Catherine Craig-Crum SFR
The Vearus Group
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.
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.
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