Ryan Wright, Home Buyer in Greenwood, IN

new car should looking to buy first home...

Asked by Ryan Wright, Greenwood, IN Thu Aug 30, 2012

hello i recently purchased a new car in may and i am kinda in the housing market as well. i have been at my job for over 2 yrs and im about to turn 25. my credit score i kinda on the low side at 633 so i was just wondering if i should bother looking for at houses at all or should i just rent for a while til i can get my credit in a better situation? thanks, Ryan

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"your" Home…, Agent, Town of Johnson, VT
Thu Aug 30, 2012
Hi Ryan,
Congratulations on the new car purchase! A score of 633 is right on the edge of qualifying for a mortgage. The best way to see what your options are would be to talk to a lender. When you run your credit online that score may be different from what a car dealership score would be, and a dealership score may be different than what a mortgage score would be. I have a great lender that would be able to tell you if a new home is an option with your current situation, and if it is not an option she will be able to help you come up with a plan to make it an option for the future. Please feel free to call or email me with any questions!!

Brooke Huffman
(317) 512-5682
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Joe Farley, Agent, Greenwood, IN
Thu Aug 30, 2012
You have received good advice Ryan. My guess is that you could get a loan. That does not necessarily mean you should get a loan. It depends upon individual circumstances on whether it is right for you at this stage of your life. That coupled with your financial readiness and goals determines if it makes sense for you to jump into the real estate game. You might be better to wait for a year and save some money or you may already have that. Do your homework,talk to different professionals who emphasize service and are willing to answer questions rather than someone just trying to sell you something. It is a great move and very rewarding when done at the right time. Best wishes to you with your goals. I would be glad to help whenever the time is right. I can be reached at 317-881-6407.
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Doug Zobel, Agent, Greenwood, IN
Thu Aug 30, 2012
It's a great time to be a buyer in Indiana. Prices are still low, and interest rates are below 3.7%. Most lenders like to see a credit score of at least 620. I recommend talking to a good lender that handles a wide range of mortgage programs, like Stonegate Mortgage or Academy Mortgage. Both have local offices here in Greenwood.If you would like their contact information, just let me know. If they will pre-approve you for a loan, than you're ready to go. Please feel free to contact me, if you have any other questions.I'll be happy to explain the whole buying process.As a buyer, my services to you are free. I'm in the Carpenter office at the corner of Smith Valley and US 31. My office number is 317-881-8100.
Have a great day Ryan!

Doug Zobel
Associate Broker
carpenter Realtors
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Brad Osborne, Agent, Greenwood, IN
Thu Aug 30, 2012
I agree with Larry. The first thing you should do is talk to a Realtor and mortgage rep. That will help you determine whether or not you would like to purchase a home and how much you can afford. I am a Realtor in Greenwood and would be happy to sit down with you for a buyer consultation. Feel free to call me 317-258-3651
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My NC Homes…, Agent, Chapel Hill, NC
Thu Aug 30, 2012
I would suggest sitting down with a mortgage lender and finding out whether you can get a mortgage or not. I'd also speak with them about the effect your credit score is having on the mortgage terms you're being offered. While you may be able to get a mortgage if your credit score is low it's going to have an effect on your origination fee, your interest rate and may even require you to maintain private mortgage insurance depending on a variety of factors.

I would speak both with a traditional mortgage lender (bank) and at the same time if you have access to a credit union I would advise you speak to them as well as they don't operate the same as traditional lenders do and may be more willing to work with you than a traditional lender.

I've attached a link below to a blog I posted here on Trulia earlier this year that might help you understand the effects of low credit on getting a mortgage.

I wish you all the best and don't get discouraged if you don't qualify for a mortgage, you're still young and to be congratulated on your forward thinking.
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