Home Buying in Williamstown>Question Details

Richard, Home Buyer in Mapleshade

How do i find a home with bad credit in williamstown, i do have 10.000 down payment and have a good job?

Asked by Richard, Mapleshade Mon Feb 16, 2009

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Richard I just wanted to check back with you to see how you made out with finding a home with bad credit. You posted the question on Trulia a couple of weeks ago. Have you talked to a Mortgage Rep? You did not mention how bad your credit was
0 votes Thank Flag Link Tue Mar 3, 2009
Hi Richard,

Your best bet is to talk to a mortgage person to find out how "bad" your credit is. Your version of "bad" could be different than what you think may be acceptable. If you get a good mortgage person to help you then if you cannot get a loan they will help guide you as to what you need to do to fix your credit. There are also credit counselors out there that can help you fix your credit and pay down some debts. Lastly, you can always check into a lease purchase deal. If you have money to put down upfront you may find a seller in todays market that would be willing to work with you to sell their home and have their mortgage paid for instead of losing their home. Hope that helps. If you need a mortgage person contact feel free to let me know!
Good luck!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172
0 votes Thank Flag Link Mon Feb 16, 2009
Hi Richard,

You first priority is to contact a mortgage person to see if it can fly at all. Are you a first time homebuyer? there are programs available for first time homebuyers that may be more flexible adn can work for you.

If you need a mortgage contact, email me for information with a Wells Fargo agent that I use.. maybe he can help you .

Good Luck

John Sacktig
Broker /Manager
Orange Key Realty
Office: 732-863-6969

JSacktig@Orangekeyrealty.com
0 votes Thank Flag Link Mon Feb 16, 2009
If you have poor credit you wont be able to purchase a home it will require for you clear your debt owed, remove collection accounts and etc.

If you just owe more on credit cards then reduce balance by 50% or more never close a credit card account your scores will increase.

You can request your realtor search for a lease purchase home when your credit is clear you can purchase the home. These types of transactions are tricky
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Feb 16, 2009
Richard,

With new guidelines you need a minimum 600 credit score. As already stated "bad" is relative. Do you have open collections? Are you ever filed bankruptcy? Like anything else that is damaged- credit can be fixed. You just need the right professional to assist you. Having stable employment and seasoned down payment funds is great start. What you need to know now is how much you qualify for now and what you can do to improve your qualifications. You situation is not unusual. If you will like to know how to avoid common mistakes folks make in similiar situations give a call. It will be my pleasure to assist.

Best Regards,

Jeremy S. Hill, Realtor Associate, Mortgage Consultant
Keller Williams Realty, Aurora Financial Group, Inc.

http://www.YourPhillyHomeSearch.com
http://www.SouthNewJerseyHomes.com

Office: 856.685.1651
Direct: 609.876.5817
Fax: 609.482.8235
Licensed PA, NJ
"Your Interest 1st Always"
0 votes Thank Flag Link Mon Feb 16, 2009
Unfortunately there are not really any "bad credit" loans out there any more. And kudos for saving up $10,000, that's not easy to do these days, but in a lot of cases that is a minimum down payment these days and isn't going to impress a lot of lenders.

While it's true that there are loans out there for less than perfect credit, such as FHA, these programs do consider your credit history (just not really the scores) and if you've had severe missteps in the past such as bankruptcy or foreclosure) or if you've had a lot of blemishes in the last 12-24 months then it's going to be really difficult. If you've had problems in the past most lenders want to see that you've taken steps in the last year or two to correct the situation and become financially responsible. After all, owning your own home is a privelege not a right, and I think that the main goal in putting someone into a home should be SUSTAINED homeownership, not just plain homeownership. We want to set you up to suceed, not to fail.

Do yourself a favor and speak with a local, reputable bank or mortgage company. Bricks and mortar, stay away from the internet yahoo's. They can take a look at your credit and financial circumstances and tell you where you stand right now. If you're not in a position to qualify now, then they should be able to guide you down the right path so that someday you can qualify for loan. Think of it this way Richard: if you want to run a marathon you don't just hop out of bed one day and start running. You need to train hard and prepare to put yourself in the best position to succeed.

Best of luck
Tony
0 votes Thank Flag Link Mon Feb 16, 2009
Sit down with a mortgage broker and review your choices.

I can help with your mortgage!


I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Mon Feb 16, 2009
Your bad credit depends on how bad it is. Have you been qualified with bad credit.
I have worked with many individuals to correct bad credit and get them approved for buying a home. Many times it is just a matter of tweeking credit scores a bit. I

don;t be discouraged...!

The minimum scoring would be 580..

You need a qualified professional who is willing to work with you to help you get your scores back to credit worthy condition. Sometimes it takes some perseverance but the end result is a good thing.

Larry Sarlo
Weichert realtors
Turnersville, NJ
609-868-1171
http://www.searchcamdencounty.com
0 votes Thank Flag Link Mon Feb 16, 2009
Gee, that bad credit thing is just going to kill you. In my opiniion you can only find a rental with option to buy at this point. The $10,000 would work only if you had good credit. You may seek a for sale by owner that is willing to negotiate the terms, but I would advise against it. Why not save the 10 grand and continue to save for a while and repair the credit? If it is damaged because of medical - sometimes that can be overlooked, but if you owe money - you have got to pay it off. If the bad credit is from bankruptcy or previous poor billing payments then you fix it one day at a time. If you have a hard time finding a rental you can sweeten the pot by putting up more as pre-paid rent. Don't be in a hurry - this too shall pass.
Web Reference: http://GregoryBain.com
0 votes Thank Flag Link Mon Feb 16, 2009
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