Home Buying in Gloucester>Question Details

Kate, Other/Just Looking in 81050

Will almost sell my soul to live in gloucester. its the home of my heart; has been since i first saw it in 1968. Bad credit (gee). anybody got ideas?

Asked by Kate, 81050 Sun Aug 8, 2010

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7
Patrick Lydon’s answer
Kate, you can either fix your credit or find a home that the seller will finance. So, its totally possible.
I have 2 credit repair specialists on my team. If you want to give it a shot, let me know. No charge to talk to me about it.
0 votes Thank Flag Link Tue Sep 18, 2012
Hi Kate:

I grew up in Gloucester so I know how you feel. Keep your vision of living there and what it would be like in your mind everyday and follow the steps in the links that these agents have recommended one at a time. Don't be overwhelmed, approach it step by step. Gloucester will wait for you.

Best,

Rob


http://GoodwinRealtyGroup.com
0 votes Thank Flag Link Mon Aug 9, 2010
If your credit is below 620 odds are it's too late to improve your credit in order to buy that house. Unfortunately it is likely too late to improve your credit in time to purchase that home.

@ Chris, Getting a co-borrower with good credit will not offset your poor credit.
0 votes Thank Flag Link Sun Aug 8, 2010
I have added a link below which tell you how to fix your credit. Follow the steps best you can and someday you WILL have the house of your dreams.
0 votes Thank Flag Link Sun Aug 8, 2010
Kate,

I definitely think you should talk with some mortgage brokers to see what they say. I can recommend one in the area if you are interested.

Another thing you can try is to look for lease options. They are not easy to find though and at the end of the lease if you are still not in a position to buy it won't really help you.

Could you buy a 2 family with a friend or relative (each of you live on one side)? If your friend has good credit it might help you out.

Another thing to check out is government sponsored down payment assistance programs to see if you qualify for any sort of assistance.

http://www.massresources.org/pages.cfm?contentID=7&pageI…

Also, check out the Gloucester Housing Authority and see if they can help you at all.

http://www.ghama.com/

Good luck!
Web Reference: http://teamlefebvre.net
0 votes Thank Flag Link Sun Aug 8, 2010
Hi Kate,

Just a couple random thoughts....it's not often that certain "feeling" comes along so I would love to see you get that house......

- Do you have anybody that will co-sign a loan for you?

- Occasionally, the sellers are in a position to "assist with financing". You never know until you ask....

- And for the obvious.... HAVE you recently spoken to a mortgage consultant? Your credit might not be as bad as you think. At a minimum, you will find out what you need to do to get your credit to where it needs to be!

Good luck...and don't let this one get away!!!

Judy Boyle
RE/MAX Signature Properties
0 votes Thank Flag Link Sun Aug 8, 2010
The lending market is tougher than I have ever seen it right now. If you know your credit is an issue you could take a two tier approach. First contact a lender and find out how much of an issue it is. A good mortgage rep will review your credit and point out which are the most damaging pieces.

Once you understand what needs to be addressed research good credit counselors. There are many that are low cost , some that are no cost but you do need to do some homework.
Good luck!
Web Reference: http://www.route495.com
0 votes Thank Flag Link Sun Aug 8, 2010
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