Samantha, Home Buyer in West Saint Paul, MN

My fiance and I are looking into buying our first home. Both of us are first time home buyers and we both

Asked by Samantha, West Saint Paul, MN Wed Aug 20, 2008

have HORRIBLE credit. Is there anything out there that we would be qualified for? Or are we going to have a hard time finding a lending to give us a mortgage?

Samantha in Mn

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Cameron Piper’s answer

I am going to say a crazy thing as a realtor. Don't buy a house right now. It is my experience that "horrible" credit comes from somewhere, and that issue is only magnified when you buy a house. Take some time to save up some money, and build some good financial habits.

Come back to the table in a year or two with some money and a better credit score. Not only will you be better suited to handle what life throws at you after you buy the house, but you will also be able to get a better terms on your mortgage.

Cameron Piper
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3 votes Thank Flag Link Wed Aug 20, 2008
Samantha, I just had a meeting about this with a lender yesterday. The federal loan programs are coming to an end, but the MINNESOTA HOUSING FINANCE programs are not only still around, but there are new ones that just came about a few months ago.

PLEASE contact me. I'm an agent who always ONLY deals with buyers and first time buyers are my specialty. The type of service we provide is tailor made for first time home buyers. Please look at my website and call me to set up a meeting. I would really like to talk to you to help you determine what's possible for you and your fiance. Stay in touch!
1 vote Thank Flag Link Wed Aug 20, 2008
Samantha.....the answers below are great ones. It is tough to get financing with poor credit in the current market.

I have a lending partner that maybe you should speak with though. She is excellent at helping and guiding people on how to get thier credit repaired. I had a client that needed some help in this area, and she guided them in what to do and withing months thier credit score had jumped dramatically.

There not be a mortgage program that you qualify for today, but with work, and time, I'm sure she could get you into some sort of decent loan program.

If you like to e-mail me, I'd be happy to help you get in touch with her.

Thanks, Todd
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1 vote Thank Flag Link Wed Aug 20, 2008
Meet with a local realtor; tell them your story. They will be aware of any financing options available in your area. They can also introduce you to one or more reputable mortgage lenders who can help you figure out a plan to improve your credit rating and get you into a house. Time is of the essence. October 1 many programs will be stopped unless Congress passes another bill to extend some of the current programs.
1 vote Thank Flag Link Wed Aug 20, 2008
Right now lenders have titghtened up to the extreme. Your best bet is to contact a trusted lender to get guidance on how you can improve your credit to qualify when new programs start hitting the market. They should be able to assist you with guidance on improving your credit score, beware of internet lenders or opepel who offer to clean your credit for money, it doesnt work that way. Your best bet would be to find a lease option, that way rent money can go towards your future purchase.
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1 vote Thank Flag Link Wed Aug 20, 2008
Hello Samantha,

I am just following up with you to see if your credit has improved?
Do you need any help with approval for a mortgage?

If so I would love to help you
Feel free to contact me anytime.

As an experienced real estate agent, I know what it takes from start to finish helping buyers to get BEST deal possible and finding a home. I bring expert knowledge, valuable experience blended with the latest technology, a well-defined marketing plan, a comprehensive network, energy, enthusiasm and the excitement of a job well done

I would love to help you buy a home. I am very familiar with your area.

Please contact me today.

My contact info is below.

Thank you,
Ravit Berg.
Ravit Berg @ RE/MAX Results

Cell - 952.334.4179 | F - 651.460.1272 |
0 votes Thank Flag Link Tue Jan 31, 2012
You could always try to find a seller interested in selling there home on contract for deed!
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0 votes Thank Flag Link Mon Aug 30, 2010
Take your time save a little money. Start working on your credit now so when you are ready down the road your credit wont hold you back when purchasing your home. You may be able to lease to own or purchase a home on a contract for deed. These options are between you and the seller. You could avoid a bank if you choose a cd or lease to own. Be careful in doing so you may want to seek legal advice when purchasing on a cd due to the due on sale clause.
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0 votes Thank Flag Link Sun Aug 24, 2008
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