I want to buy a house, however i switched careers a few years ago and my credit went to garbage. Just now, i

Asked by Synthia Learned, 98106 Sun Mar 2, 2008

am able to start fixing my credit by making payoff plans to my creditors. What is my best plan of action to secure financing? I'm thinking I will need to focus on foreclosures simply because of the reduced prices. any advice for credit repair or on getting my ducks in a row to find financing welcome!

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Rhonda Porter, , Seattle, WA
Wed Mar 5, 2008
Meet with a Mortgage Professional who is committed to helping you to develop a plan on improving your credit. Some actions will be more beneficial than others...and if you a good credit history for the past 12 months, you may qualify for FHA financing. It's important to know all your options so you can make an informed decision. For more information on improving your credit score, you can click on the link below.
1 vote
No Name, , Seattle, WA
Mon Mar 3, 2008
Synthia, chat with your mortgage broker for a credit restoration program that revolves around analysis and reapir of your credit report and educating you on how to raise the score. If your broker doesn't have this knowledge on hand, I can provide a referral for you - contact me at the link below.

Right now, it's extremely difficult for those with damaged credit to borrow money. Things will ease up eventually, but the lenders are being very strict on who they are lending to. In addition, the underwriting guidelines are "in flux" and so pre-approvals are being re-approved throughout the purchase process.

Foreclosures (pre-foreclosure) is a tough business. I know it well. Dealing with people in distress can be emotionally tolling and has risks - although the activity can sometimes be well worth the effort.

If you are thinking about buying at auction - think again. You need to come to the auction with cashier's checks and you will (mostl likely) not have a chance to see the house before you buy. Not recommended for anyone but experienced investors.

I hope this all helps!
Web Reference:  http://www.dugaldallen.com
0 votes
Rob Graham, Agent, Seattle, WA
Mon Mar 3, 2008
Synthia,

Don't feel bad. You aren't alone in your problem. There are plenty of great credit resoration programs available to give you advice on how to better your credit and get back on the right track. You may want to check out creditsecurenow.com. I have heard great things about them.

Good Luck
0 votes
Ardell Della…, Agent, Kirkland, WA
Sun Mar 2, 2008
Generally speaking you should work on your credit issues and have 12 months of good credit history before even thinking about buying a house. Rent for one year, work on your credit and then think about buying.
0 votes
Mark Despain, Agent, Seattle, WA
Sun Mar 2, 2008
If you are in the process of mending your credit, foreclosures will not be an option for you unless you are in an extremely good cash position. The best way to arrive at a plan is to speak with a good mortgage broker about your credit score and what finance plans, if any, may be available to you. But in all likelihood you are going to need lots of cash (at least 20% of purchase price) to bring to the table to get a lender to consider financing a home for you. Even then it may be a matter of getting a steady payment history on your debt for a couple of years. If you would like a lender recommendation contact me through my website. Good luck!
Web Reference:  http://www.HomeHounds.com
0 votes
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