of your info together to present to a landlord once you find a place you like. Do it first, before you look at places. Landlords want to know your story and the more prepared you are the more likely they'll rent to you. Get your credit report and write explanations for any bad credit.... not whiney excuses, but explanations of what happened and why the landlord will get the rent on time if they rent to you. Get copies of your recent paystubs and 2 years w-2s, employer reference letter with dates of employment, landlord reference letters and if needed, personal reference letters. Fill out a generic rental application with all the info you think a landlord will want. this will show them you're serious and your organized.

Having a chunk of money is good, but it probably won't completely offset a bad credit score or poor job history.... so write your explanation letters and tell them your story in writing, before you even look at their house. If you find a place listed by a real estate agent, email or give them your package of info before the showing... they'll appreciate it and it will save you both a lot time with all the back and forth questions.

If you have less than 3 weeks to find a place and move in, you've got a lot of work to do and I'd start looking for temporary housing because that's not a lot of time.

Good luck
Joe
---------------------------------
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
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0 votes Thank Flag Link Sun Jan 6, 2013
Mostly because of your credit it will be difficult for financing. But cash is king...!

There are plenty of good buys still out there in good areas such as Collingswood, Mt Ephraim, Berlin, Gloucester Twp, Pitman, Dept Twp, Al these areas have some really good buys still around.

Also it sounds like you are being foreclosed upon... You have options still.

Contact me.

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finjavascript:{}ger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Sun Jan 6, 2013
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