Congratulations on your new job! This is a great market filled with so many opportunities for first time home buyers. I would first suggest speaking with a trusting lender to look over your finances and discuss your options. There are so many people in this market who are facing the same questions as you. Working with a lender, they can show you the steps to take to increase your credit, discuss loans, grants and programs that may benefit you and find the best options that fit your goals. I work with some amazing, trusting lenders here in the Maryland area if you need a referral. In addition, please feel free to contact me with any questions you may have. Taking the correct steps now are the best options for getting you into a new home. Best of luck, and please let me know if you need anything. Have a great day! :)
Realtor, MD Licensed Salesperson
5300 Westview Drive, Suite 200
Frederick, MD 21703
Congrats on your new employment and your efforts to pursue home ownership. There several programs out there that offer some closing cost assistance. By no means is this an effort to self promote but I am going to attach a blog post about a closing cost assistance program.
I am not sure where you are living in MD but PG Association of Realtors is offering a home buyer seminar this Saturday if you are interested at the PGCAR office for free. This will help guide you to some programs out there and let you know what you will need to buy your first home.
Congratulations on your new job! This is one of those situations where "Time will heal all wounds". For now focus on paying your bills on time and building your savings. To put it simply higher credit scores translate to lower interest rates which equates to lower payments because you have to pay the bank less. For example mortgage payments are made up of principle(pay down loan amount)+ interest(pay the bank)+ escrow(non-interest bearing account for taxes and insurance). If you pay the bank less your over all payment will be less. If you have more questions contact me.
Keller Williams Realty Baltimore
Congratulations on your job, that certainly is a step in the right direction. Speak with a lender consultant, one that is local to the area and knows what is going on in the current market from housing to interest rates. Until then....be consistent in your saving a little out of every pay check, things like auto insurance and a cell phone bill etc. can be a good start of your credit recovery.
Again, a good lender will be able to sit down with you, examine your situation and put you on the right path of home ownership..Of course you will need a good Agent to represent you when you are ready.
Hang in there....things will get better!
Please let me know if I can help you in any other way.
There is nowhere that you can get credit right now. And even if you could it probably isn't the right time. You need to work on getting your credit in order which can take as little as six months in some cases. Check in with a good local lender and ask them what they recommend you do. Keep at your job to show stability and start saving money for a downpayment. Hopefully in 6 months to a year you can be on the path to home ownership.
II recommend you focus your attention on saving money. If you don't already have a savings account, open one immediately and start depositing as much as you can every payday.
And at the same time, if you have any outstanding delinquent accounts, make arrangements to bring those up to date.
Then meet with a mortgage professional to help you determine if you're in a position to purchase a home.
Cobalt Financial Corporation
I suggest you make an appointment to speak with a Mortgage Broker. They can give you advice on what you need to do to get your credit score back up to where it needs to be plus give you some options on which type of loan would better fit you needs. This information will help you set your goals to become a qualified home buyer. Good Luck and I wish you the best in buying your first home, it is a big step in the right direction.
All The Best,