I have some GREAT news for you!! I am currently working with two buyers that basically asked the same question you did on this venue. Both were turned down and told they had to wait. But they contacted me and we got them both a house! Actually, one just closed, the other I am working on and it will go soon. And I would be glad to give you references, too.
But the bottom line is this: I hear your pain.....but you CAN buy.
Please feel free to contact me and we can talk about your options and a plan. I cost you absolutely nothing, so you may as well call and get expert advice. There is lots of good advice on here from some great agents. But I can assure you that I have lots of experience in this area and will be able to guide you where you need to get.
Just click on my website below and either send me an email or give me a call. I look forward to helping you.
Have a great day,
He's right though. There are a lot of different lenders with different programs. You should talk with more than one. But (generally) the lower your credit score, the higher your interest rate.
Check them out. If your income is as high as you indicate and your debt is not too bad, you may qualify for a home. Call me and I'll find out if you can buy now or if you'll need to wait. You may have more options than you think.
Coldwell Banker Burnet
Kris Lindahl, CRS, CDPE, SFR,
Just saw that you replied late last night and thanked everyone. That is very kind of you, especially because many times the original person asking the question never replies back and we all wonder if they are "listening". You sound much happier and that is good. You should be. Because as you stated, this is not as negative as you presumed and I am proud of you for listening and changing your heart.
I am a bit concerned with the amount of advice you are getting saying it would be a good option to wait and save your money, especially with the market conditions where they are at right now. I don't have the time to get deep on this subject, but when you compare a renting option to a buying option, the buying far outweighs the renting, and in a huge way. That is, of course, IF you can buy. That takes credit and cash. But that is something I can explain in detail and use some software to show you the difference. It would blow your mind how much more advantageous it is to be the buyer and not the renter.
And I also see warnings about credit repair and a lot of suggestions. Some of these are right on. And I have a company that is number one in the nation for what they do and I will gladly explain to you two of their programs and believe that one of these will fit you perfectly. They are not only inexpensive, but you get a coach and some huge results. I started sending my buyers to them a couple years ago and have seen the greatest results I have ever seen in my entire career, and for less than 1/3 the price of the others. But I would never recommend a free program, and it will all come down to the personal interaction, the quality of what they offer, and the old addage that "you get what you pay for".
I hope to hear from you soon. You are on the right track, Jessica!
PS: Thanks for the thumbs up on my previous post...whoever you are!
Here is a program that you can use for free to get your credit repair going in the right direction. Simply follow the videos and do what they say. This also contains a dashboard to watch your score improve.
As other have said a contract for deed is also a great option.
Have a great day!
Coldwell Banker Burnet
licensed MN Real Estate Broker
thanks again, Jessica
My opinion would be that you definitely contact a loan officer to obtain their recommendations for improving upon your credit situation so you know what the best steps will be to be able to obtain mortgage financing down the road. I worked with credit for many years, and although things always are changing, there are great ways to improve your score with a few tricks of the trade. A good loan officer will be able to point you in the right directions as far as what to do and not to do when trying to build credit. If you are looking to take advantage of the current market and low home prices, and if you have a down payment, contract-for-deeds are a great way to purchase a home now. You will need at least 10% down to be a buyer in this arena. If you do not have a down payment, you may consider a rent-to-own which is a similar concept; however, you lease a home for an extended time where a portion of your monthly rent is saved by the landlord toward a down payment when you do purchase the home. Starting to get your credit on track now though is the best solution to being able to refinance off a contract for deed in 3-5 years, or obtain financing for a purchase off a rent-to-own. I work with a great loan officer who knows her stuff if you would like contact info, and/or if you would like me to send you contract-for-deed options feel free to contact me and let me know what price range, area, type of home, amenities, etc. you are looking for. Good luck in your home search and I would be more than happy to help you!
Most of us have no understanding how credit works, and think that it repairs itself over time.
Fat chance, it doesn't. A number of my clients are working with Joe McGlynn of United Credit Consultants in Burnsville. He teaches how credit works, what's important, exactly what to do, and works with you for an entire year to make sure that you are on track, and stay on track.
We all have to think differently about our money, and making the system work for us. There are rules of the game, and if we don't know them, we can't use them.
High Pointe Realty
Both you and the seller takes chances in this situation. If you miss even one payment, you don't have the protections against foreclosure you'd have with a regular mortgage. The seller could take back the home and keep all the money you've paid. But, that would really be no worse than renting. The advantage for a seller is that they get an income stream and they don't have to try to sell their home during this buyer's market.
It's best when the seller owns the home free and clear or has almost paid off their mortgage. Banks won't use this kind or arrangement, so the houses you would buy would be limited, but you could still find something that would meet your needs in the Twin Cities.
Let me know if you have any additional questions. I'd love to help you out.
Coldwell Banker Burnet
I would try meeting with a loan offer to discuss your options...it very well may take 6-12 months to work through your credit score issues...but a qualified lender may be able to help you get this done a lot sooner.
The Duckwall Team of Realtors