Home Buying in Woodbury>Question Details

Balcom Family, Renter in Minnesota

First time home buyers, finishing a 2 year lease current paying $2850, looking for resources as we have fair credit.

Asked by Balcom Family, Minnesota Thu Apr 18, 2013

We know our rent payments are not reported to any of the three credit agencies. We pay our rent on-time and we're now seeking help as our landlord doesn't want to bother with the rent-to-own and is now selling the house we currently live in. We're first time home buyers with credible careers and seeking to break the renting chain and provide a better living experience for our family. We have 2 months left on our lease so we're hoping to get something going before we except a 1 year least in the interim. We're in the process of cleaning up our credit scores and seeking any knowledgeable advice. Thanks for reading.

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Answers

13
Hi Balcom Family,

Ouch! That is a big lease payment.

I'm glad to hear that you are diligently working on cleaning up your credit. But be careful with that! For example resurrecting very old collection accounts can actually lower your credit score even more in the short run. Paying off and closing accounts can actually lower your scores even more. There are definite do's and dont's when applying credit repair measures.

If you would like more assistance (or just some good old-fashioned free advice) I would be more than happy to talk to you.

Sherri Sherpy
The MN Mortgage Mom
612-363-1106
sherri@iloanhomemortgage.com
1 vote Thank Flag Link Thu Apr 18, 2013
Hello Balcom family! Let's talk on the phone today. Call us at 651-439-8000. We look forward to serving you in your 1st home purchase.
0 votes Thank Flag Link Fri Jan 3, 2014
I have a rent to own 4 bed house in stone mill. It won't be vacant until June. I would be interested in buying a place for you to rent to own if of interest
0 votes Thank Flag Link Thu Jan 2, 2014
Hello Balcom family! Your monthly rent is quite large. I am confident that you, even with a marginal credit score or FICO score, can probably qualify, in our Twin Cities housing market for a more suitable and enjoyable house for your family. I encourage you to call our team of real estate and home loan professionals in regards to mortgage qualification and how much house you can afford. One of us can advise you on how to increase your FICO scores and guide you step by step on the best ways to purchase your first home. You may even qualify for a grant or special program depending on the parameters of the home you are seeking. We have been serving Washington county homebuyers, and many were 1st-timers like you, for a combined 56 years and have been multiple award recipients. We are in the top 1% because our customers are #1!
0 votes Thank Flag Link Thu Nov 21, 2013
Great advice from everyone here and I hope you've checked with some of the folks who are local experts. You're working on the important first step...working on your credit.

The next step is to pick out a great "Mortgage Guy" (or Mortgage Mom in Sherri's case) to work with who has a wide variety of programs available and the knowledge/experience to vet your file in such a way to confirm IF you're actually approved now or WHEN you could be approved. You may be surprised that you're eligible right now.

After you're confirmed for financing is the step of choosing the right Realtor to work with. (put the horse in front of the cart).

Sherri and I have both been writing loans for quite some time in the St Croix Valley area. I'm a Woodbury resident and she's just down the road.


Steven Brand NMLS 261849
612-386-5306
Steve@iLoanHomeMortgage.com or Steve@YourFavoriteMortgageGuy.com
0 votes Thank Flag Link Sat Apr 20, 2013
1) With that sort of income you should not be looking at rent to own unless you just don't have much of a down payment. Contract for deed tends to have better terms (and outcome). From there it is just a matter of finding something you like advertised as seller financing. Inventory is tight and you have a small window to buy.

If you are interested I have my own CD program and feel free to contact me about it.

2) Probably some sort of reason why you can't go traditional financing, but unless I know why there is nothing I can do to help. Certainly sounds like from your question this is what you desire. I have had people who think they can't buy actually qualify. I am working with one of those buyers right now down in the south metro.

Do yourself a favor and contact me, or anyone else on here to actually talk about it. Try a couple of us just for the heck of it. I work with a ton of buyers who are in your shoes and so does my loan officer. The internet is a poor place to find accurate information, and that is why I meet many of the buyers I have worked with.

Talk to ya soon
~Chris
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Thu Apr 18, 2013
Dear Mr. and Mrs Balcom,
As you have been paying such an amount for your rents I am happy to say... Even with marginal credit you are most likely qualified in this market for a very nice home. Talking with one of my professionals regarding mortgages and mortgage qualification they can, one advise you on how to raise your scores and two show you the leading way to get the reports adjusted faster. I have a group and persons who can provide sound answers and influence directly to the credit agencies. I am a Realtor who resides in Woodbury and would love to guide you in the best direction to achieve the ownership of the home of your dreams.

I hope to speak with your soon!!

Thank you
Branden H Torland
LannCo Brokerage
651-283-5109
bhtorland@lannco.com
http://www.realtorlands.com

P.S. The kids are in bed so now is a great time to call..
0 votes Thank Flag Link Thu Apr 18, 2013
Dear Mr. and Mrs Balcom,
As you have been paying such an amount for your rents I am happy to say... Even with marginal credit you are most likely qualified in this market for a very nice home. Talking with one of my professionals regarding mortgages and mortgage qualification they can, one advise you on how to raise your scores and two show you the leading way to get the reports adjusted faster. I have a group and persons who can provide sound answers and influence directly to the credit agencies. I am a Realtor who resides in Woodbury and would love to guide you in the best direction to achieve the ownership of the home of your dreams.

I hope to speak with your soon!!

Thank you
Branden H Torland
LannCo Brokerage
651-283-5109
bhtorland@lannco.com
http://www.realtorlands.com

P.S. The kids are in bed so now is a great time to call..
0 votes Thank Flag Link Thu Apr 18, 2013
John Hudson at http://www.redphoenixco.com, he does credit repair.

Let me know if you have any other questions.

Ron Jensrud
http://www.Real-Buyer-Agents.com
100% for Home Buyers - 100% of the Time!
0 votes Thank Flag Link Thu Apr 18, 2013
I'd talk to Dann Hodgin and his team, as he is one of my resources where rentals are concerned and does a lot to help in this realm.

Angela Sadat
Keller Williams Realty
0 votes Thank Flag Link Thu Apr 18, 2013
First of all, great for you getting on the right track. I would be more than happy to discuss all of this with you. You should first sit down with a mortgage professional and a experienced real estate agent. I can help you lay out a plan and get you into the home that will probably even cost less then your rent.

Chad Kenning
Greater Midwest Realty
763-227-5458
0 votes Thank Flag Link Thu Apr 18, 2013
Our team can help with this situation. Have you considered either a contract for deed or lease to own arrangement? We have successfully assisted people with both of these situations.
0 votes Thank Flag Link Thu Apr 18, 2013
What do you consider fair credit? How much do you have saved for down payment & closing costs?
0 votes Thank Flag Link Thu Apr 18, 2013
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