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Unspecified, Renter in

I am tired of renting, but I have poor credit.

Asked by Unspecified, Fri Jan 10, 2014

I am tired of renting, but I have a low credit score... Do I have any options for getting a home loan or is my only true option in this day and age to repair my credit over a few years and trying again?

Help the community by answering this question:


Rent for a while longer ,

Stablize yor credit, job, pay your rent on time , never be late,

Find a good lender to guide you through the process, and a good Real Estate agent

to help as well , one day at a time and you will be able to buy,

Good Luck God Bless

1 vote Thank Flag Link Fri Jan 10, 2014
The only other option I have is

I am in touch with a private lender ,,,, Interest rates with him are very high

and I only recommend if it is the only option

let me know if you are interested and where are you wanting to purchase a home , what area of Houston, I am in he North east Humble, Kingwood, Atascocita, Porter, Crosby

And what is your price range.

good Luck

let me know what you think ? Do you have good job history /
0 votes Thank Flag Link Mon Jan 20, 2014
Have you considered alternative financing? $3,500 down payment and I have 2 homes for you to purchase in Houston. Owner financing limited qualification and quick closing. Buyer(s) pay for optional owners title policy. Deed is recorded in Buyer name and good credit is developed as the loan becomes seasoned for simple re-finance. Also have other owner finance homes for sale. Contact me if your interested. Thanks Randy Hon (832) 785-8516 - TREC License #357781 - Executive Contractors Realty, Inc. 13688-F Breton Ridge Houston 77070
0 votes Thank Flag Link Mon Jan 20, 2014

Here is a start.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
9yr Veteran navigating Mortgages for wonderful clients.
0 votes Thank Flag Link Fri Jan 10, 2014
Unless bk or foreclosure ....takes 1 year repair. Plenty of owner financing w/10% dwn avail.....
0 votes Thank Flag Link Fri Jan 10, 2014
You will always have options, but with low credit scores it will cost more.

You possibly could get a loan with more money down, say 30% or more. Maybe a higher interest rate than those that have good credit. You could get someone to co-sign or you might pursue a owner financed home. All options are not the best, but they are options. Or course you could simply pay cash.

Your low credit scores show lenders you have had issue with credit provided to you in the past. This is truly the only way they can gauge how your going to do in the future. Once you get control of your finances, your prospects for getting the A+ rates for loans will appear.

If those high interest rates or tons of money down don't sound good, work on those credit scores and get them up. A good lender can assist you and explain how you can work on this. Don't pay anyone to magically fix your scores. It takes time and some money to get these items fixed.

Good Luck

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Fri Jan 10, 2014
You'll likely hear from people who claim that they know this "incredible lender" who can help you. Don't get your hopes up. Realistically, the likelihood of your obtaining financing with less than 20% to 25% down is near zero ... and even then, it's hardly a slam-dunk.

So-called "credit repair" operations usually charge a fee to do what you can probably accomplish on your own. There are also some Realtors who offer such a service at no cost. Please don't pay anything to improve your credit score.

Under no circumstances should you consider leasing with the option to buy, or "rent to own." These transactions are skewed 100% in favor of the property owner, and can cost you thousands. If such an "opportunity" presents itself, turn and run.

I know that this is not what you wanted to hear ... but in today's market, with far more buyers than sellers, credit history is a vital component of the process. Your time will come ... hang in there. I wish you well.
0 votes Thank Flag Link Fri Jan 10, 2014
If you have poor credit it probably indicates you have a cash flow issue. Home ownership requires consistent cash flow and this is not just to get the loan. When something breaks in the home you will need to get it repaired out of your pocket and you still need to make the mortgage payments.

I would say start working on everything at the same time. Start working on fixing your cash flow, cleaning up your credit, looking for alternative home buying options (like owner financing, co-borrowing, loan assumptions) that way you are getting yourself a home and getting yourself in a position where you can get into the best mortgage on a refinance as well.

Keep in mind you will still need a doe payment and money to pay closing cost on the loan.

Good luck,

Chris Hutchinson,
The Michael Group
0 votes Thank Flag Link Fri Jan 10, 2014
I have great local lenders that I use that you can talk to. I would also recommend to get in touch with a Credit Repair Service company. They can help you with your credit score. I know a few Credit Repair Service companies. Send me an email so I can send you their contact information as well.

Good luck!

Robert Kandiyoti
RE/MAX Real Estate Associates
0 votes Thank Flag Link Fri Jan 10, 2014
Rent with option buy , call me , I wlll help you
0 votes Thank Flag Link Fri Jan 10, 2014
Good morning!
Good question! Our mortgage folks on Trulia may be able to help you depending on your situation now. However, I can highly recommend a guy/company who helps only those who will be able to purchase a home in 6 months, if they follow his plan. He is NOT a scam and he will let you know up front if he can't help you within that time frame. Let me know if you'd like his contact information.
0 votes Thank Flag Link Fri Jan 10, 2014
Good afternoon I would like his number I'm trying to get of renting my score is a 613
Flag Wed Jan 15, 2014
Hoping in Houston,
All roads lead to establishing a good credit history.
There will be temptations that appear as though you can circumvent this requirement, (they are Rent to Own and lease Option) but they will prove to be traps and they will leave you poorer than when you started.
If you need help developing a plan, drop in on a local lender for a consultation or I can send you a DIY plan. The latter is not the best option.
0 votes Thank Flag Link Fri Jan 10, 2014
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