Home Buying in Raleigh>Question Details

Monelson27, Home Buyer in Raleigh, NC

Is there any hope for decent income couple but messed up credit?

Asked by Monelson27, Raleigh, NC Sat Oct 23, 2010

we are really looking to buy and try to take advntage of the market right now but my husband and I are running into brick walls due to our credit. We have already excepted the fact that we will be paying a higher interest rate but havent found a lender willing to give us a chance. Do you suggest waiting and keep working on our credit or is there some way around this? Also do you forsee a rise in the market anytime soon?

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Purchasing a home with owner financing would probably be a good option for you. Finding the right house, at the right price, with the right terms and a willing seller will be the challenge. See my recent Blog post regarding Lease Options/Rent to Own which outlines the Pros & Cons.
0 votes Thank Flag Link Mon Nov 1, 2010
Hi M. It sounds to me like you guys want to do the right thing, so here's a chance. My good friend and attorney in Philadelphia used this company to bump his wife's score considerably in a short amount of time. I do not get paid by them, I'm just trying to refer you in the right direction. It takes time.

In my personal opinion, you can raise your scores in the next 6 months and still take advantage of the market!

http://www.lexingtonlaw.com/

GOOD LUCK.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Sat Oct 23, 2010
Consider credit counseling. In today's financial climate, lenders are raising the required fico scores required to get the best interest rate. A counselor will assist you and give you one-on-one financial advice..at no charge.

http://credit.org/credit_counseling_service?=CDCfaq-board

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Sat Oct 23, 2010
Hello, congratulations on taking the first step to credit repair - getting help! I have a fantastic mortgage specialist (top in the southeast region) who can put you on the path to credit repair and realizing the dream of home ownership. If you would like more information, contact me.
Carrie Dove
919-637-3883
carriedove@kw.com
Web Reference: http://www.carriedove.com
0 votes Thank Flag Link Sat Oct 23, 2010
Hi - There are several options available to you. A lender that I use in here in Raleigh has a program to help you repair your credit. It is a local lender and you actually get to sit down and talk with him. He will walk you through exaclty what you need to do to get your credit where it needs to be. Along with that, I can find you a lease purchase based off his time frame of when he can get your credit fixed to be able to close on the home. I've provided a link to the lender I use below. Just let him know you need info on "The Road to Home Ownership". There is hope!
0 votes Thank Flag Link Sat Oct 23, 2010
Knowing that you are in Raleigh, I would suggest contacting Standard Pacific Homes. We have a free program called Destination Home that tells you exactly what to do to repair your credit so you can purchase a home sooner. Visit me and I can get you started :) Kim @ Lennox at Brier Creek
0 votes Thank Flag Link Sat Oct 23, 2010
Knowing that you are in Raleigh, I would suggest contacting Standard Pacific Homes. We have a free program called Destination Home that tells you exactly what to do to repair your credit so you can purchase a home sooner. Visit me and I can get you started :) Kim @ Lennox at Brier Creek
0 votes Thank Flag Link Sat Oct 23, 2010
Hello,

A mortgage person can tell you whether or not you qualify for a mortgage and give you some tips on how to up your credit score but you may need an expert on credit repair. Some mortgage reps have a relationship with one and can refer you.

Although you can fix your credit on your own, the experts typically know how to expedite the process. With rates at an all time low it is a great time to buy. The better your credit score the better your rate.

Regards,

Joe Finnerty
484-241-1641
Long & Foster Real Estate, Inc
Lehigh Valley, PA
610-865-7776
0 votes Thank Flag Link Sat Oct 23, 2010
Hi! Don't feel alone. There are many people, including many real estate agents, who are in the same boat as you are. There are additional ways to buy a home besides going through a conventional lender. You can work with an agent who has a working knowledge of Sellers who may be willing to provide financing for you. For example, let's say you find a home you like and the Seller, because they do not owe any money on the home (they are out there!) may be willing provide the financing. How do they do that? They act just like the traditional lender. They will expect a credit report and other financial information and you both will need not only a skilled real estate agent who is well-versed in crafting such a contract agreement, but in this case you may be wise to have an attorney review the paperwork for any loopholes that could hurt either of you. This is just a sketch of an outline of what is involved and is merely intended to get you to think a little outside the box. One benefit of this arrangement is that you will save a lot of money on closing costs. If you are interested in hearing more, please think about this a bit more and post your questions here.
0 votes Thank Flag Link Sat Oct 23, 2010
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