Home Buying in Austin>Question Details

nametaken33, Home Buyer in Austin, TX

I have bad credit, but I'm tired of renting apartments and I make decent money. I'd like to buy a home but where do I begin?

Asked by nametaken33, Austin, TX Wed May 15, 2013

Hey there,

I have bad credit (got overwhelmed when I turned 18) and I'm just tired of renting. I believe I make enough money to afford a nice little home's monthly cost, however there's no way I can save up for a down payment without it taking 5 years while currently renting. I also have bad credit, however most of it should be good now minus student loans.

I know there a few programs out there that help, however I have no idea where to begin considering my credit and inability to have a down payment of 5 million dollars.

Help the community by answering this question:



I specialize in working with first-time home buyrs. I also work with a lot of buyers just like yourself who need some guidance on credit repair and down payment options. I'd love to talk to you more about them. There are option for you!

Please call me at (512) 947-2250 or email me at rlopez@kw.com at your convenience.
0 votes Thank Flag Link Wed May 15, 2013
I also recommend an owner finance or lease option home for you. I continually come across homes that have this option available. I would need to talk to you about how much money you have to put down (typically much less than conventional lenders require). You still need to start the process of talking to a lender to get you qualified to buy at the end of the lease term (1 or 2 years), and I have someone you can talk to.

Call or email me: (512)694-5661 or renata@amfmrei.com
0 votes Thank Flag Link Wed May 15, 2013
My highest recommendation to you is for you to find a loan officer that is willing to coach you through the process. Many companies aren’t interested at this time because the market is so hot, they don’t want to put for the effort. However, I feel Tom Horne and his team will take great care of you. All of his information is below and of course, give me a call if you have the chance and we can discuss your future home buying.
Have a great day and best of luck!David

0 votes Thank Flag Link Wed May 15, 2013
The first step is to get with a lender and see if you can get pre-approved. If you would like, give me a call and I can see what your situation is with a little more detail and point you in the right direction. I have a couple of great lenders who pre-approve my clients at no cost to you!

Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012) Call 512-261-4415
0 votes Thank Flag Link Wed May 15, 2013
The first place to start is with a reputable lender who can evaluate your credit, debt to income and other factors to see if there is a loan program out there that will work for you at this time. If you can be qualified, this process will also establish how much money you can borrow, which will help to set the price parameters for finding your new home. Many homes in Austin are approved for down payment assistance grants and special loan programs to help borrowers who do not have down payments.

I would be happy to direct you to a great local lender who can help you get started. Feel free to contact me and I'll get you connected.

Best Wishes,

Tim Andrews
Modern Home Specialist
Keller Williams Realty
0 votes Thank Flag Link Wed May 15, 2013
Begin by talking with a couple lenders. You need to know what you can borrow first, then pick a Realtor and tell him what you learned form the lender. That's how you start.
0 votes Thank Flag Link Wed May 15, 2013
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