i want to buy a house,but my credit is not so good i do have stable job and my income is well good.Do you think i can possibly buy my own house?I

Asked by janet a, Palisades Park, NJ Wed Nov 30, 2011

hear a lot about the gov.program to the 1st time home buyer can i possible to apply for it?

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11
Scott Godzyk, Agent, Manchester, NH
Wed Nov 30, 2011
Janet the only way to tell is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…


PLEASE SEE MY BLOG FOR A FULL LIST OF TIPS AND ADVICE ON GETTING A MORTGAGE
Web Reference:  http://www.ScottSellsNH.com
2 votes
Maria FORSBE…, Agent, FORT LEE, NJ
Wed Nov 30, 2011
You need to speak to a mortgage representative whom can advise you of when you are ready to buy and what you need to get qualified. Feel free to send me an email to mia@villonrealty.com and I can send you some names of Mortgage Reps. Familiar with different programs for first time homebuyers!! Great market to buy!
Web Reference:  http://Www.viprealtorsnj.com
2 votes
Danielle Ari…, Agent, Los Angeles, CA
Wed Nov 30, 2011
Hi Janet,
Now is definitely a great time to buy. My best advice for you is to find a lender to see what programs would be best for you to get prequalified for a loan. From there you can see what you can afford now. An FHA loan is great because it doesn't require a large down payment and locks you in at fixed rate.
But, find a good broker and don't be afraid of your credit or assume you can't afford anything...there is something out there for everyone!!!
1 vote
Linda S. Cef…, Agent, Franklin, WI
Wed Nov 30, 2011
You received some great answers, but in addition, I just want to offer you a little encouragement. Depending on what caused your iffy credit, I have sometimes seen this turned around in six months or less. Make sure that you pick a lender that really enjoys working with first-time home buyers and credit repair.

Please come back and let us know when you buy that home!
Web Reference:  http://www.lindacefalu.com
1 vote
Chul Pak, , Northvale, NJ
Tue Aug 7, 2012
You must be able to afford monthly mortgage with 1/3 of your current proof income minus current monthly debts(credit card interest and car payment) after 25 % down payment...

You should talk with mortgage pro for exact figures...(^;^;
0 votes
Shawn Ryan R…, Agent, Belleville, NJ
Mon Dec 5, 2011
Cant answer this question without more info. Need the exact credit score (how bad is it?). Do you have a downpayment. The bottom line is that it is definitely possible if the home is priced very low.
0 votes
Annette Levi…, , New York, NY
Mon Dec 5, 2011
Janet,
A lot will depend upon your credit report since 1/3 of the mortgage qualification is willingness to pay your bills on time. If you feel your credit isn't good, go to your local nonprofit housing group for credit counseling. They will go over your credit report with you and tell you what you need to do. You should have a FICO of 640+ before going to a lender.
0 votes
Jonathan Fac…, Other Pro, Bridgewater, NJ
Fri Dec 2, 2011
Janet,
It's great that your in the mindset of becoming a homeowner, it is a wise decision in today's RE market because buyers have plenty of deals to choose from. The only way to to know if you can qualify in the present moment is to speak with a credible mortgage broker who will run the numbers and then give you his/her options. I work with a great mortgage brokerage firm/credit repair specialist who would be willing to consult with you. Let me know if you want me to send you over their information. Best of luck!
Web Reference:  http://www.rent2ownnj.com
0 votes
Maria FORSBE…, Agent, FORT LEE, NJ
Thu Dec 1, 2011
There is a grant for Hudson County for first time home buyers! Bergen county has the American dream program! Many banks have their own programs to qualified buyers.
0 votes
Chris Gubb, Agent, Ridgewood, NJ
Thu Dec 1, 2011
Hi Janet,
I'm not sure WHERE you are thinking of buying...I cover Northern Bergen County but....

I do work with an awesome lender who could tell you immediately if you can qualify AND what you would qualify for thus narrowing down your shopping price point.

He would review total closing expenses including average attorney fees, title searches etc as well as monthly expenses of mortgage payments, taxes and insurance costs. This will give you a true picture of the monthly budget you should allow AND the on hand cash you might need.

Now really is the time to buy! We all know those interest rates are historically low but in addition December sellers tend to be more negotiable on price. Once we hit the Spring market the buyer pool increases and we are then competing with many.

Send me you email address if you want the name of WHO to contact at Atlantic Mortgage AND/OR if you want me to set up a Personal Automated property search within your price point. No pressure to buy...you can just start to educate yourself on towns and what your dollar could buy.

See below link for my Client Testimonials and Philosophy.
Take care,
Chris Gubb
Keller Williams Realty
0 votes
Marie Souza…, Agent, Centerville, MA
Wed Nov 30, 2011
Janet - As others have stated below, the best way to find out if & what you qualify for, is to speak with a lender. Best of luck!
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
508-790-2000
info@mariesouzateam.com
http://www.facebook.com/CapeCodRealEstateServices
0 votes
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