First time buying a home in Kansas City, Ks

Asked by Mi.xiong, Kansas City, KS Sun Jan 6, 2013

I am currently working making $22/hr with a credit score of 580. Meanwhile, my wife is working making $10/hr with a credit score of 675. What should I do and would I qualify for a home loan? Please give me some input in what I should do or could do in order to purchase a house within a few months. Thanks.

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Trevor Curran’s answer
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Jan 7, 2013
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
1 vote
Mi.xiong, Home Buyer, Kansas City, KS
Mon Jan 7, 2013
I found a house that I am very interested in kck. Here is the link to the house.…

For the price, would I be able to just have my wife buy the house on her own?? Would this simplify the process since she have better credit? Or would I have to add my income and credit in also since I would also be living in the home?
0 votes
Sharon Klein, , Kansas City, KS
Mon Jan 7, 2013
You need to talk to a mortgage broker. If you send me your email address, I can send you contact information for several we work with that are knowledgable and will be able to help you. Once you begin working with a mortgage broker we can begin looking for a house. We have several nice homes in KCK that will qualify for down payment assistance if you need that.
0 votes
Cammy Hinson, Agent, Olathe, KS
Mon Jan 7, 2013
If you work with a Lender who is a credit specialist... he can advise you exactly what to do to bring your scores up quickly and give you more buying power... it might surprise you that it could only take a couple months if you do exactly what they tell you... I usually use:

Ronnie Yarbrough
Bank of Kansas City
7500 College Blvd Ste 415
Overland Park, KS 66210

I have also personally used for my own credit a company called: My scores were in the low 500's and I baught a house 6 months later... it is a little costly buy worth it.

Erin Boone
Credit Consultant
(816) 246-7802 direct
(816) 524-9400 main
(888) 227-0686 e-fax
800 NW Main Street Suite 210, Lee's Summit, MO 64086

If you have more questions give me a call.. there are alot more options out there that are available... and you might be surprised at what price range your wifes income can put you in to buy a house!!

Cammy Hinson
Reece And Nichols
913-279-1673 (HOME SEARCH)
0 votes
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