I am hoping to buy a home in 2012...What is the best way that I can prepare myself financially in order to achieve this goal?

Asked by Darj0921, Hamilton, OH Tue Oct 5, 2010

I am starting from scratch. I am currently unemployed and a full time student. I have no savings, and I would rate my credit as poor (due to approx $2500 in past due debt). I have student loans but they are deferred until 2011. I will graduate in Sept of 2011.

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Carmen Brode…, Agent, Scottsdale, AZ
Wed Oct 17, 2012
I hope you were able to achieve your goal of owning a home this year.
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Marty Snyder, Agent, West Chester, OH
Fri Aug 5, 2011
Home Experts Realty located in SW Ohio works very closely with a credit services company in Centerville.
We've sent them numerous clients who have similar situations and many are in much worse shape.
You are wise to begin asking questions now and start to prepare sooner rather than later.
If you would like additional information, please visit my website.
If you would like our assistance, don't hesitate to ask.
Best wishes.
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Clark Riel, Agent, Reno, NV
Wed Oct 6, 2010
As James say the financial world is changing and what works today is not necessary what will work tomorrow. But most definitely try to land a job in your field, along with your schooling, this will help with the lenders work history requirements. Pay everything on time and open some credit lines as soon as you can. It is also important to use those credit lines to build credit, just try to only use what you can pay off in any given month. Lenders like to see at least 3 open and active credit lines. Save money for down payment and closing cost. A good loan is an FHA with minimal down payment requirements, but there are still closing costs to pay, which can vary from lender to lender. Check on the FHA website for more information. You can probably find a lot of good info on the FHA website that will help you plan for you financing. Check with local lenders for down payment assistance programs when you are ready. Don't be afraid to call for help and questions. No one will charge you for a question and most people will be extremely helpful and of course you are under no obligation to work with anyone until you are ready. good luck.
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James Gordon…, Agent, Hamilton, OH
Tue Oct 5, 2010
Darj are you going to Miami at Hamilton? My wife is an adjunct there! The first thing to do is get a job. Pay your bills on time. Save money as fast as you can. The past due debt will not help your score at all and your student loans will be taken into account when looking at your debt to income ration. If you get a job in your major sometimes that can be counted as time on the job. The lending market is changing so often that it is hard to tell you what to do for a year from now. I can get people with lenders that have grant money and Hamilton has NSP money but who knows what will happen in the future. The Federal Reserve can not keep buying Trillions in Treasury bills to keep interest rates down.
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Robin Lundho…, , Cape May, NJ
Tue Oct 5, 2010
I agree with Marge. You should first see what you qualify for, so that you are looking at homes that are in your price range. Also, you will be able to find any programs you may be eligible for when working with a mortgage broker.
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Marge Bennett, Agent, Fort Myers, FL
Tue Oct 5, 2010
i would suggest talking you your bank's mortgage officer. explain your goals and ask them how best to prepare yourself. Good luck
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