Home Buying in 14150>Question Details

123jdjoan, Home Buyer in 14150

I have rented for 30yrs because of my credit score

Asked by 123jdjoan, 14150 Sun May 8, 2011

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6
Don't beat yourself up about it. There are certain advantages to renting that you don’t find when you buy a home. When something expensive to replace breaks......its the landlord that foots the bill, not you. You have the flexibility to pick up and move to other parts of the country to follow your dreams, a new relationship, or a new job. In the last 30 years Real Estate has had at least 2 near catastrophic melt downs. Depending on your timing you could have been a big winner or a big loser. Renting allowed you to stay out of the fight entirely.

Most realtors forget that there are economics at play with buying and selling a home. I have a good friend that is a numbers geek and a commercial broker. He looked at several homes a couple years ago when he graduated college to find that he could lease for less than what he would buy it for including a reasonable uplift over time for appreciate and equity he would not get as a renter. In his case his analysis as a real estate professional showed him that it didn’t make sense to buy!

Now if your credit score is still low, you should consider working with a professional to get that number up. Find a solid realtor in your area and get them to connect you with a reputable mortgage professional and credit counselor. Low credit is sinister in that you will pay more for many things due to your credit score....car insurance, life insurance, fees to set up utilities, credit cards.....low credit will make you pay more and therefore save less.

Best of luck to you. If you liked my answer, give me the "Thumbs Up" and if you really liked it, reward me with calling me the "BEST ANSWER". I really appreciate it.

Respectfully,

Chris Schilling, ABR, CRS, GRI, GREEN
Broker-Founder
Turbo Realty
2 votes Thank Flag Link Tue Mar 27, 2012
Your credit score may be better than you think!
We work with several mortgage bankers & brokers.
Joe Puma
Broker/Owner
Metro Premier Realty
Seniors Real Estate Specialist
1 vote Thank Flag Link Sun May 8, 2011
Visit http://www.NACA.com for home-buying help. Best decision I ever made! I thought I couldn't get approved for a mortgage to save my life.
0 votes Thank Flag Link Sat Apr 28, 2012
Sometimes home ownership can seem so unattainable when it comes to credit issues, but there is always a solution. It does take time, effort and disipline, but it may not be as bad as you think it is. I have helped many buyers get in touch with an experienced and compassionate mortgage representative who walked them through the process to mortgage-worthy credit. Don't give up - it is so worth it!
0 votes Thank Flag Link Mon May 9, 2011
There are other factors besides credit that determine mortgage qualification, therefore visit with any qualified loan officer, after reviewing your overall financials, credit, debt, etc., a determination on qualification can be made; if you don't yet qualify, he/she may suggest what needs to be done in order to qualify in the near future.
0 votes Thank Flag Link Sun May 8, 2011
123jdjoan,
It's time to fix that. Start with a budget. Dave Ramsey has made a fortune helping people get out of debt, pay on time and get ahead financially. 30 years is almost long enough, if you start today. It won't get fixed overnight but depending on how bad things are right now you can repair your credit, save some money and buy a home.
0 votes Thank Flag Link Sun May 8, 2011
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