I want to become a first home buyer but I don't know what to do. My credit is not the greatest and my husband has no credit.

Asked by Ronda Rogers, 07666 Tue Feb 9, 2010

How can we purchase a 3br and 2ba single family home or a mutli family home. What are the steps. Please help us. We are paying $1700/mth rent.

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Gina Chirico, Agent, Fairfield, NJ
Tue Feb 9, 2010

I really rather not reiterate what all the other responses have been but nobody can draw a conclusion as to your true financial situation, including credit scores, etc. until you speak with a mortgage broker or lender. As Jeff stated, each individual person is different and what you may think is not a good credit score -- may very well be above what you need to obtain a mortgage.

I think its great that you want to buy your first home and hopefully you will be able to qualify for the first time homebuyer tax credit of up to $8,000.

I think your first step is to call your local bank or contact Jeff below and speak to someone who can help you determine whether you can buy at this time or if you cannot. As far as buying your first home, getting approved for a mortgage is the first step and goes hand in hand with finding a realtor you wish to work with. My company is hosting a free first-time homebuyer and tax credit expansion and extension seminar on March 3rd, 7:00 - 8:30pm, in our Livingston Office. If you are interested in attending please contact me via Trulia or through my contact information below. Our in-house loan officer, Frank Gatto, will also be present and he can certainly answer any general questions you may have publicly and you can also speak with him privately. Feel free to contact him personally as well: 201-650-2763.

Good luck.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-715-1158 cell
973-992-6363 ext 116 office

Tips for First Time Homebuyer blogs:


0 votes
Audeliz Angie…, Agent, Westfield, NJ
Tue Feb 9, 2010

You've received great advice below from several people in that there are other articles you should be reading. Buying a home is a complicated process and takes careful planning. I am going to throw my article in the mix as when I wrote it, I wrote it for the first time home buyer in mind. Oftentimes, first time home buyers want the same as you: 3bedrooms, 2 baths.

The real challenge is finding the right location that matches your wants and needs with your affordability.

I agree with Mack in that oftentimes people say they have bad credit when they have decent credit. It would be better to have great credit, which is why several respondents want you to play it save and rebuild first before you make such a large commitment. My tolerance for risk might be different than the next person. To each his own.

But in all honesty, you may have to rebuild your credit or even build your husband's credit. In which case, you may consider scaling back to save for a larger down payment. Read the article and let me know if it was helpful.
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Jeff Belonger, , Cherry Hill, NJ
Tue Feb 9, 2010
Sorry Ronda, but I want to address Mack.

@ Mack... to be honest, that is some bad advice given on the statement that Ronda made. She said her credit is not the greatest. That could mean many different things, unless you have a crystal ball. She should still talk to a professional loan officer to go over her options. I have spoken to plenty of past potential clients that we didn't close on their loan for 1 to 2 years. My biggest concern was going over their credit, educating them on the process of buying a home, and their goals... and a few other things.

Overall, to tell someone not to do it now, based on what she has mentioned above, is poor advice. Yes, some people are given poor advice in which they make bad decisions. Some loan officers don't care as much and just tell the borrower what they want to hear. But to use that as a general statement could hurt any borrower, good or bad. This is my opinion, but you seemed to have already made an assumption based on her statement. You talk about when their credit is healthy. How can you base your comment on her statement? I know some people that had 1 late, and a crdit score of 650, and assumed that their credit wasn't the greatest.

Ronda.. this is food for thought. I still recommend speaking to a professional, and not a professional or expert that says they are. Hence why I gave you a link in regards to interviewing the loan officer also. This is very important... know who you are dealing with, no matter how you find them.. if online, from your realtor, or even your best friend or family member. Not all referrals are as good as the person referring them to you. I know this from first hand experience and from past clients. thanks
0 votes
Mack McCoy, Agent, Seattle, WA
Tue Feb 9, 2010
Ronda, don't do it.

With bad credit, you're like a runner with a sprained ankle. Let the darned thing heal before you go out running some more.

You can do yourself a world of good by scaling back, maybe renting a less-expensive place, concentrate on getting those credit balances paid off and on time. That's the physical-therapy stage, basically.

Then, when your credit is healthy, that's the time to start thinking about taking on a loan that you're obligated to FOR THE NEXT THIRTY YEARS!

0 votes
Elaine D. St…, , Brooklyn, NY
Tue Feb 9, 2010
Hi Ronda:

Your first step is the mortgage consultation and getting preapproved for a mortgage so that you know your buying position and all that is included in owning a home from the financial stand point. Not only do you need this education for your own edification and to help you to determine if you are truly ready to purchase at this time or if you need more preparation, but a Professional Realtor will not consider showing you properties without knowing your position.
I will be happy to send a web presention which is a great tool for first time homebuyers. It contains videos explaining the home buying process, steps and parties involved as well as glossary of terms, mortgage calculators and a whole boat load of info you can use. You will need to forward me your email so I can send this to you. Of course if you would like to contact me for a consulation, I will be here to help. Just click on my profile!
All The Best
Elaine Stroman
Sr. Mortgage Planner
Email: estroman@cccmtg.com
0 votes
Dan Chase, Home Buyer, Texas City, TX
Tue Feb 9, 2010
I would first say to consider what is really best for you. I expect it will take time to rebuild your credit. Take that time and spend it well. Do the right things to prepare to buy a house. It does not matter if that is a goal that can be reached in 2 months or in 8 years. You still need the dedication and drive to make hard decisions. You have to be willing to sacrifice part of today to gain what you want tomorrow.

