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First Time Home Buyer Poor Credit All Locations : Nationwide Real Estate Advice

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Showing results for First Time Home Buyer Poor Credit [Clear search]
Mon Sep 22, 2014
My NC Homes Team answered:
Your going to want to find an expereinced buyer broker to help you find and buy a home. Here's a link to an article on how to do this: http://www.trulia.com/blog/LarryTollen/2011/09/how_do_you_choose_a_realtor

You're also going to have to qualify for a mortgage which will require you to improve your credit which you seem to be working on. I've atttached a link below on how to do this as well.

Finally if you have any access to a Credit Union (as a lending source) I would suggest you speak with them about a mortgage before going to the tradtional banks. I would avoid any of the big banks (wells Fargo, Bank of America, Suntrust etc) as these banks make things much harder than they need to be.

Best of luck to you.
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Sat Dec 29, 2012
Ron Thomas answered:
Many, many Buyers right now are squeezing in to their new Loans; they do not have money let over to do repairs and upgrading:
They are looking for turn-key house.
Or else, they plan on doing the re-hab later.

Doing the work before-hand, not only helps this buyer, but it shows better for all prospective buyers.
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0 votes 10 answers Share Flag
Fri Dec 7, 2012
Ahebert91 answered:
Everyone i have contacted doesnt seem to take us seriously, i feel. I had a car loan i paid off early by 2 years, and my name is currently on a second car loan that will be paid off in about 2 years. Everyone i have contacted said i had no credit history and when i suggested having my bank send them my payment history the never replied and have ignored me since. I am very upset and feel as though my dream of owning a home for my children to grow up in will never happen. ... more
0 votes 5 answers Share Flag
Sun Dec 16, 2012
Ivan Sagel answered:
Truce,

Even if you have bad credit, you can still pay cash for real estate.

All the best,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes 17 answers Share Flag
Fri Nov 30, 2012
Gabe Macaluso answered:
Good Morning Dexter,

Did you sign a buyers agency agreement? If so, it says in the agreement what commission you agree the buyers agent is working for. In that agreement it says the agent will do what they can to get it from the seller, but ultimately you are responsible for paying the agreed upon amount.

Additionally, with the Internet and so many real estate websites, it is becoming more and more common for buyers to feel like they are doing the legwork of finding the home.

Ultimately, you need to have a conversation with your agent. Talk to them about the expectations you had and where you feel they are not meeting those expectations.

A reputable agent should be able to explain and show you what they are doing, why they are doing it, and fix any problems.

All the best,
Gabe

Gabe Macaluso
Broker/Realtor
gabe@paramountrealtysolutions.com
919.228.9421
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0 votes 10 answers Share Flag
Sun Feb 26, 2017
Debra (Debbie) Rose answered:
Ok, Trulia, I'll bite and answer this one!

Yes..........any agent with integrity, intelligence and honesty will say that if the buyer's individual financial situation calls for it.
Whether it is, or isn't, the "right/good time to buy" soley depends on that person's needs........ the timing........ and their circumstances - financial and otherwise.

It's not just about low interest rates or inventory or lower prices.

Seeing agents state, as a blanket statement......... "now is the best time to buy" annoys me...........
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0 votes 22 answers Share Flag
Tue Nov 20, 2012
Mike Hill answered:
Iris, there are often classified ads in the Valdosta Daily Times for "lease to own" properties, but while I've seen exceptions, there are problems with the entire concept from both the owner and tenants side. The tenant often wants a lease/option because poor credit scores mean buying is out of reach. Owners will often turn to lease/options because they can't sell an over-priced property.

Some of those owners are savvy investors who'll charge more rent and a higher purchase price than the property is worth, so don't care whether you ever buy it or not, especially if you've made a cash deposit they'll get to keep, if you don't eventually buy. Many will also make you responsible for the repairs and maintenance as part of the lease/option agreement.

Usually, the only way rent-to-own or lease/options work for the tenant/buyer is for the tenant to nail down a specific price today and stay in the property long enough, even at over-priced rent, for the property to increase in value higher than the "own" or option price, while the tenant cleans up credit problems.

