It may not be what you want to hear, but it's what you need to hear.
If your credit is less than stellar, there is a reason. You should, imo, concentrate on that, and get your finances in order, before you take on the added burden of more debt in the form of a mortgage.
Do you have a down payment?
Do you have a cushion in addition to that down payment?
Things break...big things break and need replacement.... and once you're an owner, there is no super to call to fix things.
There is a lot more to home ownership that just paying the mortage and taxes and insurance.
Paying rent puts a roof over your head, so you're really not throwing money away, as you're getting something in return, which is filling a basic need.
Paying high credit card interest rates, for those who do, is throwing money away.
Better than fighting an uphill battle, do the work to fix the issues with your credit. Credit repair can be done by anyone, legitimately. Start by paying everyone on time or even ahead. Review your report and dispute any issues that are incorrect in writing with each of the credit reporting agencies that report it. If there are errors they should be removed within 30 days fo notification.
Next, pay down your outstanding balances to 1/3 or less of their limits. Credit that is maxed out results in a low score. Do not close any accounts; your scores improve by having longstanding existing accounts with lots of available credit room.
Finally, save up as much money as you can both for down payment and reserves. A lender will want to see that you have something left in your accounts after you make your down payment and pay closing costs.
The sooner you start this process the sooner you'll be qualified to buy and keep a home. Sometimes putting it off for the right reasons, like getting your financial house in order pays huge dividends in the end. With better scores you'll have an easier chance of getting approved, have more options and better rates, which all translate into a better house for you.
that's really reassuring!
Jenna - please do not pay anyone to help you "clean up" your credit.
Any reputable local loan officer can sit down with you and explain what you need to do.
Anyhow... if you are VA Eligible... we can almost get your loan done now! We just need a 580 score.
Jason C Campbell
Platinum Top 50 Finalist
Option One Real Estate
My suggestion is to talk to a mortgage advisor and see what needs to be done to make you score higher. Let me know if you need to be connected to one.
Susie Kay, RealtorÂ®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Servicing your real estate need is my priority!
Read the free e-book I have linked you to above....
Then call me.
I can coach you if you want to try and work on your credit.
Or refer you to a reputable credit repair company if you think you cannot do it yourself.... 90% of them are awful.... I know the good ones and bad ones.
You are very close to the scores needed. I have helped MANY in your situation.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
You have already taken the first step by asking questions, let me guide you down the right path in achieving your goal.
Keller Williams Realty
San-Tex Renovations & Home Sales
Prosperity Realtors & Consulting
San Antonio, Texas 78216