Home Buying in 32808>Question Details

Kjshaun, Home Buyer in 32808

I am 26 screwed up a credit card in my past have nothing in my name parents owned everything.

Asked by Kjshaun, 32808 Mon Jun 15, 2009

I want to buy a place to start out but dont know how. I recently paid off all my debt that was in collections how do I build my credit, so i can buy a place with little out of pocket money?? (ex. Bad credit lenders, ECT)

Help the community by answering this question:


Secured credit cards are a must if you do not have any good established credit like now - Keep opened - pay on time and low balances. this will help your credit scores the quickest.

There are many first time homebuyer programs and one offiered for the whole state of florida where you can get $5000 to $7500 in assistance. The requirement is 640 mid score, cannot have owned a home for the past 3 years and you have to meet income eligibility requirements.
1 vote Thank Flag Link Fri May 10, 2013
Hi Kjshaun,

Every little bit helps. To build your credit I would suggest, if you have any credit cards take or apply for one or two and purchase something (not to exceed 25%of your balance) and pay on them monthly. That helps to build credit (On Time Payments), pay all bills on time as well as some companies lights, water, etc...do report you frequency in paying on time, I have seen it. You can build your credit, be patient.

The minimum score you will need is a 640, some lenders can do it less then that , but your interest rate will be higher. Also take into consideration of out of pockets expenses that you will incur and most are non-refundable...YES we want you to become a homeowner, but a lot of people are unaware of some expenses such as:

Down payment (3.5%-20% depending on the program), closing cost (your Realtor can sometimes get the seller to pay some of all on your behalf), home inspection(s), survey, appraisal, doc stamps and re-key (bank owned property), retainer fee for your Realtor (if they are asking for that), ecrow (deposit to seller) etc... cost varies for each.

Best Wishes.

Senswella Mincey
0 votes Thank Flag Link Fri May 10, 2013
Some basic tips are: Do not apply for any new credit or have any inquiries run on your credit. Pay off or down any credit you do have. If you have any credit cards that have a zero balance and you do not use, use them for a simple purchase each month and pay it off each month. Also get a free credit report and make sure there is nothing incorrect on it. If there is follow the process to correct them. Get all 3 major reports at AnnualCreditReport.com This is the official site to help consumers to obtain their free credit report. The other sites you see advertised are pay services.
0 votes Thank Flag Link Tue Jun 23, 2009
My firm is a direct lender, meaning we fund and service our own loans at competitiive rates. We also offer free credt repair, so I would encourage you to contact me to discuss the process with you in person. No money for down payment is not an issue. I can show you how to buy with only $100 down once your credit is established.

Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Hablo Espanol
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469
Florida Mortgage Lender
No. ML0700325
0 votes Thank Flag Link Mon Jun 15, 2009

A FHA loan is the lowest out of pocket down payment at 3.5%. If you buy a HUD owned home in FL the minimum require down payment is only $100!

When is the last time you have your credit pulled? What is your score? Do you have any new debts open that you pay on monthly?

Good Luck,

0 votes Thank Flag Link Mon Jun 15, 2009
Hi Kjahaun,
There are several ways to help fix your credit. Yes you can have your parents on the mortgage so you can take advantage of the tax credit but you should also work on fixing your credit so you can get auto and personal loans in the future at competitive rates. I would like to send you a flyer of suggestions so please contact me to give me your e mail.

Melissa Antenucci
Ameritrust Mortgage Assc.
0 votes Thank Flag Link Mon Jun 15, 2009
good morning.......would your parents help you purchae a home?..your credit doesn't have to be perfect for them to be-non-occupant co-borrowers.....also, higher risk mortgage lenders are not in the low to zero down lending business....the key to turning things around for you would be to get at least three tradelines in your name and pay on them timely.....parents could also place you as an authourized user on their credit cards....i hope that helps......bob mcclure- success mortgage partners- plymouth, michigan....
0 votes Thank Flag Link Mon Jun 15, 2009
I might suggest you speak with a Mortgage professional and discuss your needs and they can assist you with how to best meet your goals.
Realtor Rick.
0 votes Thank Flag Link Mon Jun 15, 2009
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