Hi I am looking to buy a home. To start me an my husband are on a limited budget for now. Our combined credit it not that great neither is it

Asked by Ty, 27520 Fri Apr 9, 2010

seperate. Hoping to find a home that would fit our family of 6 comfortably. Not looking for an expensive home we know our limits. We curently are renting and would love an upgrade home is getting to small for us. Now in 3b & 2b maybe home with one more bedroom if possible. Just would like some info on the next process, who to talk to (first time buyers), programs, or should we consider buying. Very hopefull but realistic will take any advice. Thanks in advance!!!

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Ann Brice, Both Buyer And Seller, Wilson, NC
Sun Apr 11, 2010
Talk with a loan officer or mortgage broker and ask to be "pre-qualified". They don't charge for this service. They will review your total financial picture and determine if and for what amount you might qualify to buy a house. If you are a member of a credit union, speak with someone there. The State Employees Credit Union previously did not have a minimum credit score required for a loan, but most loan sources have raised their requirements.

If your credit score is too low for a conventional loan, you still may be able to buy an owner-financed home, but make sure to get advice from a knowledable person so that you do not pay too much or take a loan on terms unfair to you. Banks, especially, smaller, local banks, will sometimes finance a foreclosed home they have in order to sell it. In this case you need to make sure the home is in good condition and really is worth what they are asking -- a home inspection is needed to make sure the house is sound and an independent appraisal might be a good idea.

A Realtor could help you with all of the concerns above. You can ask friends to recommend a realtor they enjoyed working with or attend some open houses and talk with the Realtor hosting them. Look for someone who seems knowledgeable and with whom you feel comfortable asking questions.

Lastly, consider other locations. Homes in Wilson can be much cheaper than in the Triangle and it is a pretty easy commute to Clayton from there. I know a person who lives in Clayton and works at BB&T in Wilson. You could do the reverse. Of course I don't understand why someone would pay more to live with all that traffic in the Triangle when they could live in Wilson! :)

Seriously, I could point you to a wonderful family home near Barton College that has 5 bedrooms, 2.5 baths and the owner is asking $99,000. It needs work, but I could point you to another house that has just been renovated in the historic district for $89,000 that has 5 bedrooms also.

I would love to show you what Wilson has to offer -- give me a call!
1 vote
Linda DeRusha, Agent, Garner, NC
Thu Sep 2, 2010
Ty, I just ran across your question. I don't know if you are still looking to buy. I see that you have received some great tips from other agents.
It is very simple---call your bank or call a mortgage broker. Explain your situation and they will first of all see what price range you qualify for, then they will recommend a realtor for you to work with. At that time, the realtor will have a very good idea what price range homes to be searching for.
0 votes
Darrell Futr…, , Raleigh, NC
Wed Aug 25, 2010
I believe you should visit with a Mortgage LO first to get a pre qualification first and then have them set you up with a Great realtor that way you aren't wasting time to find what you are looking for. This process seems to be working well with me and my realtors
Darrell Futrell
Primelending, Mortgage LO
0 votes
Katyna Bunn, Both Buyer And Seller, Fuquay Varina, NC
Sat May 8, 2010
If you think that credit will be a challenge for you, visit http://www.housing-conseling.org located in Raleigh. It is a non-profit. One of its goals is to help potential homebuyers overcome barriers to homeownership. The organization is certified by HUD.

Call Leigh Holmes at 866-635-6414, option 2

Let her know that sent you. She will take care of you.
0 votes
Beachtaz2, Home Seller, Clayton, NC
Sat May 1, 2010
Ty I have a 2100 sq ft home that I have just had tenants give notice...It is Clayton in Glen Laurel. I had planned to move back but now have parents to take care in Fayetteville. I can make it rent option to own or a great purchase price as I would like to move it quick. It is 4 bedroom 2.5 baths with bonus room. Remote master suite. If interested email me at beachtaz2@aol.com
0 votes
Chris Vining, Agent, Mesa, AZ
Fri Apr 9, 2010
Let me start by saying that you’re certainly not alone in terms of a limited budget and in credit score problems. I would also recommend speaking with your preferred lender or mortgage broker and begin the process to getting prequalified. As far as the details about what comes next, it really just depends on what you qualify for. After getting qualified, you will be able to gauge your spending and comfort limit based on what you qualify for. Where are you located at? If you don't already have an agent your comfortable working with please feel free to give me a call because even though I am located in Arizona, my agency is apart of HomeServices of America (Berkshire Hathaway Affiliate Brokerage) and we have agents in every State and most major cities. My phones always on so if you need any help or more advice give me a ring. 602.321.2973, Chris Vining. Check out my website if it helps http://www.TheArizonaLuxuryLife.com. Hope this helps and good luck.
Direct: 602.321.2973 or Email: chrisv@longrealty.com
0 votes
Kelly Smith, Agent, Garner, NC
Fri Apr 9, 2010
Hello Ty,

Buying a home is an exciting adventure, so congratulations on embarking on the journey. Levi is exactly right in that your first step should be to talk with one if not more mortgage lenders. If you are already working with a real estate agent, then they can usually recommend someone whom they have done business with. If you are not working with a real estate agent, then as a Realtor, I would strongly recommend you reach out to one. They can help simplify the whole process of buying your first home, especially where your time limit to participate in the First Time Home Buyer's Tax Credit is quickly coming to an end. Please feel free to contact me directly through my profile, (we are not allowed to post contact information here), and I would love to assist you. I specialize with first time home buyers and I and my team are top sales award winners for the area.

Kind Regards,

Kelly R. Smith
Triangle Smith Team
Web Reference:  http://www.WRCASold.com
0 votes
Levi Stubbs, Agent, Valrico, FL
Fri Apr 9, 2010
What city are you looking to buy in? Your fist step is to get with a Mortgage Broker, maybe at your local bank, and find out how much you can get pre-qualified for. Or you can find a Realtor first and ask them for a good Mortgage Broker reference. Once you get a good Reatlor in your corner things should start moving right along for you!

Have a great weekend!

Levi Stubbs, Realtor - N.A.R. Certified in Short Sales -
Paradigm Realty Group, LLC
0 votes
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