How do I get started finding a home in the Seattle area when I don't have good credit?

Asked by Shannon56, Centralia, MO Tue Jan 29, 2013

Hello! I am currently living in Missouri but will be relocating to the Seattle, WA area sometime this summer of 2013. I need some help and advice on how to find a home, in a decentish neighboorhood with good schools as I have a child. I will admit, I have a horrible credit score (512) due to not being able to pay my bills due to lack of finances in the past. However, I have about 6,000 for a downpayment on a home that is saved up.

I have been looking around, and I saw that there are some places that mention Lease to own is a good option for those people with bad credit, but I'm still not quite for sure what is going on. I would appreicate it if anyone could give me any advice on where to start, or who to talk with?

All feedback is appreciated. :)

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Dave Skow’s answer
Dave Skow, Mortgage Broker Or Lender, Seattle, WA
Tue Jul 2, 2013
7/2/2013

Shannon ...hi there ...have you made the move to the seattle area yet?...do you still need any assistance ?

if so - feel free to contact us

Thanks

Dave Skow - WA MLO #278613
Eagle Home Mortgage- Seattle
206 714 9745
dskow@eaglehomemortgage.com
0 votes
Abu Musa, Agent, New York, NY
Wed Jan 30, 2013
You may talk to a mortgage bankre about mortgage and a local real estate agent about finding a home.
0 votes
Jirius Isaac, Agent, Kenmore, WA
Wed Jan 30, 2013
Shannon,

I am an independent loan officer & a real estate broker. I also work with a credit restoration company in case you need that as well. If you contact me directly, I can take a look at a credit report with you & recommend how you can get your scores up to something acceptable. The longest this should take is a year or so, but it depends on what we see and how well you implement my suggestions. I hope to hear from you soon.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
Web Reference:  http://tristarfinance.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Jan 30, 2013
Hi Shannon,
Thanks for the reply below. Please fee free to contact me, I'd be happy to assist.
DanTabit@Northstone.net 425-868-7653
0 votes
Dave Skow, Mortgage Broker Or Lender, Seattle, WA
Wed Jan 30, 2013
Shannon ...best steps
1) contact a Seattle Loan Officer and begin the " pre qualification / pre approval process for a hypothetecial purchase transaction ... one of the 1st parts of this process is for a tri merge credit report to be pulled and provided to you

2) once credit scores are known, the loan officer will be able to determine what options ( if any ) are possible ....if no option are possible , the loan officer should be able to outline soem steps you can take to improve the credit scores

3) the pre approval propcess is also good to complete to make sure that the other aspects of the scenario are OK ...income / assets / employment etc....

Thanks

Dave Skow - WA MLO #278613
Eagle Home Mortgage- Seattle
206 714 9745
dskow@eaglehomemortgage.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Jan 29, 2013
Shannon,
Your situation is not uncommon. Lots of people have suffered loss of income due to health, business or relationship troubles. I'm going to go against the grain here however and advise you to come and rent a while first. Finding a sympathetic landlord will be easier than an acceptable Lease/option.
Lease options are dangerous for both parties for a lot of reasons.
If you take on a lease for a year, you'll be able to get to know our area better before you purchase and will be able to work on your credit. If you do the right things you could well be ready by the time your lease is up. You may also be able to save up additional down payment which also helps.
Like everyone here, we'd love to be of assistance. I've worked with others in your position in the past and had great outcomes. I'm also a Washington native, so I know the areas and can tell you about the personalities of the towns and neighborhoods as well as the schools.
0 votes
Shannon,
I'd be happy to help. Each landlord decides for themselves what they deem acceptable credit. With so many people going through short sales and foreclosures, there are many new renters in the field with credit problems.
Email me your criteria and I can send you some rental listings as well as some credit and rent-approval tips that can really help.
Welcome to the NW.
Dan
Flag Wed Jan 30, 2013
Dan, I had thought that not renting would be easier, as it seems nowadays everyone has strict credit needs for applicants. However, I was pondering seeing if I could just put up a bigger deposit and maybe the first 3-6 months rent if that could sway them. I know the places I am looking at are anywhere between 800-1000 a month in rent for a 2 or 3 bedroom for the Seattle area. I know you're listed as a Broker, but if you're willing to give some help and advice with my relocation and needs, I would appreicate it. :)
Flag Tue Jan 29, 2013
Ray Akers, Agent, Seattle, WA
Tue Jan 29, 2013
Why don't you start working on improving your credit right now, before you relocate to Seattle? Make an appointment to talk to someone at your local bank. They can offer you suggestions that you can implement to begin to improve your credit score. By improving your credit score, you will open the door to more options for a future home loan. Get started today, and your credit score will be higher by the time you move to Seattle. Good luck.
0 votes
Jeff Strand, Agent, Seattle, WA
Tue Jan 29, 2013
Hi Shannon
I would start working with a reputable mortgage consultant, I can recommend a person, who can start you on the process toward improving your credit and at the same time provide you with your options.
Jeff
Queen Anne Real Estate
0 votes
Max Feinstein, Agent, Bellevue, WA
Tue Jan 29, 2013
Hi Shannon,

I would be more than happy to discuss your current situation and what the best route might be. I can also refer you to a great mortgage loan officer that i work directly with who could help as well.

Feel free to contact me by phone or email when you have a minute to chat.
0 votes
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