Home Buying in 73003>Question Details

Captain, Home Buyer in 73003

my wife and i dont have great credit but we have stable jobs and want to see about getting a home . What route do u think we should take?

Asked by Captain, 73003 Tue Mar 23, 2010

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27
...fyi... this question was asked almost 3 years to the day, ago...
1 vote Thank Flag Link Fri Mar 22, 2013
Without knowing exactly what your credit is rated and how it appears, it's hard to give a definte route. However, if either your wife or you have a credit score below 620, you'll definitely need to improve the score. If it is above 620 for both of you than you should talk with a local lender about your options. It may be a simple fix, it may be something you need to work on for a few months. However, if you NEVER go in and talk with a lender about your specifics.... you will never get it squared.

Good Luck!

Jennifer Henning
Jenn@JenniferSellsOklahoma.com
1 vote Thank Flag Link Wed May 5, 2010
Your first step is to get to a reputable lender to see what the best plan to get that credit back on track would be. Create a plan to pay down debt. BUy Dave Ramsey's book Total Money Makeover and do what he says.
Web Reference: http://www.kathypresley.com
1 vote Thank Flag Link Thu Apr 15, 2010
The important thing is to find out what you can do to improve your credit scores. There is a lot of bad information out there, even from people who call themselves experts. The most important thing to do is to clear up any collection accounts or charge-offs on your credit. If there are any judegements on your credit report, clear them as well. Pay them off completely, don't settle, as this stays on your credit report as paid for less than agreed. If you can get letters from any creditors saying that the account was placed on your report in error, that is even better because it can get removed completely. Even if paying off a collection will initially drop your score, it will increase right away after that.
If you have any credit cards that are maxed out, or near their maximum, start to pay them down. If they are currently over the limit, make sure you pay them below. Also be vigilant about paying every account by the due date. If for some reason you miss that date, pay immediately, do not wait to pay 2 months together. If many of your accounts have been closed, and you still have open ones, look for cards with zero balances right now. Use them for very small amounts, like $10, and pay them immediately when the bill arrives in the mail. After about 6 months, your scores will increase.
1 vote Thank Flag Link Tue Mar 23, 2010
I would recommend you contact a local Realtor in your area. They will be able to recommend a lender to get your home buying process started. A good Realtor will be able to provide you with a road map and connect you with professionals that will be able to assist you along the way. Good luck and congrats on making the step to becoming a home owner.
0 votes Thank Flag Link Mon Apr 6, 2015
Call and speak with a local lender. There are a lot of options. Here is a general break down of how credit scores break down.

A number, roughly between 500 and 850, that summarizes a consumer's creditworthiness.

The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher. Generally, a "low" credit score is in the "fair" to "poor" ranges below. Hope this helpful

750 and higher = excellent
749 to 700 = good
699 to 650 = fair
649 to 600 = poor
599 or lower = bad
0 votes Thank Flag Link Mon Mar 23, 2015
Good evening Captain,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Mon Apr 29, 2013
answering 3 year old questions with cut and pasted answers?? really?
0 votes Thank Flag Link Sun Apr 28, 2013
yes, i am a private lender i dont look at credit i look at the client who has the abilty to make their payments on time. and if they can make a small down payment. my name is rachelle thomas i can be reached at 765-372-12-21
0 votes Thank Flag Link Fri Mar 22, 2013
The first thing to do is get a lender to preapprove you. That way you know what you can qualify payment wise and interest you will pay. If your credit isn't perfect then the interest is normally higher.

Now that you know how much of a loan you can qualify for and you have your prequal letter have a great time house shopping. Start online and narrow down the homes you really like, then do a driveby to see the area. In todays market many homes are being sold by multiple offers.

I would check to find the best realtor in your area and get an appointment. Be ready to fall in love and buy a home. You will know the home when you walk in the front door.

Good luck
0 votes Thank Flag Link Thu Mar 21, 2013
Contact John Hunt with Hunt Mortgage Services 405-361-3172. He can pull your credit scores and if they are too low due to no credit, he will let you know how to establish credit in a timely manner. Best of luck you you and your wife! If you need any help finding a home, contact me because I would love to help.

Laurie Patterson
Keller Williams- Central Oklahoma
405-330-2626
Web Reference: http://www.LaPatterson.com
0 votes Thank Flag Link Thu Mar 21, 2013
The first thing you need to do is go to http://www.creditkarma.com . Its completely free and it will tell you whats on your report along with the score. If you need help on how to remove things off you credit report and get approved contact me.

Jarrett Carter
ERA Courtyard Real Estate
405-613-9333
0 votes Thank Flag Link Thu Feb 7, 2013
Call Michael Clutts, with Citywide Mortgage. His number is 405-735-8935. He will be able to go over the pre-approval process with you and answer your financing questions.


