Did you find something? You really just need someone to put you on a path of step by step what to do to make it happen. When bad credit is involved it's often a process that requires a little patience, but if you commit to the end result, it's very well worth it. I've helped lots of people navigate these waters if you need help, just let me know!
In all seriousness, there are many, many folks who have had to triage their finances over the past five years. The consequense has been a trashing of their credit profile. You are not alone.
DO NOT fall to the tempation or sirene song of a easy, simple, painless solution to this problem. Such a solution DOES NOT EXIST!
How can someone with bad credit by a home?
1. Create a budget. (many local lenders can be of significant assistance)
Go to: http://www.bankingGrades.com
2. REDUCE DEBT
3. STOP spending
4. Increase income (you obviously have access to the internet, check out the Amazon affiliate programs)
5. SAVE MONEY
6. Demonstate disapline and commitment
7. Have great patience
As soon as you stash a few thousand dollars away, great tempation will magicly appear. This is when your disapline and commitment will be tested. Know the tempation is coming and be prepared to combat temptation with the assurance that you have long ago choose the path leading to home ownership. Reassure yourself regarding the freedom, independance and wealth accumulation that onwership provides. Kick temptation down the rat hole from which it crawled.
Beth, you will be surprised what happens when you set your feet upon a determined path. Each step will bring greater clairty to your life. Do not allow yourself to live in confusion, but choose to be illuminated with the promise of a real purpose. "I want to own my own home!"
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
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I look forward to hearing from you.
Less than 20% of homes nationwide are owned free and clear though so it's tough to find an owner who is willing and can work with you.
2) Lease with Option to Purchase AKA. Rent To Own
Check out http://www.REsolutionsVA.com that is my investment company and we specialize in Rent to Own / Lease Option transactions for Buyers who are ready to get established as homeowners but still need time to qualify. We can help you rebuild your score and show you how to navigate the process so you can qualify within 12-18 months while you're living in the home. Review the "Rent to Own" pages and be sure to check the Blog for some useful articles explaining the Rent To Own process.
Hope this helps and if you need more details on either please don't hesitate to reach out.