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John Nicholas, GRI
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I’ve lived in many places over the years, but I came back to my Northwest birthplace because I believe that no place else in the country can compare,
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John Nicholas, GRI answered:
Thank you for asking this question! I would guess that a large majority of the people in foreclosure now are people that were in your situation but forged ahead before thinking of getting the stability needed to get the best financing and STAY in a home. I was a lender, and I typically talked people out of buying if they were unstable (not that you are, and no, it didn't help my business :) ).
It sounds like you may have some credit report items (collections, late payments?) and if so, I recommend taking care of these before anything else. It will feel great and you will see your credit score grow sharply over time. Stabilize your finances, be patient (maybe another year at your current job), and you should be in a great position. And keep all payment receipts (especially rent) as these can be used to bolster your credit report.
I honestly don't know how credit and rates are going to look in a year, but if we fall into a deep recession, maybe you don't want a mortgage anyway.
Hope that helps.
It sounds like you may have some credit report items (collections, late payments?) and if so, I recommend taking care of these before anything else. It will feel great and you will see your credit score grow sharply over time. Stabilize your finances, be patient (maybe another year at your current job), and you should be in a great position. And keep all payment receipts (especially rent) as these can be used to bolster your credit report.
I honestly don't know how credit and rates are going to look in a year, but if we fall into a deep recession, maybe you don't want a mortgage anyway.
Hope that helps.
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