Best of Luck,

Josh Barnett, Realtor
Metro First Realty
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Mon Jan 14, 2013
The first step is definitely to meet with a lender. They will let you know IF you qualify and for HOW MUCH. Then you can have a Realtor set you up on a search for homes in the price range and location for what you want. For sure, find a Realtor that you trust and let them help you. I often run into home buyers that try to go it alone, calling different listing agents to see each individual house. That is so much more work than is necessary. A Realtor can schedule showings for you and show you multiple houses all in one trip. And 99% of the time, a Realtor is FREE for buyers. Realtors are paid by the seller of whatever house you buy, so why would you not let a Realtor help you navigate the process?
0 votes Thank Flag Link Sun Jan 6, 2013
There are three compnents lenders evaluate when considering a mortgage request: Credit, Income (your work) and Assets (money on hand) All three need to work.

One place you could seek a mortgage that is more flexible would be a local credit union if you are either a member or have access to becoming a member.

The best first step would be to sit down with a local mortgage lender and have them pre-qualify you. They can then tell you whether they can work with you or not and many (though not all) have people on staff who can assist you in raising your credit score over time if you're interested.

Wishing you the best of luck and hopefully some happy house hunting.
0 votes Thank Flag Link Thu Jun 7, 2012
Here is some guidance in regard to your credit: http://www.trulia.com/blog/elliott_r_oliva/2011/07/credit_10…
0 votes Thank Flag Link Thu Jun 7, 2012
It really depends on what your credit score is. I have a lender who does some special financing for lower credit scores but good stable income. Send me an email or give me a call and I'd be happy to get you the contact information. Respectfully, Brent Carter
0 votes Thank Flag Link Thu Jun 7, 2012
really cuz my husband and i have low credit scores but he has stable income and we are so wanting to become homeowners!!
Flag Thu Oct 17, 2013
There are several steps you need to prepare for, and a few options to choose between.
The steps you are going to need to take are:
1. Go over your credit with a specialist, many lenders have credit building tools that are out of the box, but can raise your scores 30 or 40 points quite rapidly. Also, in some cases there are small collections that can be paid at which point your scores may increase. This is definetly something to discuss with the person you are working with because there will be instances that paying a collection can actually reduce your credit score.
2. Your options are really to continue renting until your credit is strong enough and you have saved enough to buy your home or, search for homes that are for sale and available for owner financing. These are more and more common and are a great benefit to buyer and seller when terms are put together right.
0 votes Thank Flag Link Tue May 4, 2010
I work with a local lender and they are one of the biggest in Oklahoma. They can help you find out where you stand, but they also offer a free credit repair program. You can find them online at http://www.swifthomeloans.net. Ask for Kevin or Steve.
Web Reference: http://www.bedlamrealty.com
0 votes Thank Flag Link Sun Apr 25, 2010
The first step is to talk to a lender. Find a local one to look at your particular situation. A good lender will help you understand the pros and cons of buying a home now, or waiting until after you improve your credit.
0 votes Thank Flag Link Thu Apr 15, 2010
You need to rent a home or apartment and work on improving your credit by being able to manage your finances.
0 votes Thank Flag Link Tue Apr 13, 2010
Over the years I have learned that people sometimes have better credit than they think they have. Have you reviewed your credit recently? Do you know what your credit scores are? I am a mortgage broker in Ada with 30 years lending experience. If I can be of any assistance please contact me at 580-436-2436, or by email abc@doamortgage.com. Good luck.
Bill Williamson, ABC Mortgage Lending Services
Web Reference: http://www.doamortgage.net
0 votes Thank Flag Link Tue Apr 13, 2010
There are several things you need to do. You need to decide what monthly pmt you can afford and then we can determine how much house you can buy. Also how much have you saved for a down pmt? The minimum down pmt fro a $150k house is $5250. You also need to sit down with a lender (I definitely recommend using a local lender) and they can let you know where you stand and what you need to do to improve your credit score. A local lender can also let you know about special programs that you may qualify for.
Good luck and if I can be of assistance please call me at 405-550-6004 or email me at stevemangus@gmail.com.
0 votes Thank Flag Link Sun Apr 11, 2010
Contact your local lender for advice. They are the experts in financing properties. They may pre-qualify you to see what you current credit standing is and may be able to give you better advice that is unique to your situation. Good Luck and Happy Home searching!
0 votes Thank Flag Link Sat Apr 10, 2010
If your credit is poor it will be extremely difficult to get a home mortgage right now. Credit guidelines had tightened up so much with all the foreclosures and loose lending practices in the recent years.
The best advice I can give you is to work on your credit. It may take a year maybe 2 but you can get your credit scores brought up. You will need a credit score of a minimum of 620.
0 votes Thank Flag Link Sat Apr 10, 2010
Have you checked with a lender? If you can't get a loan then you may consider finding a lease option until your credit gets better. The other thing you can do is find a Seller willing to carry the loan.
0 votes Thank Flag Link Tue Mar 23, 2010
Your first step should be to meet with a local and trusted mortgage broker, stay away from the internet lenders. A local loan officer can meet with you and prequailify you at no cost. This will tell you what programs you may qualify for, what your monthly payment will be and what price range you should look in. You rnext step is to hire a buyer broker who wiull assist you in finding a home and looking out for your best interests. good luck with your search
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 23, 2010
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