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Talk to a mortgage lender first before you do anything. A good mortgage lender will assess your situation and tell you what you need to do get your finances in order so you can meet your goals. No reason to guess on these things and it doesn't cost you anything to speak with one if you are serious in pursuing this avenue. good luck.
Each time we've purchased a home, there was at least $10k of surprise fixes that needed doing. If you cannot afford to put a new roof on it, you probably shouldn't buy it. Right now we are renting for several years in order to build.... there are always the unexpected things in life but I've found this to be especially true with homeownership. Why not rent for a while (actually a smart thing to do at the moment w/the economy if you don't have to buy), improve your credit, then get something you will be able to truly enjoy instead of setting yourself up for possible disaster.
Just my opinion, but...buying a house will be a blessing if you are financialy prepared but it can be a real nightmare if you don't have your finances in good shape...why not move down and rent first? I think your $900 will go further then in Massachusetts, meanwhile you can take a year or two and straighten out the financial picture? Are you familiar with Dave Ramsey'S Financial Peace program, he offers solid, real world advice for getting yourself on track financially. Here's his website if you want to check it out...Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.
Best of Luck too you!!
Quote:
Originally Posted by uncletupelo
Someone with poor credit and very little cash available should not be looking to purchase a home. I would recommend getting your financial house in order and then try and buy a home. Just my 2 cents as a 20 year home owner. Good luck.
I agree with this advice. What if you shared a rental house with some others or rented a room for a year or so while you get all your debts
and credit cards paid off?? Be sure to have your baby in a safe situation but with that said, babies do not need much space. Focus on getting all your bills & debts paid and then think about buying a home.
If you call the Dave Ramsey Show for advice he might give you a copy of
his program. He is big on helping people in your situation get off to a good start with a good plan.
You were smart to get an education ...so home ownership will come...
I just think it will be a blessing instead of a burden if you wait until you are out of debt and have a financial cushion of savings. Your student loan
may be the exception to have paid off because I know that takes awhile. That would be a great question to ask Dave Ramsey.
Don't be scared he will be hard on you if you call. He will think you are smart to get an education and that you are seeking advice. You can listen to him on the web also.
Sorry to go on and on... someone close to me had the exact situation and
made a good plan and now has the house and good finances so I am passionate about it.
what about a car ... is purchasing a car a possibility with bad credit and little money down ... I do have a decent car which would be worth 4-5grand if it did not have significant body damage on the passenger door. Now I am hoping to get 1000-1500 for it towards a new car.
This is how our country got into a financial/mortgage mess in the first place! Do NOT buy a house until you have your finances in order. Surely not something you wanted to hear but this is a realistic advice.
Amen brother... I couldn't have said it better myself.
I am new to this forum but have seen some great advice so I figured I would give this site a shot. I am currently living in Massachusetts and looking to relocate to North Carolina, I lived there for several years as a kid and absolutely loved it, and I believe it would be a great place to raise my newborn. I finance my college through student loans and credit cards and as a result of this have bad credit now, since I couldnt afford to support my finace with all the bills of the house at the time I had to lapse on my student loan payments, a blown motor in my car also forced me into a high interest car payment. I know I can afford a small mortgage, as I currently pay 900 for rent alone, with my fiances combined income I can afford to start paying my bills back as well now. Any and all advice would be appreciated since I am having a very difficult time finding legit advice online. Thanks so much everyone
Not a problem.
All over the east, mid west and south are distressed properties with owners begging to sell. Research properties in these areas. Not foreclosures. Banks won't deal. Must be an owner involved to do an owner finance. Make them an offer. There are many homes for under 20K. You must have some cash for inspections, title search, an attorney to do the paperwork.There will be problems with repairs. You need to know what you can handle.
Several months ago I had to work out a deal to help a non citizen make a RE investment. Banks wouldn't touch it (oh, the irony). I didn't have a clue of what to do so I posted here for help. And didn't get a single reply. So I blindly set out to find how this could be done. And did. Let me know if I can help.
Last edited by robertjohnson; 06-21-2009 at 09:25 PM..
Talk to a mortgage lender first before you do anything. A good mortgage lender will assess your situation and tell you what you need to do get your finances in order so you can meet your goals. No reason to guess on these things and it doesn't cost you anything to speak with one if you are serious in pursuing this avenue. good luck.
This is the BEST advice for you.
Nice to have other people's OPINIONS but if you want to know the truth, go to a professional lender that can advise you.
a professional lender has something to gain. Just because you can find a lender that will get you a loan does not mean that you should. it is absurd for someone with poor credit and no money to even think about buying a home. What a commissioned mortgage broker thinks is irrevelent.
"You must spread some reputation around before giving it to uncletupelo again."
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