It's not always possible, of course, but the best position is to have the credit and income to get a mortgage for what you want, so you can offer the seller cash. Interest rates are so low right now (below 4% for owner occupied houses) that payments on a $100,000 mortgage (30 years) are less than $100,000.
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0 votes 7 answers Share Flag
Mon Nov 19, 2012
The Roskelly Team answered:
Hi Florell, we can get you pointed in the right direction. Give me a call or email tomorrow or visit us on-line at www.fortmeadehomes.com.
0 votes 5 answers Share Flag
Sun Nov 18, 2012
Paul Silverman answered:
It is always better to pay cash. There are so many fees you will save by doing this, less speedbumps that you could hit and a much easier closing. Let me know if I can help you in your search. ... more
0 votes 20 answers Share Flag
Mon Nov 12, 2012
Ron Thomas answered:
The SELLER pays the Seller's Closing Costs,
The BUYER pays the Buyer's Closing Costs;
unless some agreement is reached for something different.
Talk to your Realtor.
0 votes 10 answers Share Flag
Fri Jun 13, 2014
Robert Lisa Measer answered:
The best thing to do is to find a Realtor that can help you along the way. Read my blog about first time home buyers. Then give me a call! 716-912-2915

http://www.realestatewny.com/five-tips-for-first-time-homebuyers-in-western-new-york/ ... more
0 votes 11 answers Share Flag
Thu Oct 5, 2017
Hank Remschel answered:
Don't give up Hope. Check with a few local mortgage lenders to get pre-qualified. Go to those that do not charge application fees (ask them before moving forward). Those that want your business will be happy to guide you through the process of getting your credit to the point of being able to buy a house. Will it be easy? I don't know, but make that first call to find out. ... more
0 votes 16 answers Share Flag
Sat Apr 20, 2013
Joseph Pytcher answered:
I have great realtor's in your area and I love working with first time home buyers. If you'd like, please give me a call and we can discuss your financing options. Hope to hear from you soon!


Joseph Pytcher
(972) 473-2437
joseph.pytcher@cobaltmortgage.com
www.cobaltmortgage.com/josephpytcher/
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0 votes 23 answers Share Flag
Fri Nov 16, 2012
answered:
Hello Gladys,

FHA requires that you have 3.5% of the purchase price for down-payment.
Some other programs VA USDA and PHFA requires no down payment but they may or may not be available to you or the best program for you.

As for closing costs, they can be paid by the seller with a seller assist

. If you have more than 3.5% to put down it may save you money to put a larger down payment down.

Give me a call and I will be happy to work up some numbers for you

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
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0 votes 7 answers Share Flag
Thu Nov 8, 2012
Maria Gilda Racelis answered:
My recommendation to you is to consult a loan officer to prepare yourself to trek the road to home ownership.

"Instead of looking at homes through the eyes of an economist, weâ€re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are.” ... more
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Sun Apr 28, 2013
Kenneth "Kenny" Bebensee answered:
Contact any lender of your choice to get per approved usually for free. Then you will know for sure what the loan will be and terms of the loan.

Kenny
Turtle Creek Realty
0 votes 19 answers Share Flag
Mon Apr 25, 2016
Ted Greene answered:
Yes you do. Most buyers agents will not show you houses until you get pre-approved and they know how much you can spend. I can refer you to someone who will pre-approve you. Call me at 916.442.4500.
Ted Greene
JCL Realty, Inc.
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0 votes 15 answers Share Flag
Sat Mar 30, 2013
Joseph Pytcher answered:
If you are not happy with your realtor, I would highly suggest finding a new one. One whom you can trust and who is in constant communication.
0 votes 26 answers Share Flag
Wed Jan 23, 2013
Fred Yancy answered:
What You Can Do to Improve Your Credit Score

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
1.Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2.Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3.Don’t charge your credit cards to the maximum limit.

4.Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5.Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6.Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7.Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8.Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

It is always best if you take control of your own finances instead of hiring someone to do it for you. Best of luck with repairing your credit.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-463
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0 votes 6 answers Share Flag
Mon Oct 15, 2012
Dan Tabit answered:
Julio,
Brokers are paid by either you, the bank they arrange the loan with or by both. Fees are disclosed and can't change without several days prior notification. How much depends on various factors. Each lender can set their own rates and fees.
It's always a good idea to get a couple of different quotes so you can see your options and who will take the best care of you. Best of luck.
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