Is it feasible to buy a house so soon under certain circumstances?

Asked by Phillicia, Phoenix, AZ Fri Nov 23, 2012

Hello -

Sooo...I'm kind of in a tight bind. I absolutely *need* to be able to qualify for a home loan, find a house, and buy it so that I can be able to move in by end of February 2013 (expiration of current lease). The major problem is my credit. I have a good job and could certainly afford a mortgage payment that's equal to or less than my current rent payment of $1000. How feasible is this task? I would be a first time homebuyer and a bit lost on this whole process.

Thank you for any help!

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Scott Godzyk’s answer
Scott Godzyk, Agent, Manchester, NH
Sat Nov 24, 2012
You need to start by meeting with a local and trusted loan officer who can prequalify you at no cost and after looking at your credit and financials, let you know if you can get a mortgage and what any costs or requirements will be.
0 votes
Korene L. Cl…, Mortgage Broker Or Lender, Glendale, AZ
Thu Aug 15, 2013
Phillicia, I am not sure why this would pop up as a question today when you posted this in November 2012. I would be very pleased to speak with you and give you information on your options, time frames, etc. I never want to tell a client "NO" when it only makes sense to find the options and say not now but We can help you at this time, these circumstances, with this loan program. I am sure this was very upsetting but we will work with you to make it sure you don't have surprises again.

I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 We are Direct Lenders, WE CLOSE LOANS!
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Phillicia, Home Buyer, Phoenix, AZ
Wed Nov 28, 2012
Thank you all for your responses! I will be in touch and hopefully one of you can help me!
0 votes
Debbie Nieman, Agent, Phoenix, AZ
Tue Nov 27, 2012
Good morning Phillicia-

The first thing you'll need to do is speak with a lender. You've gotten some great responses below and if you still can not find an agent that you click with, please contact me and I'll get you with a couple great lenders to determine if what you want is possible.

Debbie Nieman
Realtor, Keller Williams Sonoran Living
0 votes
Sean Heideman, Agent, Phoenix, AZ
Tue Nov 27, 2012
Hi Phillicia,

I currently work with some great lenders that are very flexible with a borrower's credit and have been able to help my clients get loans when other loan officer / banks have turn them down. I would love to give you a list of these loan officer if you give me a call.

If you are unable to obtain a conventional loan, then I can also help you find a home that is offer seller financing. This is where the seller becomes the bank and you make your monthly mortgage payment to the seller or a servicing company. These types of loan are very common and I am currently helping several buyers acquire a home with this type of financing.

These days buyer is cheaper than renting so its a perfect time to purchase a home and start earning equity. Please give me a call to discuss these lending options. I am looking forward to hearing from you soon.

Sean Heideman, Broker / Owner
Position Realty
Office: 480-213-5251
Web Reference:
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Sun Nov 25, 2012
I work with several lenders and a credit repair company that would be able to help yFeel free to shoot me an or contact request through and I can send you their information.
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Bill Parker,…, , Scottsdale, AZ
Sat Nov 24, 2012
Hi Phillicia:

As others have indicated, the first step is to find an experienced loan officer and not necessarily with a "regular bank", as they only have their own loans to offer. This is compared to a mortgage broker or banker, such as myself, whom have multiple lenders to go to which may have a loan program you need.

Please feel free to go to my LinkedIn site to see what others have said about my service, then get in touch with me via email or telephone. We can walk through the whole process and address any and all questions you have.

Take care.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496; (M) 602-565-3646; (F) TBD

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes
Leo Zuniga, Mortgage Broker Or Lender, Peoria, AZ
Sat Nov 24, 2012
Hi Phillicia,
Depending on what your credit profile reveals, I would be able to offer you a FREE credit report and a FREE credit consultation to assist you. I have experience being a credit analyst to explain to you what it is exactly you'll need to do to qualify. Most banks do require a 640 minimum fico score to apply. I'm happy to answer any questions you may have in regards to qualifying as well. Please feel free to call or email me any further inquiries.

Leo Zuniga
Web Reference:
0 votes
Debbie Nieman, Agent, Phoenix, AZ
Sat Nov 24, 2012
Talking with a lender that understands your situation can advise first. There are also owners that are willing to carry paper and alternative types of financing.

If you need a couple very good lenders that think outside the box, give me a call and I will forward to you.

I believe understanding the entire purchasing process can assist you with what to expect.

Hope you had a great Thanksgiving.

Debbie Nieman
Real Estate professional, Keller Williams Sonoran Living
0 votes
Adam Tarr &…, Agent, Scottsdale, AZ
Sat Nov 24, 2012
I echo the other responses as well. The best first step is always to talk to a loan officer. A loan officer can review your credit and other qualifying aspects and provide you with the information you are looking for. If you don't have one in mind, I have a few lenders that have provided excellent service to my clients that I can recommend. Please feel free to contact me.

Adam Tarr PC
Citywide Real Estate
0 votes
Rachel Shana…, , Peoria, AZ
Sat Nov 24, 2012

Like the previous agent stated you need to talk to a loan officer. Please give me a call and I have several lenders that I can put you in touch with to see if you would qualify.

Rachel Shanahan
Century 21 Northwest
0 votes
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