Foreclosure in Fort Myers>Question Details

Lisa Ohmann, Home Buyer in 33919

I have fair-to-poor credit. Will I ever be able to have my own home?

Asked by Lisa Ohmann, 33919 Sun Oct 7, 2007

I'd like a three bedroom two bath home with a nice fenced yard and maybe a pool. Should I give up hope of home ownership-I want to benefit from this buyers' market.

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Answers

10
Ever? Probably yes will will be able to own your home. If I were you I would obtain a copy of your credit report so you can see exactly what you have to work with - you can do so at http://www.freecreditreport.com. Clear any current collections and past due accounts. I would meet with a local loan officer now and map out a plan to improve your credit over the next 6-12 months.
Web Reference: http://www.erinattardi.com
1 vote Thank Flag Link Tue Nov 6, 2007
Erin Stumpf, Real Estate Pro in Sacramento, CA
MVP'08
Contact
BEST ANSWER
October 7, 2007
Hi, Lisa,

I understand your dream of a home of your own, and that your financial reputation may be an obstacle. However, it’s an obstacle you can overcome! As a personal example, one of our sons improved his credit scores about 200 points from 2005 to 2007. He was thus able to get a much better home loan, by the grace of God and with persistent hard work. If you are willing and able to gather, study and apply the right information, and make the necessary changes for your situation, I believe you may be able to do it, too. Please allow me to share some of the resources our son found useful.

Some of the most helpful tools include FICO score modeling and monitoring software available at http://www.myFICO.com - one of Suze Orman’s websites (you may have seen her on PBS or CNN). Other useful real estate and financial resources are collected and posted online at:
http://movinca.com/index.php/page/financialcounsel . Some of the information on my website is specific to California, but some is also applicable nationwide and may be useful where you live. I would recommend you double check with your local real estate, tax and financial experts just to be sure.

For example, there may be government first time home buyers programs in your area, and they may perhaps offer home loan consumer education seminars or workshops you can participate in. Some programs at the federal, state, county and city level even offer partial loan payment assistance, silent loans, closing cost or down payment assistance. Or perhaps you may have a husband or other family members willing and able to assist in your first home purchase. You know better than anyone the resources available to you.

By the way, please remember that a mortgage loan broker is NOT the same thing as a financial counselor! Lenders may know what kind of loan you can QUALIFY for - but that is not the same as knowing what kind of loan you can AFFORD. People have bought into costly loans they can't afford, leading to foreclosure, by forgetting the fact that Lenders are NOT independent financial counselors. So please consider working on a budget with an independent financial counselor. That way you will be better able to communicate with your Lender about your monthly housing budget without being intimidated. (We have found Crown Financial Services is a good place to start looking for financial counselors - their website is: http://www.crown.org/ )

Regardless of your exact circumstances, resources and the people and resources you choose to work with, it will still be better to be fully informed so you can improve your FICO scores and financial reputation. Then, by the grace of God, and perhaps after a lot of work, one day you may find you are finally able to buy - and keep - a home of your own. Either way, whether you own or rent, your home can still be a blessing.

Vicki
http://www.MovinCA.com
Toll-Free to Cell: (800) 501-8501
Web Reference: http://www.MovinCA.com
1 vote Thank Flag Link Sun Oct 7, 2007
Have you all forgotten about FHA. Good credit isn't needed and is possible to get 100% financing and excellent rates. Lisa, give me a call or shoot me an email and I will get you on the right path.
Michael Ceparano
813-417-6698
ceppym@yahoo.com
0 votes Thank Flag Link Fri Jun 6, 2008
Hi Lisa, Good for you to see the opportunity that is available to you!! In this market there are more homeowners then ever, who are willing to work with you on financing, lease with option to buy, etc. so, lets get started and find you a home. Let me know what I can do, Mary 239-298-0600
0 votes Thank Flag Link Fri Jun 6, 2008
It depends on your commitment. Only you can answer this for yourself. If your commitment is bigger than your concerns then yes.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Mon May 19, 2008
I have a page on my website on how to clean up your own credit without paying an agency so you can improve your credit score and hopefully buy a home in the future. Check it out!
0 votes Thank Flag Link Wed Nov 7, 2007
The Fannie Mae Foundation may be able to help. They can do 100% financing with lower fico scores. You can even have collections.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Tue Nov 6, 2007
Have you had your credit pulled? You can check it for free at http://www.AnnualCreditReport.com - That site will give you the reports from all 3 bureas for FREE every year. For a few dollars more you can get your credit score, which I've found isn't always accurate. It is best to start looking through your report to see if there is anything you can have removed or fixed. Also, start making sure all of your bills are paid on time.

If your credit isn't high enough to buy right now you can do a lease with an option to buy. That will lock in a price today & hopefully in a year or two your credit will be good enough to purchase the home on your own. Be careful though, deposits on lease options are NON-Refundable.

Let us know if you'd like to speak with us about this further. On our team, The-Extreme-Team.com we have agents who specialize with first time home buyers & one of our buyers agents is even a licensed mortgage broker as well.

Good luck!
0 votes Thank Flag Link Mon Oct 8, 2007
Lisa,

Don't dispair. Not knowing the details of your credit situation, I can't predict when you will be able to afford a home. However, having said that, there are often a few things you can do that will improve your credit numbers in as little as 3 months.

So, there is a possibility that you can take advantage of this Buyer's market. We have to discover the nature of your credit problems and then go from there to give you an answer you can rely on.

Your next step should be to speak to a mortgage broker.

Please be careful in choosing a lender. Advertisements and the web are not a good way to get credit counciling and mortgages. An experienced realtor can recommend good lenders. We don't make money for referring customers to lenders, we simply know the the customer will be treated right.
0 votes Thank Flag Link Sun Oct 7, 2007
There are certain steps to take to improve your score. Right now the biggest thing is provable income. The mortgage meltdown has made it difficult to secure a loan unless you can prove your income. It is for sure possible......You just need to know how to approach it.
0 votes Thank Flag Link Sun Oct 7, 2007
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