October 7, 2007
I understand your dream of a home of your own, and that your financial reputation may be an obstacle. However, itâ€™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 Ormanâ€™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.
Toll-Free to Cell: (800) 501-8501
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.
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.