Moving in Ocean Grove>Question Details

Catiepopp, Home Buyer in Ocean Grove, NJ

i dont have any established credit yet, can i purchase a 50,000 dollar home?

Asked by Catiepopp, Ocean Grove, NJ Wed Nov 9, 2011

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7
If you have $50,000 you can, if you want to borrow it – not so much.
0 votes Thank Flag Link Thu Nov 10, 2011
As you can probably tell, you didn't give enough information for everyone struggling to answer you. There are many factors that go into your credit make up. There are also a number of things you can do to create more of it. As to the purchase price, the answer would be yes. The deciding factors are location preference, condition preference and type preference. These all work together to decide the house you decide to buy.

I have a mortgage broker who specialized in hard to do loan cases. She also is excellent with improving credit ratings.

As to the house, I work to find the house you are actually looking for to fit your situation, regardless of price.

If you want no-nonsense advice on your credit / loan capabilities, let me know. If you want to just talk about the houses that you could purchase, let me know.
0 votes Thank Flag Link Thu Nov 10, 2011
Catiepopp:

Of course, there's not enough information here, starting with what costs $50,000 and how do you intend to pay for it? What it is dictates with whom (or what organization) you'll be dealing. The "how" might be affected by what kind of residence it is. What kind of cash-on-hand do you have to put toward this purchase?

Keith R.
0 votes Thank Flag Link Thu Nov 10, 2011
Hello Catiepopp

I would be really happy to answer your questions but I would like to make sure I understand your posisition, Are you strictly looking in Ocean Grove? Are you talking about putting down 50K or buying a home out right for 50k?

As far as your credit not being established I have a quick easy trick for you. Get a credit card, even if it is a pre-paid one. Use it once a month and when you recieve the bill pay it off in full and on time, do not carry a balance. You will be a super star with the credit raters in no time!

Hopefully we will chat again, Jenine
0 votes Thank Flag Link Thu Nov 10, 2011
Yes, you can if you are a cash buyer.
0 votes Thank Flag Link Wed Nov 9, 2011
Hi Catiepop,
You don't need to have your credit checked if you happen to be a cash buyer and don't need a mortgage. However, I don't know of any homes for sale for $50,000 in the area. Sometimes there are lower priced coops or mobile homes but even if you are a cash buyer you will need to have a credit check to be approved by the board just to be approved to purchase one and live there. I'd suggest you speak to a local mortgage company or a bank you deal with and tell then your situation. They can do an on the spot pre approval for you and tell you how to establish a credit history in good standing so that you can buy a home in the future.
0 votes Thank Flag Link Wed Nov 9, 2011
Hi Catiepopp,
Do you have any income? Do you have any money?
0 votes Thank Flag Link Wed Nov 9, 2011
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