I am looking to buy a house, I recently found out I am expecting and my boyfriend and I want to get out of

Asked by Emily, 49525 Tue Aug 11, 2009

apartment living. The problem is we don't have the best credit. Any suggestions on what we can do? Would a land contract be our best option?

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Ines Eiras, , Pleasanton, CA
Tue Aug 11, 2009
Your best bet is to connect with a good local agent that has a strong lender relationship that can advise you on credit repair and evaluate your credit with a goal in mind. Once the credit issue is handled and you are on a plan than your agent can advise you on what type of property would be best for you to purchase with your new credit profile. If you are not aware of a reputable agent, I can put you through our agent referral network. The best of luck to you!
Ines Eiras, Certified Distress Property Specialist, Prudential California Realty- Pleasanton CA 510-305-8128
http://www.prurealty.com/ineseiras twitter.com/REOTurnaround
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Audra Pratt, , Grand Rapids, MI
Tue Aug 11, 2009
I agree with Mary. First talk to a lender to find out if you don't qualify for a traditional mortgage before looking into other financing options. Repairing your credit sometimes can be done easier than you think. A lender will be able to give you advice in that department.

The other things to consider is that most sellers will want a signifcant down payment on a land contract (usually 10-20%), the interest rate is typically higher than a bank and will have a balloon payment due after a certain amount of time. If down payment is an issue then a lease option would be the next option to entertain.

Feel free to call me if you have any other questions.

Audra Pratt
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Mary Kent, Agent, Grandville, MI
Tue Aug 11, 2009

First step is to find out what your credit score is which you may have already done. A good lender will give you a game plan to improve your credit score and put you on track to purchase your own home.

Land contract could be an option. You want to pick a local agent first that knows the market and can run a listing report of all listings that could accept a land contract. .

Contact me anytime if you have any additional questions.

Mary Kent
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Kappy Mann a…, Agent, Truckee, CA
Tue Aug 11, 2009
Emily, find yourself a good real estate agent, they will be able to offer you options for your area. Sellers are really negotiable right now. A lease option is a tool that is often used in situations like yours and also there may be someone in your vicinity that would offer owner financing. The agent would be able to scour the multiple listing service and find sellers that are open to these options. You are not the only one out there right now with less than perfect credit and I am afraid that we will be seeing more and more of you. We all need to work to find options. Good luck to you and your new family!
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Mainvest, Both Buyer And Seller, San Antonio, TX
Tue Aug 11, 2009
I have Owner Finance Options for bruised credit and no credit clients. Please call me and we can discuss down payment needs. 210-724-3549
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