Home Buying in 32837>Question Details

Jrvega071, Renter in 32837

me and my wife got married about 7 months ago and we are looking to purchase our first home but our credit is not so good . what can we do about this?

Asked by Jrvega071, 32837 Tue Apr 19, 2011

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19
Congratulations on your recent nuptials!!

FHA loans pay less attention to credit scores, than traditional lending. But the first thing you should do is speak to a lender. They can run your credit and find out what "not so good" truly means, and how that will impact you.

If your credit rating is truly bad, they may be able to recommend what areas need improvement and how you might go about that.

Good luck, and much luck to the newlyweds!!
1 vote Thank Flag Link Fri Sep 23, 2011
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Look at these answers carefully. A lot of what they say is, sure we can get you a loan but you will have to pay through the nose. Here is what you can do -- rent. There is nothing wrong with renting. We are in the mess we have now because millions of Americans got duped 4 to 6 years ago and bought when they should have rented.
1 vote Thank Flag Link Wed Apr 20, 2011
Hi NewlyWeds,

I commend you fro reaching out to the Trulia community where I am confident you will continuew to get GREAT feedback and I congratulate you on your recnt marriage. :) For starters, I highly recommend you contact a mortgage professional and I like to refer " Cindy Hall" who is a LOCAL mortgage consultant. Cindy is simply awesome and has been in the business for countless years. She is the only broker I know that actually attends the actual closing with her customers ( I do too) just in case something goes wrong at the closing table so she is there to intervene and facilitate swift resolution. She is superb in customer service, welcomes weekend and after hours calls and is GREAT with banking & client relations in the industry which enables her to be very competitive with rates and fees. Many of my firat time home buyers & finance clients utilize her services b/c of her years of experience, knowledge and expertise and they always provide good feedback regarding her competitive rates and superior customer service. Cindy can discuss your personal situation and prequalification guidlelines at no obligation. She wil review "the do's and the don'ts" and the basic ABC's of getting you prepared for your goals. In addition, she can discuss First Time Home buying programs, USDA 100% finance options, as well as FHA guidelines which requires a 3.5% down payment of the purchase price. I would suggest you call Cindy as soon as possible so you can get started on your endeavor and I assure you she will offer sound advice and good tips to get your credit where it needs to be in order to buy your first house together as a "married" couple.

Cindy Hall
President
Commercial & Residential Loan Consultant
Mortgage Solutions of Central Florida, Inc.
6200 Metrowest Blvd, Suite 203
Orlando, FL 32835
407-294-4707 | 800-482-4707 (office)
http://www.themortgagesolution.biz
cindyhall@themortgagesolution.biz

Also, take a look at this 40 page informative link that will undoubtedly provide you good resouces and is easy reading that should help your pursuit.

http://www.freddiemac.com/creditsmart/guide/pdf/CSA_SHO-Eng209instr…

When your in the position to purchase, please keep my contact information and give me a call. . I would welcome the opportunity to assist you and your wife with becoming happy homeowners. BTW, are you confident that your credit is "not that good"??? Sometimes buyers are surprised to learn that they are in fact "well qualified", especially when they have two incomes to consider. Call Cindy and she will verify either way. If you have ANY additional questions, please do not hesitate to contact me directly. I would be happy to help all I can. :)

GOOD LUCK!!!! HAVE A GREAT DAY!!!!!

