Kate, Home Buyer in Buffalo County, WI

I am considering buy a house. I am a young first time buyer with not much of a credit history.

Asked by Kate, Buffalo County, WI Tue Nov 24, 2009

The homes I am interested in are all under the market medium price and are located in rural WI. Are there any Grants that I would realisticly qualify for? Thank you!

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Have you done the secured loan method? How many points have you seen a score go up in a 3,6 month time?

0 votes Thank Flag Link Fri Nov 27, 2009
You can buy a fico score, well, sort of.

IF you have some money saved go to a bank. Get a secured loan. Basically you pay the bank to borrow your own money. You can have it automatic withdrawal and put the interest (and an extra $20 to be safe) to be paid in the same account as the money you locked up to get the loan.

The timely payments, the added credit use will help if you need it. Yes, it costs you some money. But you can gain credit this way. Your loan could be 3 months, 6 months, or longer. Ask the bankers what length and dollar amount of loan (for what time frames) you might need to improve your credit this way.

If you have credit cards ( not debit card) use it. Put some gas, groceries, something you would NEED anyway on your credit card every month. Pay it off early every month. pay it ALL off, never carry a balance. That helps a fico score also.

Be sure you have a decent down payment for the house also.

Remember, the purchase price of a house is not what it costs to live in. You have electricity, heat, water, insurance and taxes.

THEN you have the "uh-oh's" The roof leaks, the furnace breaks, the steps break. Your refrigerator dies or many other things. Just be prepared for whatever repairs you will have to face financially. Speaking of the uh-oh factor, expect taxes and insurance to increase every year. Perhaps by a lot.
0 votes Thank Flag Link Thu Nov 26, 2009
The amount of credit is not the issue...the QUALITITY of credit is the biggest concern. If you have good credit you may qualify for a loan using the PHFA program that also allows you to obtain $5,000 in advance from the extended $8,500 tax credit. You MUST settle by June 30, 2010. The important thing for you to do is to seek the advice of a real estate agent that has his/her ABR (accredited buyer representative) designation who will work for you and not the seller.

For more information on the tax credit go to: http://www.tinyurl.com/fedtaxcredit

If you need a referral to an agent....I can assist you.
0 votes Thank Flag Link Wed Nov 25, 2009
We're in Canada and primarily deal with Keswick Real Estate, however, I do know of some American first time home buyers that qualified for a First Time Home Buyer Tax Credit.
The information I could find online was regarding the 2009 Tax Credit that you would have had to purchase and close a home by July 1 2009 to qualify for.
I heard they extended this Tax Credit, but I don't have the information on hand.
Do a search for the extended first time home buyer tax credit and see what information you can find.
Best of luck to you!
0 votes Thank Flag Link Tue Nov 24, 2009
Depending on the community in which you are purchasing there may be grants available specifically to that area. Consider speaking with local lenders as well. You might want to start with the people you bank with. There is such a thing as a rural housing loan which is available through the USDA which may offer some benefits to you. WHEDA financing is also available to those purchasing in Wisconsin. This is through Wisconsin Housing and Urban Development. It is only available if you are purchasing a foreclosed home and there are several grants associated with that program. For either of these types of loans, not all lenders will be able to offer them, so it's good to some shopping around. Have your credit score available when inquiring and be prepared to provide tax records, pay stubs & credit information once you decide on a lender that you'll want to work with. Do not let every lender pull your credit scores as over time this will reduce your credit score. You need to be as prepared as possible with this information when you inquire. Good luck to you!
Web Reference: http://www.scwihomes.com
0 votes Thank Flag Link Tue Nov 24, 2009

When you are shopping around for a loan program, check into the Rural Development (RD) loan program. It is similar to the FHA loan program, but has several different requirements. If you have questions I know of several loan officers who deal primarily with Rural Loan programs.

Best of luck with your home search.
0 votes Thank Flag Link Tue Nov 24, 2009
Have you had a conference with a mortgage broker? If your credit scores where you can afford purchase a home who cares if you don't have a credit history.

Good luck .
0 votes Thank Flag Link Tue Nov 24, 2009
Well when you say not much credit history, do you know where your credit score is at?

If so, do you have an income which will qualify for a loan?

I would recommend you go under the find a pro feature of trulia and find a mortgage professional to work with to see if you do qualify and if so for what amount. They will also be able to discuss some grants that you might qualify for.

Sean Dawes
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Tue Nov 24, 2009
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