Property Q&A in Indianapolis>Question Details

Jenny, Home Buyer in Indianapolis, IN

Im interested in this property, Im a first time home buyer. Not sure where to start may have credit issues. Any help or suggestions?

Asked by Jenny, Indianapolis, IN Thu Aug 4, 2011

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This question is about this property: http://www.trulia.com/property/3027993171-6502-Walton-St-Ind…

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9
I have a guy in the mortgage business that is great with 1st time home buyers. He will tell you what you need to do to get you credit ready. Please email me catherine.crum@kw.com and i will link you to him

Respectfully
Catherine Craig-Crum SFR
3173459887
catherine.crum10@gmail.com
0 votes Thank Flag Link Thu Aug 4, 2011
Everyone had good advise...Lender, Realtor, Home, Inspect, Close. This is a very rough sketch of the process. Good luck!

Michael Weaver
Managing Member
The Vearus Group
TheVearusGroup.com
317.455.LIST
Web Reference: http://TheVearusGroup.com
0 votes Thank Flag Link Thu Aug 4, 2011
Jenny,

Previous answers offer good advice. Contact me for a lender recommendation; if you have credit issues, it may be necessary to "repair" your credit or use a program for low credit score individuals. Not all lenders offer such programs; I know of one that will lend as low as 500.

Also - the property you were interested in is a possible short sale - so be prepared for some delays.

Pete
0 votes Thank Flag Link Thu Aug 4, 2011
Jenny, this is a good question and an important one. The first place to start is with a bank or mortgage company to see if there are credit issues, and what you might need to do to repair the credit report. There are some good programs for first-time buyers. If you know a local bank or lender, then start there. If you don't have a relationship with someone, I'd be happy to provide you with names of reputible lenders who will help. Good luck, and let me know if you have any questions about the home-buying process, I know it can seem overwhelming, but you're doing the right thing by getting information.
0 votes Thank Flag Link Thu Aug 4, 2011
Jenny:

My team and I look at a holistic home purchase plan. If you're like many pople, you're in the dark about your finaces. You pay your bills each month and do your best to prepare for the future.

I will provide you with a analysis that can help you bring your currnet finacial situation to light. It can show you where your finances stand today and what you need to do to prepare to buy a home.

Together we will pull your informtion together by outlining specfic steps to put your plan into action.
30 minutes is all it takes to get on the road to changing your finacial situation and map out a plan for a new home.

As you can see there is a number of real estate profesionals on this site. I'm not sure I am the best advisor for your needs. But please take a minute and speak to all the agents that have replied to your question. Find one agent that you trust and get into a new home why rates are low.
0 votes Thank Flag Link Thu Aug 4, 2011
I would start with your lender. That would be a perfect place to get an idea as to your credit and. any issues that it may pose. Most realtors would say that you should call them first. I am a realtor and I think you should call your lender first. Call forum credit union..Mike Senn..317-727-7588..tell him Jason Rose sent ya...then call me..317-339-2229
Web Reference: http://indysHomePage.com
0 votes Thank Flag Link Thu Aug 4, 2011
Hi Jenny,
Congrats on your venture into homeownership! Your on the right path as far as your credit goes. As the expression goes, "don't put the cart before the horse." A successful purchase will need to start out by getting your financial house in order. If you suspect credit issues, you need to address those first. Have you seen your credit reports? those will determine, in large part, your ability to get a loan. So, your first step should be to talk with a loan officer. They will check your credit, ask you what you make and what you spend, so have all those figures readily available and able to document them with check stubs, bank statements, receipts, etc. Then they will figure what is called a debt to income ratio and determine the amount of loan you qualify for. from there you know the max amount you "could" borrow. Its not always reccomended you borrow the max, but better off borrowing what fits your budget. Once you have an understanding of your finances and what you could borrow, you then should look at finances again. How much cash do you have on hand. You need downpayment money, inspection money, insurance money and closing money. Just a ballpark figure.....figure all these totaling less than 5% of your purchase price. There are ways to reduce your cash out of pocket, but that involves more strategy when presenting offers and negotiating. Once you have a firm grip on finances and the tyope of loanyou qualify for, you can then start persuing various properties for sale. Then the fun starts! Feel free to contact me for a personal consultation and I can help you with the many questions I'm sure you have as well as anticipating some you might not have thought of. All the best! -Eric
0 votes Thank Flag Link Thu Aug 4, 2011
What an attractive home... Great pick! The first step is to complete the pre-approval process for buying a home.. This is a simple process that helps identify your potential to buy a home and to discover what is affordable. I would be glad to walk you through the process. Feel free to contact me directly through the phone number on my profile. My services are complimentary, in most all scenarios the Seller pays both REALTOR fees. How great!
0 votes Thank Flag Link Thu Aug 4, 2011
Jenny:

I specialize in working with first time buyers. I have some mortgage lenders that will help with your credit problems. Give me a call if interested.

Jim Jordan
509-3688
Area Pro Reatly Indy Homes
0 votes Thank Flag Link Thu Aug 4, 2011
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