Look at a 5 year plan. Talk to a non-profit credit counseling agency. Pay down debt, pay off the highest interest rate loans and credit cards first. Pay cash for everything. Shop at good-will and yard sales. Buy what you need and nothing more. Act 2x more poor than you really are. Only drink coffee you make yourself. Stop eating out. Forget you ahve credit available. As this goes on you will find your fico score is always improving. IN awhile you have paid down your debt. You have saved your money. Now you have what some people refer to as a "down payment".

Basically, a house should never cost more than 3x your income. To buy a $150k house you should have a $50k income. To get started find the official government website that lets you get 1 free credit report a year. Make sure it is correct. Then work to improve your score. Then you can go to different banks. Ask them with this fico score and this income what can we do?

Remember, now it is to late to get the $8k first time house buyers bribe. That is ok. Once it goes away the prices will drop that much and more. Look up 7 million foreclosures. They are coming soon. Get your credit together, get a down payment then you can be one of those who can afford to buy. It would be foolish to buy with bad credit in an environment with prices that have to head down and risk foreclosre and owing more than the house will be worth. Instead, work on your savings and debt. Make yourself ready to buy a house by the time you turn 30. Maybe you can do something now, if not consider what I have mentioned.

Marlene:

Depending on your FICO scores, and so long as you are at or above the 620 score, you'll have a few options for financing a home today. In fact, rates have fallen recently, so its even more affordable than ever to buy a home. However, before you begin looking, talk with your banker or a qualified mortgage broker in your area to qualify for a loan The mortgage broker can also tell you if there are loans available for your "eh" credit (by the way, like the others, I just love that...).

Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA

P. S. Realtor pros, remember Trulia does NOT allow you to post your telephone numbers on your answers. Thanks!

Dear Marlene,

The best thing would be for you to see a mortgage broker to see if with your credit/income mix you qualify for a loan, and if so, for what amount.

Linda Bassitt PA
Lowell Intl Realty Group
561.313.6961
Linda@LindaBassitt.com

Marlene, I love the "eh " credit remark. The best thing for you to do is get all 3 credit scores and find out if you need to improve them and if so how. I can do that for you for no charge.The next thing we need to look at is your income and assets to see what type of loan you can qualify for.

Then you go shopping for your home.

I would be glad to help,

Andrew Kashella
727-331-8405
AKashella@TLTLoans.com

Hi Marlene,

I'd like you to describe a little more the exact term "eh" and what that would be on a credit score.

If your score is just "eh" and that would be somewhere in the average and NOT low in the 500s range, you'd be more than qualified to get an FHA loan with only 3.5% down if your income can handle the payment.

I have a very close-knit circle of professionals that can help you with your mortgage in an instant. I closed over $1,000,000 in sales in September (last month) and each mortgage was done quickly and professionally.

Please contact me at my number below and I'll be more than happy to help you.

GOOD LUCK!!

Scott Miller, Realtor®
Estate Specialist
Commercial RE
Business Broker
Realty Associates
561-716-4060 direct
561-451-9377 fax
http://www.LoveBoca.com
http://twitter.com/ScottSellsFL

HI Marlene,
I have a FHA Niche program that goes down to a 500 fico score please either give me a call or send me an e mail to go over. Thanks

Melissa Antenucci
Ameritrust Mortgage
561-417-9221

Hi Marlene,

I am Michael Nathanson with the Jackie Ellis Team at Keller Williams Realty. I would love to help you find your next home. All you have to do is, Call Me so we can just chat a little about what you are looking for. The best number to reach me is 561-948-1592. I look forward to hearing from you.

Michael Nathanson