I'm trying to buy a house this year before the Dec 1 deadline for the $8000 tax credit. I'm moving out of my

Asked by Katmama42, 90220 Wed Apr 29, 2009

rental house paying $1800 a month so I can save fast and also to build my credit report in the next 3 to 6 months by paying all my debt on the report. Is this possible?

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Kdico37, , Los Angeles, CA
Sat Sep 12, 2009
Absolutely. By now you have probably purchased a home but if not you really need to go check out the brand new homes in Compton that are by the Courthouse/ train station on Willowbrook Ave and Elm street. You have to take Alemeda to Elm andd then turn left onto Willowbrook. The entire area is being redeveloped and the sales office can tell you everything. The prices start at $240,000 and the builder will pay all of your closing costs and even buy down your interest rate. By best friend lives there. It is called Willow Walk and she absolutely loves it. It is a gated community and everyone is really friendly. I just went over there the other day and you can move in with only $8400 total (down payment) and your mortgage payment will only be $1679 a month!! You are paying $1800 in rent with no dedeductions. You HAVE to buy a home if you have not already. Go check them out
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Michael Magaw, Agent, Torrance, CA
Thu Apr 30, 2009
Yes, it is possible, depending on many factors. You really need to talk to a lender who knows how to help you. Some debts affect your credit more than others, so you should get guidance to get the most effective strategy to increase your credit and reduce your DTI.

I have a great referral for a local lender that will help you for free.

Michael Magaw
0 votes
M.D.J, , Los Angeles, CA
Wed Apr 29, 2009
Sure it's possible but there is more to it than just paying off debts. If you would like to discuss more about financing and qualifying for a loan feel free to contact me...Marvin@Marvinloans.com

Good luck to you.
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Karen Miller, Agent, Long Beach, CA
Wed Apr 29, 2009
Yes it is possible, but is it probable. Your first step is to talk with a reputable mortgage lender. He/she will let you know your credit status and how long it will take to repair.

An FHA loan only requires 3.5% down & the seller's are paying the lion's share of closing costs in many of the current transactions.

Please contact me if you would like a referral of a mortgage lender.

Karen Miller
Century 21 Beachside
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