Question to real estate agents (apartments, lease, eviction)

[somebody111111]

Sorry if this is a dumb question, but I've only rented apartments before. I'm planning on getting a house when my lease is up later this year ($500/mo range). If my credit score is good by the time I wanna move and I also have a co-signer on top of that, would you look at past credit mistakes and decline me because of a few closed accounts in the past? I don't have any eviction notices, have always made my apartment rent on time, no felonies, never had my car repossessed etc etc.

If I stay up on all my payments until I'm ready to move, will that make up for past mistakes?

[forzalugano]

FHA will go down to a 580 FICO score, even less with 10% down. You should contact a local lender and have them make suggestions on what you need to do to get qualified within the year. Maybe you're already good to go?

Don't go to a local bank they are the most conservative, try a mortgage broker or company that is a bit more aggressive on funding loans that may not be A-paper perfect.

[oregonwoodsmoke]

You want to get a house. You mean rent a house instead of an apartment, or buy a house?

I suspect you mean rent, because one doesn't normally have a cosigner for a mortgage. On the other hand, you don't normally go to a real estate agent for a rental. It would help if you would clarify.

[forzalugano]

FHA will allow a non-occupying co-borrower, but they must be a relative or a close friend.

[SelwaySasquatch]

Originally Posted by somebody111111

If I stay up on all my payments until I'm ready
to move, will that make up for past mistakes?

Payments?
If you have any debt whatsoever,
buying a house is a bad move.
The smartest course of action is to be completely out of debt.
Rent the cheapest thing you can stand to live in while
you save money for a down payment on a house.
After you have about $20,000 banked, and you're completely out of debt,
your credit score will likely be over 720 by virtue of being patient and responsible.
Then, and only then, should you buy a house with a conventional loan,
not FHA, VA, or any government-backed "strings-attached" financing.
You should be able to put 20% down, and finance
the rest for 15 years or less at a fixed interest rate.
Your monthly payment should be no more than 25% of your take-home pay.
The way to "make up" for your past mistakes is
to pay for them, then be patient and responsible.

[captchaos145]

Originally Posted by somebody111111

Sorry if this is a dumb question, but I've only rented apartments before. I'm planning on getting a house when my lease is up later this year ($500/mo range). If my credit score is good by the time I wanna move and I also have a co-signer on top of that, would you look at past credit mistakes and decline me because of a few closed accounts in the past? I don't have any eviction notices, have always made my apartment rent on time, no felonies, never had my car repossessed etc etc.

If I stay up on all my payments until I'm ready to move, will that make up for past mistakes?

Ok after reading the follow up posts I strongly recommend speaking with a Mortgage Loan Officer. You're asking all the wrong questions. There are a lot of unknowns in your post/question.

[humeston]

Originally Posted by SelwaySasquatch

Payments?
If you have any debt whatsoever,
buying a house is a bad move.
The smartest course of action is to be completely out of debt.
Rent the cheapest thing you can stand to live in while
you save money for a down payment on a house.
After you have about $20,000 banked, and you're completely out of debt,
your credit score will likely be over 720 by virtue of being patient and responsible.
Then, and only then, should you buy a house with a conventional loan,
not FHA, VA, or any government-backed "strings-attached" financing.
You should be able to put 20% down, and finance
the rest for 15 years or less at a fixed interest rate.
Your monthly payment should be no more than 25% of your take-home pay.
The way to "make up" for your past mistakes is
to pay for them, then be patient and responsible.

SelwaySasquatch post may be hard to take. It is tough these days for Americans to save anything. But take it from someone who many years ago heard the same wise advice and ignored it. Sooner or later you have to pay the piper. The longer you wait, the harsher it will be. Debt will destroy you. I am in my sixties and only four years ago did my wife and I learn how to live without credit cards. Yes, it can be done. It means budgeting, and then living the budget. It means suffering now for a short time in order to create a much better long term situation. We are still paying off our credit debt from years ago, but can see the light at the end of that tunnel thankfully.

I wish you all the luck and will power in the world.

-Dart