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I am sick of apartment living. I am ready to be a homeowner. Problem is, my credit isnt so great. What can I do? How do realtors work with people who have poor credit? Is my dream of owning a home shot to hell because of my bad credit?
Keep in mind that a realtor cannot "fix" someone's credit. Ultimately, it is a bank/financing company that determines what a potential buyer can afford/borrow. Your best bet is to save a substantial down payment before starting to shop for a loan. Borrowers with lower credit scores have to make larger down payments.
I am ready to be a homeowner. Problem is, my credit isnt so great. What can I do? How do realtors work with people who have poor credit? Is my dream of owning a home shot to hell because of my bad credit?
How bad is bad? It also depends what is on your credit report. Your dream of owning is not shot, but you might have to wait. You need to talk to a lender and they will look at your credit score, income, debt, and savings. Have you looked at your own credit report?
How bad is bad? It also depends what is on your credit report. Your dream of owning is not shot, but you might have to wait. You need to talk to a lender and they will look at your credit score, income, debt, and savings. Have you looked at your own credit report?
This.
If things are overwhelming, it's possible you could recover quicker after filing bankruptcy. I'm not a fan of pointing people in this direction, but sometimes it can be the quickest path to homeownership. Of course this should be after you have tried everything possible with your creditors. (And this is assuming the debt is still there). Some debt you are stuck with, such as tax liens and government backed student loans (our next crisis). If it's all a bunch of collection (especially medical), you could be closer than you think!
Bottomline: get with a lender, it's not anything they haven't seen before.
Find a local mortgage broker and ask them what it will take for you to get a loan. Some even have programs that help you...investigate the programs first because some are great and some are scams.
Meanwhile, pay your bills on time, save money, and stop spending on anything not a necessity. If you can't do that, home ownership is not for you.
Find a local mortgage broker and ask them what it will take for you to get a loan. Some even have programs that help you...investigate the programs first because some are great and some are scams.
Meanwhile, pay your bills on time, save money, and stop spending on anything not a necessity. If you can't do that, home ownership is not for you.
I like this answer.
Because the answer is "None of us know - consult with a trustworthy lender". Start with your bank's mortgage lender that you can go see face-to-face, and also ask someone you know that recently bought a home who their mortgage lender was.
A good mortgage lender will tell you what you need to do, and whnh you can become qualified. Then, it's back to being your responsibility to meet those goals and timeframes.
You'll need a substantial down payment to buy. So start saving up your down payment and in the meantime, pay all bills on time and pay off any judgments that you can afford to pay off. Your credit will be improving as you save up your down payment.
Sometimes you can find an owner carry where the seller provides the financing. For that, you must have a generous down payment and you will pay a high interest rate. There are many scams involving rent to own. so I suggest that you take the time to study how it works before you commit.
There are some banks that will finance you under the 580 FHA program, but there might be additional stipulations to that. You need to talk to a lender, and then most likely a credit repair specialist.
How come you tired of living in apartment? Aside of reasons I am aware of? As you may be VERY disappointed taking on home ownership. It's not as much of "my home is my castle" as it is of continuous work. Home ownership comes with a hefty need for owner labor, or it will cost you pretty penny to hire folks for all kinds of chores. Plus you may end up with The Neighbors. Being stuck with mortgage same time.
Answering that question will help you more than all the credit questions. You wrote "I am sick of apartment living" but didn't say why. The grass is always greener on the other side. Only by understanding why you're sick of apartment living and how a house will help, and whether you might become "sick of being a homeowner" can you really understand what you really want and what directions you should be aiming towards.
Not only do you have to repair your lawnmower, but you also have to repair the tools you use for repairing it. You have to have a place to store it and them. And also the tools you use for repairing the tools, and the ones you use for repairing those. That's a metaphor of course, because lawn mowers aren't really that complicated. But they're a symbol of what you get into as a homeowner who has to do his own repairs etc. Your shed will be full of old junk such as leftover roofing materials from the last major windstorm repairs. You will have a tree with a disease just bad enough to make you worry year after year whether you should remove the tree, but not bad enough to make you actually remove it. You will become an expert at fighting weeds, with the same level of expertise soldiers gain in war. But in spite of that expertise, you will always feel like you're losing the war. You will have plans for upgrades and improvements, but things will happen, and a lot of those plans will get pushed back, year after year, while you attend to more urgent things. Then one day you will wake up and realize you have a backlog of years of repairs, improvements, upgrades, etc., that you're likely to never get around to. And that's when you start shopping for your second house, this time with the experience to know exactly what to look for, and what to watch out for. Or maybe by then you will be retired, and want to just go back to living in an apartment.
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