Home Buying in 75237>Question Details

Chenequa Mcd…, Other/Just Looking in Duncanville, TX

I first time buyer...

Asked by Chenequa Mcduff, Duncanville, TX Tue Sep 16, 2008

i am 26 but i dont want a house to 2 years from now. I have worked at a real este company and i even have a certi. for a loan offier( that i got at least 2 years ago) I do remeber you do need fairly descent credit. I am working on my credit its really nothing but cell phones and hospital bills no repo's or bankruptcies. But i dont know what is the first thing for me to do? Should i get with a company give them my info and see what i need to fix first? I just need some suggestions PLEASE and thank you!!

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Actually, I like the free DRHorton Mortgage HomeBuyer's Club. They will look at your credit and give you pointers, advice, and help you figure out how to straighten up not just your past problems but try to avoid future ones.
Their toll-free number for more information is 866-840-6327
Web Reference: http://www.SumnerRealty.com
1 vote Thank Flag Link Thu Sep 18, 2008
Your best bet is to sit down with a local and trusted loan officer, stay away from the internet lenders. They will be able to tell you what price range you will be able to afford based on your income and what you will need to do to increase your credit score. medical bills are one of the easier things to work on. Good luck with quest to get ahome of your own.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Sep 18, 2008
Credit repair might be the way to go. You will also need a down payment to get a mortgage in the near future. I would find a goog loan officer and a good credit repair that work Hand & Hand and see what they say. My company has a program you might want to look into. If you buy a home and use us as the realtor we will rebate some if not all of your credit repair bill. If the company that is fixing your credit can get it fixed the will return your money. it is a win win situation.
0 votes Thank Flag Link Thu Sep 18, 2008
For any credit type issues, I would recommend Larry Brand, who is the owner of several Supreme Lending branches in DFW. He also has a credit repair business, which is http://www.LJFinancial.biz. Larry has done some incredible work with some of my past clients, and I believe he is up front and honest, and has a lot of resources to get you a loan when many others would turn you away. Once you are certain of your desire to purchase, I would be more than happy to help you find a great first home for you. I have a lot of experience with first time buyers and look forward to helping you and many others purchase their first homes!
0 votes Thank Flag Link Wed Sep 17, 2008
I offer free one-on-one credit consultations. The only catch is, you have to read my free e-book first(link at bottom).

Bring a credit report and I will look it over for you and tell you what needs attention, and most importantly, what to leave alone.

If you will be working on your credit, you need to 'opt-out' with the credit bureaus. => Collection agencies monitor credit changes.

0 votes Thank Flag Link Tue Sep 16, 2008
Yes, you need to have someone take a look at your credit so you know where you stand. You may go to my website at http://www.thedeberryteam.com and you can actually put in an application to check on your credit with one of our vendors. If you have any additional quesitons, please don't hesistate to contact me.

Roxanne DeBerry
Cell: 214-676-8040
0 votes Thank Flag Link Tue Sep 16, 2008
Hi Chenequa,

Thanks for your question. I can refer you to Indu Kapur at Metrocities Mortgage. She is an expert at telling people what they need to do exactly to attain their goals. You can reach her at: ikapoor@metrocitiesmtg.com. Please let me know if I can help you further.

Terri Hayley
The Hayley Group
0 votes Thank Flag Link Tue Sep 16, 2008
Lender answer:

If you plan to buy in a year or two, it is very wise to examine your credit report now. You may obtain copies of your report for free (without scores) from all 3 bureaus through the Federal Trade Commission's web site at http://www.annualcreditreport.com

It would be better, in my opinion, to have a lender order and review your credit report. Some lenders (and most mortgage brokers) will advise you on specific steps you can take to improve your credit profile. Most banks and large lenders will not spend the time with you to advise on ways to improve your credit. Despite the claims of numerous "credit repair" companies, most negative items cannot be removed.

Rules of thumb:
Open collections should be paid off as soon as you can. Many collection agencies will accept steep discounts on pay off. Paying off an open collection will reduce your score in the short term, but paying off collections will usually be required by underwriting anyway. It's best to tackle these well in advance (one to three years at minimum) of qualifying for a mortgage. Old paid off collections are less damaging than old open collections or newly paid off collections.

You should have 2-3 current, active tradelines to offset any old ( closed for 2 years or more) negative tradelines. Over time, positive tradelines (no late payments; credit card balances never exceeding 80% of limit) can offset old paid off collections.

With an FHA insured loan (a popular option for first time buyers), credit scores are irrelevant. Recent collections and/or late payments (within the last 12-24 months) can be a basis for denial, so if you have a year or two of lead time before buying, there is a good chance to offset old negative items with 12-24 months of on time payments.

You can learn more about credit reporting and scoring here: http://www.MyFICO.com
0 votes Thank Flag Link Tue Sep 16, 2008
You should talk with Steve Ferguson of Southwest Funding. It is a mortgage company that will enroll people in credit repair for under $250. Steve has been able to get credit scores raised or repaired in as little as 1 day!

You will not find a better deal on this type of thing, nor will you find a more vested interest. The reason they are able to repair your credit for such a low fee (compared to $500-2000 with other copanies), is because they are "banking" on you closing a loan with them. To me, this is a win win because you know they will work very hard to get your credit where it needs to be. With other companies who just fix your credit....they already have their money, so what's the motivation.

Visit the site, then give Steve a call. Make sure and tell him I sent you. This will be the best first step you can take. Good luck!
0 votes Thank Flag Link Tue Sep 16, 2008
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