John Mccurry, Renter in Butler, PA

where would be the best place to seek help, so i don't get taken advantage of, if i have bad credit?

Asked by John Mccurry, Butler, PA Sat Mar 12, 2011

i am a veteran and i have already purchased one house while i was in the military but had to get out of it because of safety reasons. i am renting but am starting to look for a house because im tired of renting. i dont have much money to put down and most of the money i get right now is from my gi bill because i am a full time student.

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6
Ed Fallon, M…, , West Chester, PA
Sun Mar 13, 2011
Start with a non-profit housing agency, such as those approved by the Pennsylvania Housing Finance Agency. I've included a link to the approved agencies in Butler County.
0 votes
Barbara, , Butler County, PA
Sun Mar 13, 2011
John....."IF" you have bad credit......let's find out first ok? My mortgage guy in Butler is Dave, office number is 724-282-7903 (my office). Call, ask for Dave or leave a message....he WILL call you back. IF credit is bad....now we know and then Dave will tell you what we need to do to fix it :)
If credit is OK.....we need to find out if you can use your VA loan....not sure if you can since you mentioned another home you had bought....is the VA loan locked on that one?
Owner financing is also an option but they will want some money down....negotaible. I have 2 homes right now offering owner financing which IS DIFFERENT than "rent to own". Owner financing is the seller acting as bank and your full monthly payment goes toward that loan....not a small portion of it as in "rent to own". The sellers I have in these 2 situations do not do "Credit Checks".
Let me know if I can assist :)
0 votes
Randy Schwei…, Agent, Sarasota, FL
Sat Mar 12, 2011
Hi John,
If you are still on active duty, I would check your branch sources for a) credit repair sources and b) see if there is a VA mortgage representive on base. Then I would contact a realtor with a large, well-known real estate brokerage and see if they have a mortgage broker who is knowledgable about VA loans. Through the VA, you can check the status and amount of $ available to you for a loan or that VA loan person can guide you.

Repairing your credit. See if there is a Coldwell Banker office near you, as we are affiliated with a couple of nationwide mortgage brokers and request a copy of different steps to repair your credit and another form which lists the steps to take prior to making a home purchase. Your credit score is one number today and is checked when a mortgage broker gets a pre-approval for a loan and then is rechecked prior to closing on a purchase. Too often buyers check too many mortgage sources and sometimes made large purchases prior to a purchase and that can reduce your credit below the accepted threshold.

If you cannot locate these Buyer Guideline forms, drop me an email and I will send you the ones I use to help buyers.

Lastly, you say "so I don't get taken advantage of". I don't understand what you mean unless you have had a bad experience. Do share that experience with the mortgage broker, so they can help you. The lower your credit score, the higher the mortgage interest will be. Rules are different on VA loans and that is why you need to find a mortgage broker who has lots of experience in accomodating you.

When looking for your home, I would interview a couple of agents and find one you like and will trust. They can set you up on your local MLS to get current listings that meet your criteria.

By the way, if you are considering purchasing in a rural area, ask the mortgage broker if a property will qualify for a 100% USDA loan. This loan comes from the Fed Agriculture Department.

Good luck.

Randy Schweitzer
Coldwell Banker Sarasota
0 votes
John Pinkham, Agent, Wexford, PA
Sat Mar 12, 2011
Hello John, The best advise I can offer is to find a realtor you can trust and have a lender try and preapprove you. They will bring any issues forward and then they can be resolved one by one until you are ready to purchase without worring about your credit or being taken advantage of. Using a good realtor who trusts the lenders he uses gives you the peace of mind that we are helping you to get a good deal and not just a sale for them. Good Luck
0 votes
BG, Home Buyer, Phoenix, AZ
Sat Mar 12, 2011
0 votes
Jason Brecht, , Murrells Inlet, SC
Sat Mar 12, 2011
Best bet would pry be to talk to the place you do your banking and see what options they have to offer you. Some banks also have a finacial advisor there that may help you put your financing together for a home purchase..
0 votes
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