Thank you kindly,

Kim Setzer, REALTOR®
CENTURY 21 ELITE HOME FINDERS
407-406-0351 CELL
Kimsellsproperty@yahoo.com
May you always have love to share, health to spare & friends that care.
YOUR REFERRALS ARE GREATLY APPRECIATED & THE BEST COMPLIMENT!
1 vote Thank Flag Link Tue Apr 19, 2011
One pay ALL your bills ON TIME. Get a secured credit card. Use it wisely to buy gas and food. Pay it off each month. Get two if you can. It will take a year but your credit scores will go up by paying your bills on time and have two more credit lines.
0 votes Thank Flag Link Wed Mar 6, 2013
How much down payment do you have?
0 votes Thank Flag Link Fri Sep 23, 2011
My husband and I would like to move to Orlando Fl our credit is only 550 we own a home in the Chicago area that we are gonna rent out can we find a place ther with our low credit history??
0 votes Thank Flag Link Mon May 9, 2011
repair your credit is the best answer and I don't mean to spend money of people long on promises and short on delivery. Find out what is on your credit report. if there are any errors get them corrected. send notices to the 3 agencies. If you have some outstanding balances, pay them off. If you have lates they will heal slowly over time. make sure nothing is late EVER!!!

If you have no credit cards get a small one and put a small balance and carry it for a few months and pay it off. just do some standard acts that help build credit.

If things can't be fixed quickly then an owner finance maybe a good solution. there are ways to skin the cat that aren't the conventional means but jsut as effective.

btw. don't pull your credit frequently. don't do things that they look at it... buy cars, furniture, cell phones and so forth... these will adversely effect your score.

Ken Anderson
http://www.apexone realty.com
321-246-3190
0 votes Thank Flag Link Wed Apr 20, 2011
I would like to also add one further idea that may be of interest. I have a repeat client that purchased a REO foreclosure condo for all cash in a gated community. He recently contacted me once more stating that are now interested in purchasing a single family home in a different community and selling the condo. With the combined cash savings that they have accumulated over the past year and net proceeds of the condo they will 80% of the purchase price in cash to purchase the single family. They have cut many necessity costs this past year including high end cell phone costs, cable and other items that certainly make life fun and enjoyable but are not necessarily necesssities. The husband is the only income earner in the family and makes a modest income as a grade school teacher with the wife looking after the children. All of this took place after experiencing a bankruptcy hardship several years ago.

It is possible to purchase your first home, you have lots of affordable options, and lots of financing options. Sometimes in making the numbers work you might need to cut back on necessities and sacrifice in order to realize your dream goals. Sit down, write them down as a family and begin making strides to help acheive your goals. Seeing them posted throughout your house everywhere will help keep your perspectives in order and be a gentle reminder when saving might not be fun, but will certainly guide you in making positive strides to achieve your dream home! Good luck.
0 votes Thank Flag Link Wed Apr 20, 2011
You need to build at least three good credit references for each of you. Three joint accounts will do. One of the best options is secured credit cards--you deposit funds into an account with a bank or credit union (say $500.) and they issue you a card with a $500 credit limit. You must use the card, make the payments on time for at least 12 months, and never let the balance go over $200 outstanding on the account. Chances are good that leaving any old credit issues alone is best--concentrate on establishing the three new accounts and having an excellent pay record. Likely in 12 months your credit profile will be acceptable to allow you to purchase a home. Contact me with any further questions.

Cindy Hall
Mortgage Solutions
407-294-4707
0 votes Thank Flag Link Wed Apr 20, 2011
Congratulations on your new life together and the decision to consider purchasing! First off, you are not alone. Lots of people in this economy and in the years to come, will be addressing the same financial concerns that you are looking at now. There are many steps that can often be addressed and corrected by you without any financial costs adn help your credit begin rising immediately. There are some credit issues that are not easily disputed and removed by consumers, and generally require assistance ( for the needed time alone!) in disputing credit issues and sometimes negotiating down debt as well.