The blog below was written by a mortgage guy. It has good information on things to help your credit score.

First, look honestly at your budget. Does it make more sense to rent or to buy for you in your circumstances?
The blog below shows how to look honestly at your situation and make that decision.

Below is a blog explaining things to do it you have a long time before you buy a house.
Some simple ideas on how to create your own down payment if you do not have one.
The basics of starting the house hunting procedure are below.
And finally, things to consider and find out about any property before you buy one. It is exhaustive.

I have given a lot more information that you asked for above. I think all of it together can be helpful. I hope you take a look and begin the process of becoming a qualified and prepared home buyer.
0 votes
Maria FORSBE…, Agent, FORT LEE, NJ
Tue Feb 9, 2010
go to http://WWW.NACA.COM they have a good program that will help you to get started, it takes a while be pesistant but if the credit is not so good you may not be able to buy right away anyway. Homes are affordable now and you should take advantage of the situation. Call a Realtor when you are ready to buy ! Keep me in mind .
Web Reference:  http://www.viprealtorsnj.com
0 votes
Ken Michelson, , Teaneck, NJ
Tue Feb 9, 2010

First thing is to speak to a lender. see what he has to offer in advice in repairing your credit and what you need to do get the husband's credit a jump start. Then work with that lender in getting approved for a mortage. I am A local Realtor in Teaneck and can help you. Please givre me a call directly
Web Reference:  http://www.njhomesbyken.com
0 votes
Jeff Belonger, , Cherry Hill, NJ
Tue Feb 9, 2010
Rhonda... a few things.

First off, don't speak to just any loan officer and or lender. Do some research on that person and company, no matter who gives you that referral or how you find them. I say this for many reasons. I wrote about this here :




Yes, that is based on my opinion and experiences within the mortgage industry... but please read some of the comments also...

Secondly, you want a loan officer that will pre-qualify you correctly, asking you the right questions and concerned about your goals.
If the loan officer is not detailed in their questions to you, you might want to move on. There are many reasons why to my points...

Lastly... you don't need 700 credit scores. Even with an FHA mortgage, you don't even need a credit score and or even credit. I can do loans with non-traditional credit. Yes, this can still happen. Yes, you can establish some new credit as mentioned below, with a secure credit card. But lenders will then want to see a 12 month credit history. There are other ways to accomplish this without it being on your credit report.


In any case, if you have any questions, please don't hesitate to call me or e-mail me.


Jeffrey J. Belonger
Area Manager

Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619
e-mail : jbelonger@ihmci.com

Good Faith Estmates - All you need to know - http://activerain.com/blogsview/1082156/good-faith-estimates…

Profile : http://www.activerain.com/jeffmortgageman

"The referral of my service to your friends and family is the highest compliment I can receive."
0 votes
Jane Grant, Agent, Aguanga, CA
Tue Feb 9, 2010
Rhonda; There are many things you can do to build and or repair your credit. Your husband should definitely start building a positive credit history. One thing he can do is to get a "Secured", line of credit at his bank. Use it to pay for every day items but pay it off every month. A good mortgage broker or Certified Mortgage Planner can help you get ready for the responsibility of home ownership.

Paying $1700.00 per month rent is a good indication that you will be able to afford a house payment.

You just need to prepare and plan so that you can get the best interest rate on your home loan.

Speak to several lenders in your area and pick on that is really interested in helping you to improve your credit!

Web Reference:  http://www.soreal.biz
0 votes
Elaine Mosera, Agent, Fort Lee, NJ
Tue Feb 9, 2010
Hi Ronda,

Good News! There are still a few mortgage products available which you might be able to take advantage of. I have a great local mortgage rep who can help us determine what could work for you in your situation.

Elaine Mosera
Broker Associate
Weichert Realtors
201-592-1400 x193
201-988-0972 direct
0 votes
Jenet Levy, Agent, New York, NY
Tue Feb 9, 2010
The very first step is to speak to a lender to get pre-qualified for a mortgage. That mortgage banker or broker will look at your incomes, assets, debts and run your credit. That will give you a pretty good idea of what is do-able and what is not. Then you are in a position to know what price range to look at. Regarding credit, if your credit is "not the greatest" as you say, there may be mortgage products that you could qualify for at a slightly higher rate than those with superlative credit.

Hope this helps.

Jenet Levy
Halstead Property, LLC
212 381-4268
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Tue Feb 9, 2010
My best suggestion would be go and sit down with a lender. They will tell you if you qualify and it you do not, they will tell you want you need to do to get into the purchasing power postion. They can tell you want to do to get your credit up.
First thing off the bat I would do is go get your husband a secured credit card. Use it mimimumly and pay off every month. Almost instantly it will help his credit.

Good Luck!
0 votes
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