I have a growing family and am tired of renting. I have less then favorable credit. What are my options for buying a house?

Asked by Vmcummings, Davenport, IA Mon Apr 9, 2012

Ive been working on my credit diligently and have not missed a single payment on ANYTHING in years( mistakes that were made in my younger years). I just want a chance at homeownership for myself and my family. Buying on contract? Owner financing? What do we do? Help!

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Brenda Nolting’s answer
Brenda Nolti…, Agent, Bettendorf, IA
Tue Apr 10, 2012
I think it best that you have a meeting with a mortgage consultant that does credit repair and is willing to help you through the process. Some things drop off your credit after so many years and others need to be addressed and contacted and maybe set up minimum payments or letters written of explanation. Another alternative is rent to own where investors buy homes and rent them to you until you can get your credit repaired and you get some credit to your principal when you do finance. Other investors buy homes and sell them on contract. If you would like to contact me and let me know when you are available, I can have a consultant who does credit repair meet with you. I also have a list of investors who sell on contract or rent to own. Just need to find out your monthly budget for housing and your initial investment.
0 votes
Lucky Lang, Agent, Davenport, IA
Tue Apr 10, 2012
Ms Cummings,

Much of the info in the comments below is helpful to you........long term. Some of it is rather "alarmist" in nature and not helpful for you.

Advice to you about Real Estate should come from someone who is a licensed Real Estate Agent in Iowa.

The information that you emailed me gives me more insight into your situation than what you provided here and there may be a quicker solution to you.

Later today, I will call your cell as you have requested.

1 vote
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Tue Apr 10, 2012
If you haven’t missed a payment in years then your credit should not be less than favorable unless you have outstanding collections or judgments. If you have those the only way it is safe for you to buy a home is to take care of them first. They have a way of jumping up and biting when you can least afford it. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time.
Web Reference:  http://jamessimms.com/
0 votes
Dan Tabit, Agent, Issaquah, WA
Mon Apr 9, 2012
Paying on time is critical to improving your credit scores, so good job on that. The next step is paying down your balances. As cards & loans are at or near their limit, your available credit is used up and that lowers your scores. I would focus on paying your balances down to 1/3 of their limit and then focus on the next loan and do the same thing until your scores go up or you pay everything off.
Better scores will improve the rate you may get as well as improve your chances of approval. Paying down your debt will also free up money that can be used to qualify for a more expensive home.
Don't overbuy, but get a home you can stay in for a few years, the longer it works for you the better.
0 votes
Cindy Schlee, Agent, Grand Rapids, MI
Mon Apr 9, 2012
Hi - If I were you I would meet with a credit repair specialist and get your credit score up. I think it is your best bet. Land contracts and owner financing can be tricky and leaves you open to becoming a victim of fraud. Find a reputable mortgage broker. They should have names of credit repair people in your area. Good luck -

Cindy Schlee, Realtor
Grand Rapids MI
0 votes
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