I have a great referral for you that offers free initial consultations and will outline a 12 month program to help eliminate credit issues and correct them from your credit reports if they re-appear after paid off. Please contact me at 407-844-9369 to discuss further. Best of luck in your new life and home search!
0 votes Thank Flag Link Tue Apr 19, 2011
Hi, you can still buy a home with no credit, you will need 10 to 20% down payment and the rate 7% to 9%
my e mail is centralflhomes@yahoo.com
0 votes Thank Flag Link Tue Apr 19, 2011
Contact a mortgage broker If you need any information about any broker call me at 4074354171.
0 votes Thank Flag Link Tue Apr 19, 2011
Find a Financial Peace University near where you live and it will be the best $100 you and your wife ever spent http://www.DaveRamsey.com offers practical advice and will help you get your financial life in order.
0 votes Thank Flag Link Tue Apr 19, 2011
There are many steps to home repair the first and foremost being recognizing the problems. So many get overwhelmed with where to start and simply ignore the problem hoping it will go away. It won't. Just starting out in your new married life it is so important to recognize that almost nothing is as important to your happiness and tranquility as financial stability. Address it now, address how you got there, own up to the ways you have in the past arrived here and make a committment together to start the right path. Yes, it's more fun to try to find someone that will work with your lower credit or give you a loan or car payment or furniture plan on a "buy here pay here" OR a higher interest rate but you're simply setting yourselves up for future problems and continued instability. Suzie Orman's book "Life After Debt" is a wonderful resource...so many have dinged credit but don't "dumb down" to existing your whole married life with a blemish. You CAN correct it and get on solid footing but buy that furniture, the new car or new home when all the stars are aligned and you are financially ready. If you don't you'll set your life up all the wrong ways. There will always be a home to buy when you are ready! I'll be thinking about your success at this - IT IS POSSIBLE1
0 votes Thank Flag Link Tue Apr 19, 2011
Hola Jr Vega

Quiza puedan calificar para un prestamo con un puntaje de crédito de 580 con ciertas restricciones, con muchisimo gusto yo le puedo
proporcionar la información del
Mortgage broker con quien yo trabajo, será un honor poderles ayudar a su
esposa y a usted a encontrar y
comprar su primera casa, me puede
contactar al (407) 797-5139 yo trabajo
para Keller Williams @ waterford lakes, también me puede encontrar en
el website kellerwilliams.com
en el zip code 32828
SOY AGENTE BILINGÃœE
0 votes Thank Flag Link Tue Apr 19, 2011
Hi Jrvega071,

I would be glad to prequalify you for a home loan. I've worked with many first time home buyers so I know about the programs specifically geared towards you. I can review your credit, assets, and create a plan of action to get you on the path to homeownership.

I am teaching a class on Saturday at the Center for Independent Living in College Park for first time homebuyers. I suggest you and your wife try to attend a first time home buyer class to learn the in's and out's of the home buying process. I will discuss what I call, Mortgage 101 - I will review the 3 c's - Credit, Capacity and Collateral - the three factors banks consider when determining a borrower's mortgage application.

Feel free to contact me to discuss how I can help you finance your first home!

Sincerely,
JACQUELINE L. CLARKE
Sr. Loan Officer
Freedom Mortgage Corp.
Orlando, FL
Cell: 407-591-7693
email: jacqueline.clarke@freedommortgage.com
0 votes Thank Flag Link Tue Apr 19, 2011
talk to Denise.Hostetler@wellsfargo.com
she will be able to say if you can get a loan. If you can , then please call 407 832 4888 and I wilol help you find the home of your dreams
0 votes Thank Flag Link Tue Apr 19, 2011
It depends what "not so good" means. We have programs that can go down to 580 with additional restrictions. If you would like, call me to discuss. I can also make available several reports to you on establishing or restoring credit.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
561-432-9237
info@floridamortgagecoach.com
0 votes Thank Flag Link Tue Apr 19, 2011
Hello Jrvega071,

What I would suggest is that you contact a local mortgage broker who is willing to work with you to restore your credit. You may have to contact a couple to find the help you need. They should be able to tell you areas that you can improve upon to restore your credit. They will also be able to explain what other financial requirements you will need to meet besides credit score to successfully apply for a mortgage.

Good Luck,

Zisis Sakellariou
0 votes Thank Flag Link Tue Apr 19, 2011
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