Home Buying in Milan>Question Details

Land Hungry, Home Buyer in Milan, MI

How can i purchase property with little down and poor credit?

Asked by Land Hungry, Milan, MI Tue Jan 5, 2010

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6
It is really very simple. Anyone could do it. It has just about a 100% success rate for those who follow the program all the way through.

Pay off your debts, do common sense things to improve your credit. Save your money, buy a house when you are ready and can afford it.

This could take years. In the meantime you will be improving your financial life by taking away from your personal enjoyments. You stop getting cable tv. Get rid of the internet. Lose your cell phone. Get rid of anything you do not have to have to survive. If you could save $200 a month after 1 year you would have $2,400. After 3 years you would have $7,200. If you could save even more a month, it would increase a lot faster.

It comes down to one simple thing. One thing only...

Do you have a stronger desire to have a house someday or
Do you have a stronger desire to have some of your creature comforts today?

Whichever is stronger will dictate what happens next. You can suffer now and enjoy later, or enjoy now and never have the house. It is that simple.

It is that simple, I made similar choices and sacrifices myself. For over a decade (remember the bubble?) I saved all I could I could never catch up. Now that prices are dropping I will be able to buy for cash. A decade is a very long time, but I will have made it work for me in the end. It really sucked for a lot of years.
1 vote Thank Flag Link Tue Jan 5, 2010
I suggest you review your credit with a credit repair specialist determining what it takes to get your credit up... It may take a few months to see result. One step a time saves you a bundle.
0 votes Thank Flag Link Wed Jan 6, 2010
Derek has it besides land contracts that are difficult to obtain with both little down and poor credit.
Talk to a local loan officer, (maybe at the bank you deal with), for a pre-qualification for FHA.
They can advise you where you far short, so you can work on the right issues moving forward.
Paul
0 votes Thank Flag Link Wed Jan 6, 2010
Mortgage broker who reviews your file will make decision based on underwriter approval lowest amount FHA loan with 3.5% as down payment OR more based on employment, amount owed, income, credit scores.

If you have poor credit you need to address those issues if you are declined for a loan. Life is based on credit scores resolve all for anything you like purchase based on credit

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

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0 votes Thank Flag Link Tue Jan 5, 2010
Hi Land,

Are you working on improving your credit?
0 votes Thank Flag Link Tue Jan 5, 2010
That has become very difficult, and I assumed was why you were in search of land contracts in an earlier post today.

FHA ... for the time being anyway ... only requires 3.5% down, plus whatever costs there are not covered by concessions. If you would like to email me at Derek@DoorToDreams.com, or connect with me through my Trulia profile, I will put you in-touch with an FHA loan expert.

Derek Bauer
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Tue Jan 5, 2010
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