Home Buying in 72730>Question Details

Stephfench66…, Other/Just Looking in 72730

I want to buy a house. I am a single mom of 3 kids and not the best credit. what is th best way to buy a house?

Asked by Stephfench6680, 72730 Fri Nov 20, 2009

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Credit Scores do effect your ability to get a loan. Find an agent who will take time to go over the facts building good credit and be sure to follow through diligently. It may take a while to build your score to the level you would prefer, but it's worth the time and effort. Your interest rate for mortgages are directly related to the score. If you have serious credit score issues consult a professional credit counselor and inquire about having them assist in cleaning up old delinquencies reported incorrectly or that have been satisfied. It may cost you around $300 or more but is a good investment for your future. Best regards.
0 votes Thank Flag Link Fri Apr 11, 2014
The first step is to talk with a lender to see how to get your credit score up, It may take 6 months or more to get it done but then you are clear to buy. Email me at topgunre@yahoo.com and I will send you some lender names

Donna Bittle
Executive Broker
0 votes Thank Flag Link Fri Apr 11, 2014
This question posted Nov 2009.
I trust Steph found a solution.
0 votes Thank Flag Link Thu Apr 10, 2014
Contact a local lender first to see how much you qualify for. Get a pre-approval letter. Then contact a local Realtor to help you in your home search. If you do not qualify for a loan, then you will have to rent and find out from the lender what you need to do to improve your credit score so that you are able to purchase a home.

Tammy Hayes, Realtor
Re/Max Palm Realty
0 votes Thank Flag Link Thu Apr 10, 2014

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0 votes Thank Flag Link Thu Apr 10, 2014
Your best bet is to get your credit scores up. Go and talk to a local lender have them pull your credit report and they can tell you what to do to get your scores up. You can contact me if you need some names of a local lender.

Donna Bittle
Keller Williams
Fayetteville, Ar.
0 votes Thank Flag Link Thu Mar 8, 2012
Great Advice by Dan.

All too many times have buyers gotten pre-approved and then while they shop for a home they go and apply for a car loan or a credit card to start buying things for the house and then when it comes time to lock in, their credit score is down or they dont have enough money for a higher downpayment.

Cash is king post 2009. credit card companies are showing their loyalty to good customers.

save save save and when you have enough, start shopping around because then you will have a great credit score to get a better rate which in return keeps more money in your pocket.

Sean Dawes
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Fri Nov 20, 2009
Simple but difficult reply. Improve your fico score. Save money for a down payment.

Pay off your credit cards. The one with highest interest first, then the next highest until none are left. (keep cards open, do NOT close them)
Buy only with cash. No green = no purchase. This alone guarantees no more debt is added.
Buy used not new. Good-will and salvation army are examples of you being able to stretch your money on things you need. NEED...not want. You need to eat, you WANT lobster. You can buy cheaper foods, used clothes, used cars, and cut down costs in many categories.

Stop paying for cable. Stop paying for internet. Stop paying for anything you do not need. Realize that the money you save today will be your savings tomorrow. When you make credit card payments add in more than the minimum. Pay them off faster that way. Drink only coffee you brew at home. Get a thermos and take it to work.

Try to find a non-profit credit counseling agency. See what other tricks they can offer you. In the end you have to remember, bad credit can come easily. Good credit takes time to achieve. You have to make very hard choices and stick with a plan to make it happen.

Once you have improved your credit you will find you have a better chance to buy a house. We have up to 7 million foreclosures to come between 2010 and 2012. It will be past 2012 before house prices stop dropping. So there is no hurry today to buy.
0 votes Thank Flag Link Fri Nov 20, 2009
Steph, Home ownership is a great goal and worth seeking. I've worked with people in your situation and there are a few things you should look into. First, you say your credit isn't the best. This is a bigger obstacle than just a few years ago. It's not that you must have spotless credit, but it has to be on the mend from whatever event caused problems. I would start with a local mortgage lender. They can obtain a copy of your credit report and discuss strategies with you that would improve things the fastest and create a plan by which you would be able to buy. (If you can't already).
Next, assuming that you need some time to improve your credit, find a good Realtor who will help you find a home you like with a Lease option. A lease option will allow some of your rent and deposit to go against a down payment and gives you the right to purchase the home at a later date for a predetermined price. These can be tricky, so make sure the agent you select has experience doing them. I hope it works out well for you.
0 votes Thank Flag Link Fri Nov 20, 2009
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