Home Buying in 60443>Question Details

Aman89_98, Home Buyer in Matteson, IL

I am working on raising my credit score. I found a bank owned home that I really want, is there anyway I can put money down to hold it?

Asked by Aman89_98, Matteson, IL Fri May 6, 2011

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No, you can't put money on a home to "hold" it while you're working on improving your credit.
The bank wants a ready , willing, and able buyer.
Right now, you may be willing, but you're not able.

You need to speak with a loan officer to make sure you are taking the necessary steps.
Don't worry - there will be other homes out there when the time is right for you!

Best wishes...........
1 vote Thank Flag Link Tue May 10, 2011
You might want to look to an investor, if you really want this home. Some of us will buy the home from the bank and do a lease-purchase with you. I.e., we finance you for 3 to 5 years while you work on your credit. Then, you refinance and cash us out.
0 votes Thank Flag Link Mon Jul 23, 2012
Continue to work on your credit score and set money aside for a down payment . Banks usually like to deal with cash buyers. But on the other hand if you do not have cash, a nice down payment and 203k financing would be ideal for this situation. So continue to work on raising your score and contact a mortgage specialist and find out your options.
0 votes Thank Flag Link Wed May 18, 2011
Not that I have ever heard of.

Focus on your credit. You can try to fix your credit on your own. I recommend having a professional do it for you--they are more efficient and knowledgeable than most of us "regular people." Professionals can also offer score building. I have sent clients to Jain Credit, and they were very happy. You can monitor your file online to see what they are doing. Ask for Satin. Here's the link: myjaincredit.com

The information in this answer is general information and is not intended as legal advice, nor do I intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
0 votes Thank Flag Link Tue May 10, 2011
Highly unlikely, what is your agent advising...
0 votes Thank Flag Link Sat May 7, 2011
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