I want to purchase a house what is the first step I need to do. Credit is not good.

Asked by Phillips093, Stone Mountain, GA Sun Aug 14, 2011

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Dan, Home Buyer, Alabama
Mon Aug 15, 2011
You can not purchase a home. If a bank is willing to work with you then, after 30 years of renting from the bank, you may be given a home.
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Steve Pate, Agent, Cumming, GA
Mon Aug 15, 2011
Call me. I work with imperfect credit
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Lee Taylor, Agent, Decatur, GA
Mon Aug 15, 2011
Set aside talking to a lender first and consider taking Dave Ramsey's "Financial Peace" in the next few weeks - there is a class starting in Atlanta somewhere this week, I'm sure.

Get a better understanding of debt and lock into wealth building...that's a good first step.
Web Reference:  http://intowninsider.com/
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Terri Copela…, Agent, Redondo Beach, CA
Sun Aug 14, 2011
Your first step should be to contact a local realtor specializing in "First Time Homebuyers". These agents will be up to date on the most current programs available to you, including down payment assistance. They are a valuable resource at no cost to you. They will help you improve your credit, get you qualified and walk you step by step through the home buying process. If you need help finding an experienced agent, I can refer you to the most knowledgable buyer's agent in your area. Please feel free to contact me directly should you need a referral or have further questions.

Good Luck!
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Daniel Fisher, Agent, Charlotte, NC
Sun Aug 14, 2011
Speak with a lender to find out what they are willing to do for you. Take a home buying class. Check out http://www.NACA.org
Research on http://www.HUD.gov
...and if you like this reply, please give it a "thumbs up" or "best answer".
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Dave Griswol…, Agent, Bridgewater, NJ
Sun Aug 14, 2011
HI Philips . Best thing to do is if you have credit cards pay if possible an extra payment per month, it doesn't have to be for full amount just a small amount extra. Next check your credit and see if there is things on it that has been paid or not yours. Report to the credit Bureau's that it's either been paid or dispute it. The creditors have 30days to respond or its removed. Do not have anyone run your credit until your ready to buy.
try and put some money in bank each week it will add up fast in a savings account.
If you haven't got a lot a money a family memeber can gift you some towards the purchase of your home so you downpayment will be easier to handle. make sure you have your income tax for 2 yrs 3 yrs is best. In less than 6months if you follow this your credit will rise to hopefully a number that will get you a loan to buy a home.

All the Best
Dave & Lisa

ps if you have collection you can usually settle them for 50% of the amount or less.
Web Reference:  http://www.urhomerealty.net
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Debra (Debbi…, Agent, Livingston, NJ
Sun Aug 14, 2011
First step?
Come up with a plan to improve your credit,...then save money so you have a cushion, regardless of what you do next.........then, depending on your financial situation, decide if buying is better for you than renting.

Good luck!
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Chuck Green, Agent, Norcross, GA
Sun Aug 14, 2011
If you are unable to pay cash for a home, then options are rent to own; owner finance; rent until credit issues are cleared up. I recommend you speak with a mortgage lender to find out what your options may be and what steps you need to take to get your financial house in order. If I can help with a lender email me with your contact info and I would be happy to make some recommendations.

Chuck Green, Realtor
Keller Williams Reralty
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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sun Aug 14, 2011
Getting Pre-Qualified is always the first step in a home purchase. That allows us to review your information to determine whether or not you would qualify for a mortgage at this time. It really all depends on how bad your credit is.

You do need to be cautious withe owner financing. Unless they own the property free and clear, they are legally not allowed to transfer title without satisfaction of their current mortgage.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream
Web Reference:  http://www.rodneymason.com
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Jeanne (Geni…, Agent, Virginia Beach, VA
Sun Aug 14, 2011
Of course the first thing to do would be to talk to a Loan Officer and get a pre-approval. If the pre-approval can't be obtained, you should get some advice on the steps to take to fix your credit. A good loan officer should be able to advise you. You might be able to get owner financing, but most owners do not want to carry a loan for 30 years. Then this takes back to step one, the loan officer should be able to tell you how long it would take to repair your credit, according to the steps he'll tell you to take. Example: if it takes you one year to repair the credit and be in the position to obtain a loan then, you might want to try to get a seller to do owner financing for that year and then you can apply for the loan. At settlement the owner will be paid in full. You could also enter into a contract to purchase the property at the end of one year. It would not be your house until the settlement date, but you would have all the terms in the contract as to the selling price, the amount of the contributions the seller will pay in your behalf, what would be the monthly rent you will be paying during the time of the term, what portion of the rent amount would apply to your settlement expenses (or down payment) if you go to settlement, etc. You really need a Realtor to represent you. Ask friends to recommend one. If you need help I can refer you to a Realtor in you town. I hope my answer helped somewhat.
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Dan, Home Buyer, Alabama
Sun Aug 14, 2011
Use cash, get owner financing, rent.
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Tim Moore, Agent, Kitty Hawk, NC
Sun Aug 14, 2011
Step #1 is always the same -- speak with a lender or two and see what they tell you. You can't buy if you can't borrow.
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