Property Q&A in Austin>Question Details

Sierrakoren, Home Buyer in Austin, TX

I'm very young and i don't really have any credit. Would i still be able to get this home?

Asked by Sierrakoren, Austin, TX Thu Dec 29, 2011

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This question is about this property: http://www.trulia.com/property/3067034504-8212-Barton-Club-D…

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14
Hello, Sierra,

Without any credit, you most likely won't be able to buy any property. I assume you pay rent, so you must have rental history and I assume you have a job, so you must have work history. On top of these two, if you never had a car loan or student loan or a credit card, no lender is going to loan money to you. You probably looked at the price of this time share and thought that because it is so low, you may still qualify for a loan. You must have credit history regardless of what the amount of the loan is.
1 vote Thank Flag Link Thu Dec 29, 2011
As long as you are 18 and able to legally enter into a contract AND have good credit you should have no problem. Call me if you want a list of lenders to call to see about getting approved.
Sincerely,
Betina
0 votes Thank Flag Link Fri Jan 6, 2012
The first step is to talk with your lender about all your options. If you need a little bit of credit a lot of lenders know of ways to help your credit profile in a short amount of time. There is a lot of programs out there that would make it easier for a first time home buyer get into a home. A condo could be a little tricky. However, There is more condos available in the oak hill area that is not fractional ownership. Contact me any time for more info on properties in the Oak Hill area 512.775.0172
Web Reference: http://bit.ly/tkW79m
0 votes Thank Flag Link Sat Dec 31, 2011
Dear Sierra,
This property is a vacation type property that is a fractional ownership. This could not be your fulltime residence. Having no credit history is far better than bad credit and easy to remedy. You can build good credit in six months or a year and be ready to buy something. If you want specifics please give me a call.
Sincerely,
Betina
0 votes Thank Flag Link Sat Dec 31, 2011
Hi Sierrakoren,
There are a number of ways you can restore or build credit quickly. I would love to share some ideas with you to help you prepare to make the best investment of your life. Interest rates are at an all time low. You are smart to take advantage of the opportunity.
Jolie Kirsten
http://www.jkrealestategroup.com
512-745-7006
0 votes Thank Flag Link Fri Dec 30, 2011
The first house I bought was owner-financed because I had $10,000 to put down, but I had just graduated from UT and I had no income and no credit. So I bought a little house on Lake Austin for $75,000 with $10,000 down. We sold that little house for $475,000.00 in 2001. At the time I bought it, everybody I knew was trying to talk me out of it, saying it was too far out, I didn't know what I was doing, etc. A year after I bought it the same people were asking me if I could find them a house like mine, on Lake Austin, for $75,000.

Call me I can help you find an owner-financed deal.

Tim Sweeney, Realtor 762-5896
0 votes Thank Flag Link Fri Dec 30, 2011
Hi Sierrakoren,

It depens on a lot of issues. You need to speak with a lender first so you will know you qualify when you are ready to make an offer. Even if you do not get this home another one will come along. If you have any questions please feel free to call. I am a licensed mortgage broker and Realtor. Currently 30 year fixed rates are below 3.75%.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Fri Dec 30, 2011
Yes, there are always possibliitiis for someone that is young wih no crediti to speak of, I have a few lenders that might be able to hep with this if you have a steady flow of income, a bank account and at least a cell phone bill or utitlity bill in your name. It really depends on more than just your credit.

If you are interestetd in purchasing this or a home in gnerral, please give me a call and we can disscuss our possible options.

Cheryl Fowlkes
512-749-8509
cafowlkes@kw.com
http://www.justlistedinaustintx.com
0 votes Thank Flag Link Fri Dec 30, 2011
This is a fractional ownership property. Meaning you would be purchasing either a week or a month out of a calendar year for use of the property as a getaway or second home.
There may be available fee-simple properties within your price range, given some of the foreclosure prices.
Fee-simple would give you full ownership and usage of the property.
Check with a mortgage lender or your local banker to see where you stand with your credit score or the availability of credit to purchase a property.
Should you have any questions, do not hesitate to call or email me.

Bill
0 votes Thank Flag Link Thu Dec 29, 2011
Tim Sweeney
Broker
Austin, TX
BEST ANSWER
Perhaps, if the seller is offering owner-financing and you have enough money for the downpayment and closing costs.
0 votes Thank Flag Link Thu Dec 29, 2011
The first thing you need to do is work with a lender/banker who can judge your credit and give recommendations. Really best not to pre-judge your own credit, and a Realtor certainly can't do that for you either. I work with many lenders who can take a client through every step of the process, from application to closing.

My job is to help you find a property once you know what you're pre-qualified for. Hope this helps!
0 votes Thank Flag Link Thu Dec 29, 2011
A general answer for whether you could qualify for any home:
A lack of credit can make it difficult to qualify for a loan but there are options. You could possibly have a good enough score to qualify on your own or you might consider asking a relative to co-sign on a loan. It will also depend on how much money you have available for a down payment. A lender would be able to pull your credit score, assess your financial situation and give you more options. Even if you cannot qualify at this time, a good lender can point you in the right direction with suggestions on how to build your credit score and what the down payment requirements would be for the different loan options.
If you need any suggestions on lenders or have any more questions, please feel free to contact me.
0 votes Thank Flag Link Thu Dec 29, 2011
This home is a fractional ownership condo which means you would own 1/13th of the property and be able to use it for a certain number of days per calendar year which is scheduled in advance. It is meant to be a vacation home for golfers at is is located in the Barton Creek Country Club resort property. It works like a timeshare but you are actually deeded partial ownership. If you have additional questions you can call me at 512-658-5235 or you can email me directly at angela-dandrea@jbgoodwin.com
0 votes Thank Flag Link Thu Dec 29, 2011
That is a timeshare. It is for one month a year probably.
0 votes Thank Flag Link Thu Dec 29, 2011
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