Home Buying in 06111>Question Details

Jenn, Home Buyer in Newington, CT

Single Parent wanting to purchse a house/condo

Asked by Jenn, Newington, CT Thu Dec 11, 2008

I am a single parent & I'd really love to show my daughter that Mom can provide a house/condo for us. Where do I start in this economy? Is looking for a pre-foreclosure a good idea for me? What kinds of loans are out there for single parents? Especially since the Fannie and Freddie mess??? Will the banks even look at someone who does not have a "perfect" credit score right now?

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11
Matthew Isleib’s answer
Your question is a common one and I see that you got some great tips and insight from some of the realtors on Trulia. Most would recommend you speak with a mortgage broker. I am a local CT mortgage broker and would be happy to help you navigate through the somewhat murky waters. I am always a phone call or click away!
0 votes Thank Flag Link Tue Mar 23, 2010
Hi Jenn

I was in a similar boat 3 years ago just coming out from a divorce. Being a single parent has a lot of responsibilities and pressure to provide for your family. I would suggest that you consult with a mortgage Broker who can steer you in the right direction as far as obtaining financing. FHA and CHFA have some good first time buyer programs out there, so see if you can qualify today!

If financing isn't an issue, start working with an agent that will guide you along the way. Lost of foreclosures need fixing up and I want to you to decide on how much fixing up you are willing to do. As a single Mom myself, I know that free time can be difficult to find, when making repairs to your home. So keep that in mind. You will find that there a plenty non-foreclosures out there that are priced well. This is the market for pricing, as there is so much competition right now. Good luck.
Web Reference: http://lakegardarealtor.com
0 votes Thank Flag Link Mon Mar 22, 2010
Hi, Jenn. As you can see from most responses you received, you need to speak with a loan person who can determine if you qualify for a mortgage and, if so, which financing program best meets your needs. If your credit needs to be cleaned up a bit this person should be able to make recommendations as to what you can do to best address the issue.

Coldwell Banker Residential Brokerage, a national real estate company, has a mortgage division called New England Moves Mortgage. If you go to my web site you can get more information there including a link to my office's N.E.Moves loan person. He will be happy to speak with you and give you some excellent advice so you'll have this question answered.
Web Reference: http://www.JeanneAllard.com
0 votes Thank Flag Link Tue Dec 30, 2008
First things first....How much can you afford to spend each month for mortgage, taxes and insurance? Make sure this is a number that you are comfortable with. How much spendable cash do you have on hand, and check your FICO scores. If there is anything out of wack, deal with it now before you start the process. Then speak with a mortgage professional to find out how much this monthly amount can buy. Get pre-approved, vs pre qualified which makes you a stronger buyer and then start looking for houses.
There are many qualified fabulous mortgage folks out there, and I would be happy to help you find them.

More questions? give me a call. I am here to help....Amanda 916-2744
0 votes Thank Flag Link Thu Dec 11, 2008
Hi Jenn!

Great questions! Great time to buy! And buying can be so much fun! I am a William Raveis agent and one of the reasons I chose William Raveis Real Estate Mortgage, Insurance is our fabulous web site: Raveis.com. All of your excellent questions from where do I start to the pros and cons of condo living and sooo many more you haven't even thought of yet are answered right there. And it is so user friendly!
Another reason I love Raveis is that right in my office, not twenty feet from my desk, is a fantastic mortgage expert who is always eager 24/7 to answer your questions and mine. And she makes the explanations easy and understandable. I know she would strongly advise that you get pre-approved for all the great reasons others have sited but also because it gives you great bargaining power when you present an offer. Finally Jenn I'm user friendly also! If I can answer any further questions just email me at vaniniv@raveisre.com and it will be my pleasure.
Have a great holiday and have fun!

Virginia
Web Reference: http://www.raveisre.com
0 votes Thank Flag Link Thu Dec 11, 2008
Jenn,

I recommend you do two things: contact a local realtor who can tell you if what you're looking for seems realistic and who can then refer you to one or several area lenders; and/or, contact a lender on your own (someone a friend or family member has used) and have them pull your credit and discuss options with you.

Everyone is an individual and yes, there are programs still out there for people with imperfect credit. You just need to find a realtor and a lender that fits well with what you need.

If you're looking for a good resource on home buying, I have a series of articles on my blog called "Home Buying 101" - the articles are available on the sidebar. See the link below.

Good luck!
0 votes Thank Flag Link Thu Dec 11, 2008
Jenn,

Our recommendation is to first determine your credit worthiness by visiting several loan agents. This will clarify weather you can get a loan and what the amount that you qualify for. Don't worry about a perfect credit score, Fannie or Freddie, and the state of the economy. Loans are being made daily and rates are favorable for buyers today.

At the very least, start gathering information to determine what you can do to improve your credit rating.....but get started today.....who knows, perhaps you'll qualify.

Good luck
The Eckler Team
0 votes Thank Flag Link Thu Dec 11, 2008
Your first step is getting prequailified with a local and trusted mortgage broker. stay away form the internet companies, meet with someone in person so you can put a face with a company. provide your last 2 paystubs, 2 mo bank statements and a list of your income and liabilities such as credit cards and car payments. They will tell you if you quailify for any current programs and if so what price range. If you do not qualify they can tell you what to do so you will quailify. Perhaps a lease option where you get credit for your rent towards down payment and closing costs. As far as when it is time to search you can hire a buyer broker at no cost to you, they get paid by the listing agent from the fee offered to them through mls at closing. this way you have someone who can assist you through each step of the buying process. As far as pre-foreclosures... stay away.. there are many bank owned properties that are less headaches and better deals than going through with those. good luck with search...
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Dec 11, 2008
Jenn - You absolutely need to speak with a mortgage broker to determine what financing options are available for you. You may be surprised to find you qualify for a first-time buyers' program, which can often have excellent rates!

Once you know what financing programs are available to you, then we can begin to look at available homes, and determine which homes will qualify for the financing program. Rather than worrying about pre-foreclosure homes, it may be best to focus on all homes in your desired area, in your price range, that will qualify under your financing program.
0 votes Thank Flag Link Thu Dec 11, 2008
Jenn
I am selling my home and have a lender offering special financing on it. You may very well qualify. Email me at budrusty@aol.com and I can send you description, pictures, etc.
0 votes Thank Flag Link Thu Dec 11, 2008
Hi Jenn, this is a great time to buy. There are many different programs for first time home buyers. The first thing to do is to contact a mortgage officer to get pregualify. I wish you all the best, your daughter must be very proud of you. If I can be of any assistance please give me a call or email me. Happy Holidays.
0 votes Thank Flag Link Thu Dec 11, 2008
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