Home Buying in Missouri>Question Details

Joshua, Home Buyer in Springfield, MO

Im a single young man who really messed my credit up when I was younger. I have my head on straight now and

Asked by Joshua, Springfield, MO Sun Mar 29, 2009

am looking to buy. I have money down, but bad credit. What can I do?

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contact "good life credit" 866-625-0444 ext: 5468
0 votes Thank Flag Link Thu Jan 14, 2010
Joshua, in this market there are several homes available with owner financing which will be done with a good down-payment and the owner holds the deed in trusteeship until you get a loan in a few years after your credit is repaired and you can qualify for a conventional type of loan. This option has helped lot's of first time home buyers get their start into home ownership and that is another way you can get an affordable home now while the prices are down. If you need help finding homes in this area let me know.
Web Reference: http://www.ozarksagent.com
0 votes Thank Flag Link Mon Mar 30, 2009
Joshua -
I second all the things Dale Weir is telling you. One of the things she said was to check your municipality for help. That's where I would start. In Columbia you can call the city and they will hook you up with someone that gets you on the right path and doesn't charge for their services. There are people who want to take your money for their advice but the best place to start is with the city and with one of the local banks. She's right on about getting someone with experience to guide you and unfortunately it probably won't be a quick fix. If you're looking to buy now to take advantage of the first time home buyer $8,000 tax rebate you might still be able to qualify but interest rates are directly tied to your credit score so you'll take a hit. The lower your score the higher your rate. The good news is, as you heal your score you can refinance and your rate will go down. Get solid advice face to face in your community with a seasoned professional and best of luck.

Trisha Lee REMAX Boone Realty, Columbia, MO
(573) 999-1000 TrishaLee@Remax.net
Web Reference: http://www.TalkToTrisha.com
0 votes Thank Flag Link Mon Mar 30, 2009
sit down with a GOOD mortgage lender. Not a fly by night, or an online wonder, but a good solid person. THey will be able to advise you. Your local municipality may also have someone who can help you and some people use a lawyer to help them. Typically they will sit down with you, pull up your credit report and go through it with you line by line and tell you what you will need to do to get the things on it corrected. Some items will just plain take time. some will take sending letters to the credit bureaus and the people who have put the notices in your records to clear it. But the lenders have worked with people before and they know what you will need to do. In some cases, they may have some loan packages that will work for you now, but you may have to pay a higher interest rate. If you don't know who a good lender is, start with your bank, or credit union. Or ask a friend who has recently purchased a home , or a good realtor. Go with a NAME brand, go with someone who works for a lending institution, not a mortgage broker, you want a mortgage banker for what you are doing (they may be a mortgage banker broker, just not a plain mortgage broker - you want someone who has been in the business for at least 5 years and has been with teh same company for at least 3. Not someone who is new and inexperienced and has done a lot of job hopping
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Mon Mar 30, 2009
Without knowing exactly how you messed up your credit it's hard to say. Sometimes there are some quick fixes that can repair your credit fairly quickly, but most of the time it's a long process. A big portion of your credit score is based on late payments and how recent those late payments were so only time can cure that. However, another portion of your credit is based on the percentage of your credit that you are using. Typically, credit agencies don't want you using more then 30% of the credit extended to you. In this case paying down debt to get you below that 30% may help your credit score fairly quickly. A good mortgage agent should be able to recommend you to a credit repair specialist. They can look at your credit report and tell you what needs to be done.

No matter what though, don't rush into buying. While it's a great buyer's market right now you don't want to rush into buying if it means your rate will be substantially higher. A small difference in interest rates can mean a huge difference in your monthly payments.

Andres Garcia
Sales Associate
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Office: 201 795-0100
Fax: 201 795-1245
andres@milesquarerealty.com
http://www.milesquarerealty.com
0 votes Thank Flag Link Sun Mar 29, 2009
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