Home Buying in Columbus>Question Details

Cassandra Sk…, Home Buyer in Canal Winchester, OH

What is the best way for me to purchase a home?

Asked by Cassandra Skipper, Canal Winchester, OH Sat Dec 8, 2007

I'm getting a divorce. The home I lived in with my husband went into forclosure 1/07. My credit scrores are 570,509,514. I working on getting my scores higher, and after obainting my credit reports I find that a lot of the negitive things will be falling off between 2009 and 20010. I am in my 50's. I'm receiving anywhere from $30,000-$90,000 in settlement from the divorce. I receive disablilty retirement of approx. $23,000 a year. I want a home, what do I do?

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I would say that the first step is to meet with a lender and discuss what your options are for financing. It is imperative that you know how your recent circumstances will affect what type of loan you qualify for, how much cash down you will need, and what payments will be comfortable for your lifestyle....Then you can start the house hunting with a Realtor!

Best of luck to you!

Tamra Brannon
Coldwell Banker NW Group
Spokane, WA
1 vote Thank Flag Link Sat Dec 8, 2007
You should speak to a reliable CPA and mortgage lender to get appropriate advice on your situation. You may find out that it might be better fro you to rent for a while and try repairing your credit. That way you will be in a better position to purchase down the road. Good luck.
1 vote Thank Flag Link Sat Dec 8, 2007
First of all find someone who knows how to manage your money and go over your plans. Jumping into a home purchase w/o planning for your retirement first is unwise and could make things more difficult as you get older. I would suggest calling a couple of reputable financial planners and meeting w/them for an hour to discuss your situation. Most will give you the first visit for free so call friends and family and people you know who are financially secure to see who they would suggest. When you start to hear the same name over and over again it will be clear who you need to work with, Once you have that done you will begin to see things in a different vein and hopefully the home purchase will be just another step in your financial plan. Good luck.
1 vote Thank Flag Link Sat Dec 8, 2007
To begin find a lender you like and trust. Consider a local credit union as they may be more helpful with your situation. Any lender should be able to assist with your credit and income qualification. Once you are CERTAIN you can obtain a loan, look for a home priced within (or slightly below) your budget.
Web Reference: http://www.darinprovost.com
1 vote Thank Flag Link Sat Dec 8, 2007
Get YOUR own Lawyer, Financial Advisor and Realtor to be your team.
0 votes Thank Flag Link Sat Dec 22, 2007
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