Home Buying in 85323>Question Details

Donnie, Home Buyer in 85323

my rent is 1300 a month, i can afford a mortgage but have nothing down, where can i find help. poor credit

Asked by Donnie, 85323 Wed Jul 29, 2009

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7
Absolutely, Amy.

I have worked with many clients who have told me their creidit is bad, but after we checked, their scores were good enough to qualify for for a loan.

For those individuals whose credit score needs a little help, I coach them through to increase their scores enough to qualify of a loan. It the scores are in desperate need of help, we formulate a plan, which may or may not include using a credit restoration company, and time lines to review the credit.

But we need to start somewhere & we start by seeing what shape their their credit really is in AFTER we have enough information to be sure they will qualify for a loan based on there financials & work history.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct
Web Reference: http://www.ezAZloan.com
1 vote Thank Flag Link Wed Jul 29, 2009
One of the ways you can do this without going into further debt is to have the rental payments that you are currently making reported to your credit report to help boost your score. I am currently doing this through a company called creditmyrent.net. Here is the link to site http://www.creditmyrent.net. Who knows maybe they can help you as well.
Web Reference: http://www.creditmyrent.net
0 votes Thank Flag Link Fri Aug 28, 2009
Roswell's strategy is exactly what I had in mind also with the lease-option. Basically, you could use the lease period to establish a rent history, work with a credit repair company to help you map out a plan, and execute that plan to get your credit score to a specific number (where you'll qualify for a loan). Assuming that the lease period and credit improvement plan are coordinated together, then you should be ready to qualify for a new loan to buy that home that you're already in.
0 votes Thank Flag Link Wed Jul 29, 2009
If I were in your shoes I would first work on my credit history. Credit, work history, rent payment history and bill payment history are very important to a lender. Would you lend a couple of hundred thousand dollars to a friend who owes money to five other guys in town?
Perhaps a credit counseling agency or organization in your area could help you sort out your credit.

Good luck!
0 votes Thank Flag Link Wed Jul 29, 2009
Donnie,

It is a GREAT TIME TO BUY A HOME!!!!

If you have a $1,300/month rent payment, you absolutely can afford a new home.

There is a new government loan program just introduced that offers an interest free (that's right, a 0% interest rate) 2nd mortgage that is forgivable, which means you do not have to pay it back, if you meet the criteria. You will need to put 3% as a down payment, but the good news is that 2% of that can be a gift to you! So you could actually buy a home for 1% down!

Also, if you are a first time home buyer (which means you have not owned a primary residence in the last 3 years - you could own a rental or second home) you will qualify for up to $8,000 cash back (10% of the purchase price) from the government.

With interest rates so low AND home prices still very low, did I mention it's a GREAT TIME TO BUY A HOME!!!!

Let me know if I can help you in any way.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct
http://www.ezAZloan.com
Web Reference: http://www.ezAZloan.com
0 votes Thank Flag Link Wed Jul 29, 2009
My opinion? Lease or rent for now until you bring your credit back. Just be regular with payments, get out of debt, etc.
Web Reference: http://www.HomesAzRE.com
0 votes Thank Flag Link Wed Jul 29, 2009
Depending upon what you're looking for, you might qualify for a lease-option. Other than seller financing, I think you'll find fewer options (if any) to buy now--especially with no down-payment and not-so-great credit.
0 votes Thank Flag Link Wed Jul 29, 2009
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