Your first step is to contact your local CDC (Community Development Corp). They will enroll you in a 1st Time Homebuyer's Seminar. Once you attend and complete the requirements you can get a $500 settlement grant. They can also offer you free credit counseling services. You will need to get your FICO credit score up to a minimum of 620 (most lenders require 680+) before you can qualify for a mortgage.
Your mortgage pre-approval, current savings on hand, and monthly income will qualify you for a maximum mortgage amount. This will inform you of the price range you can purchase. Once you do these steps, you can start house shopping.
Please feel free to call me once you are ready or anytime you have any other real estate related questions. I'm always available to help you.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell: (267) 254-7994
Philip Cunningham Sr
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia, PA 19152
I agree with the others that your primary consideration must be your credit. Don't try to fix it yourself. There are FREE programs throughout the city that will not only help you with your credit, but might actually be fun in the process. Call me, and I'll let you know who you can call and what programs you can access.
Elfant Wissahickon Realtors
There are a number of roads for you to take. The first is improving your credit score via some simple steps so that you can get a very low rate and have a lower monthly payment. I know a number of lenders that can assist you in a simple credit score improvement plan and will be happy to provide to you thier contact info.
There is a first time home buyer program with the Office of Housing and Community Development. It is not a huge fiscal payoff and you need to meet a series of criteria but it is something. I often am able to construct a more lucrative deal privately for my clients.
If you would like lender contact info and program info for the first time home buyer program please feel free to email me privately, I will be happy to send you all the data.
Ana Barlow, Coldwell Banker Preferred, Philadelphia
Yes we CAN!
You can call me for a confidential conversation + I can refer a Great Mtg Rep that is awesome with restructuring your F I C O's and getting your scores up to the 620â€™s
All the Best John + Sheri RE/MAX 215-757-2889