Home Buying in Riverside>Question Details

B. Garcia, Home Buyer in Perris, CA

I would like to buy a house, but my credit is not the best right now... I filed bankcruptcy back in 2005 and

Asked by B. Garcia, Perris, CA Sat Jan 31, 2009

i have a few negative things after... I've been a renter for 10 yrs now, & i feel that i'm capable of being a homeowner now... I've been with my employment for 10 yrs... I work for the County, therefore I have CalPers & from what i've been told I can even use funds from my retirement towards a purchase of a home. Is there any type of programs which may help me fix my credit so i can purchase a home? Thank you...

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There are programs available that you may qualify for. Such as the, "First Time Buyer Programs, that many cities and are offering. Here is some of the information for the program that is available in some Riverside County cities at this time:

The primary objective of the First Time Home Buyer Program is to provide housing inventory on a continuing basis which will be available for purchase by first time home buyers of moderate income.

The Program will be available to anyone who has not owned a home in the last three (3) years and has an annual income that is no greater than 120% of the area median income as published by the U.S. Department of Housing and Urban Development (HUD).

This Program will provide down payment assistance as a second loan to qualified income first time home buyers.The buyers must provide a minimum of three percent (3%) of the purchase price from their own funds and must accept the highest loan-to-value ratio first loan for which they qualify
The first loan must be a fully amortized, fixed rate, thirty year mortgage and the RDA Assistance will be in the form of a loan, repayment of which will be secured by a deed of trust recorded in second position to the first mortgage.
The RDA Assistance is a thirty (30)-year second mortgage loan at five percent (5%) interest. The loan is deferred for the first five (5) years, then fully amortized in years 6-30.

If the borrower transfers title, ceases to occupy the property as his or her principal residence, refinances with cash taken out or otherwise defaults under the loan, the loan becomes due and payable.

For more information please contact me I work with a lender in the area and we host "First Time Buyer Seminars"!
2 votes Thank Flag Link Sat Jan 31, 2009
Although you filed a bankruptcy back in 2005, generally your credit score should recover to a relatively good level after 3 years. I have had many clients that are able to purchase a home after 3 years of filing for bankruptcy. You yourself can look at your credit report and dispute any erroneous information that is posted on your credit report. This can help improve your credit score. There are many sample letters online to do this. This is what most companies that are credit repair agencies offer.
0 votes Thank Flag Link Mon Sep 28, 2009
Speak with mortgage broker determine what is your best interest. If your scores are OK obtain a mortgage is great. Interest rates low, there are many homes with equity, you receive annual tax benefits.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 31, 2009
Dear Mr. Garcia:

The short answer is 'Yes!' While it's true that a Bankruptcy is not prohibitive of a home purchase, I believe you should maximize your credit score so that you get the best loan pricing and interest rates possible (why pay more if you don't have to?).

If you would like a lender reference to see where you stand as is, I can provide that for you; just let me know.

To learn more about an affordable credit restoration option, visit the site below. Compare the value of the additional benefits you'll receive with this membership with the fees of traditional 'credit restoration experts,' and I think you'll be quite pleased.

Best wishes, and let me know if I can do anything else to help prepare you for your purchase.
0 votes Thank Flag Link Sat Jan 31, 2009
You need to speak with a lender in your area.. It's amazing what you can do even with a BK on your credit record. They advise you to speak with someone who can help you get prepared to buy if you're not able to right no.. I hope this is of help to you..
0 votes Thank Flag Link Sat Jan 31, 2009
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