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Old 03-13-2007, 10:14 PM
 
Location: Illinois
250 posts, read 886,610 times
Reputation: 171

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Hello,

I didn't know where to post this, so I decided here was the best place. My husband and I really want to buy a house; we are tired of paying rent. We are tired of raising our three kids in a very tight space. I live in Michigan where house values are drastically dropping. We feel that now would be a good time to buy. However we are low income with poor credit. I'm not even sure we would qualify for even the smallest loan. I am afraid to go to a real estate office for fear I'd be laughed at. Are there any loan programs out there for families like us or is it all just a pipe dream?

Any advice you could give would be greatly appreciated! Thank you so much for your time!
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Old 03-13-2007, 10:19 PM
 
Location: Nine Mile Falls/Spokane, WA
1,004 posts, read 4,550,411 times
Reputation: 799
You should start by talking with a reputable mortgage loan officer to determine whether or not you qualify to purchase a home. There are first time buyer programs out there but they have requirements, too. A good lender will not just turn you down, they will help you figure out a plan to clean up your credit record so that you can qualify at some point in the future. It might take a while, but it's kind of like a diet -- you don't see results right away but after 6 months or a year, you might be in much better financial shape and be able to purchase. Good luck!
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Old 03-13-2007, 10:49 PM
 
3 posts, read 23,362 times
Reputation: 11
You might also try a seller willing to finance his own property. Be careful because if you are late or miss a payment he may take it back. You also will have to pay high interest.
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Old 03-13-2007, 11:53 PM
 
202 posts, read 445,129 times
Reputation: 37
Quote:
Originally Posted by WendyK View Post
reputable mortgage loan officer
there is no such thing. sorry but its true... carefull JenM they will give you all the money that you need and yu will default on your loan like so many will in 07 and forclose. talk to no one but your accountant or third party financial advisor (not realtors,bankers,lenders or sellers) all the rest are riding on the commission that they get from the sale of the home you will buy. they will tell you anything you need to hear and will give you the money too. You don't need good credit anymore, haven't you heard?

Be very very careful. just me .02
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Old 03-13-2007, 11:55 PM
 
202 posts, read 445,129 times
Reputation: 37
my post on the "housing smack down"... it should shake you to reality.
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Old 03-14-2007, 12:16 AM
 
Location: Sangamon County Illinois
166 posts, read 793,370 times
Reputation: 95
There are first time buyer programs where you may qualify for federal grant funds. I am a real estate agent in central Illinois, work with a lots of first time buyers, and recommend ALL my buyers make sure they are comfortable with their payment, regardless of the amount the bank is willing to lend them. There are many factors that can affect your payment. My advice is to talk to a local bank, see what kind of 1st time buyer programs they have available. One of my 1st time buyer families is closing on their home this week. They are receiving $10,000 in federal grants towards their 94,000 home, and an interest rate below 6% - through a local bank. Not all lenders have access to these funds - find one that does. Moderator cut: soliciting

Last edited by Marka; 03-21-2007 at 11:17 AM..
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Old 03-14-2007, 02:38 AM
 
Location: San Ramon, California
2 posts, read 10,105 times
Reputation: 10
AnimalLover is right there are many programs available for first time buyers. You really should look into it. Home ownership has a lot of perks. And oh by the way not all Realtors are ridding the commission. I for one get great satisfaction from helping my clients find the right home, and one they feel they can afford comfortably. I would never advise someone to get into a mortgage that they feel they can not afford. Its bad business!
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Old 03-14-2007, 10:38 AM
 
1,453 posts, read 4,809,395 times
Reputation: 735
Quote:
Originally Posted by house-hunter View Post
there is no such thing. sorry but its true... carefull JenM they will give you all the money that you need and yu will default on your loan like so many will in 07 and forclose. talk to no one but your accountant or third party financial advisor (not realtors,bankers,lenders or sellers) all the rest are riding on the commission that they get from the sale of the home you will buy. they will tell you anything you need to hear and will give you the money too. You don't need good credit anymore, haven't you heard?

Be very very careful. just me .02
You really should be more careful about making blanket statements like that. There are reputable people in all professions. moderator cut...

The poster said they have poor credit, she didn't say they can't afford to pay for a modest home. If they are renting now chances are they could find a home with a comparable mortgage payment. If a mortgage persons says they qualify for a loan, then it's up to them to decide if they can afford it.

Last edited by Marka; 03-21-2007 at 11:18 AM..
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Old 03-14-2007, 01:26 PM
 
Location: SE Florida
9,366 posts, read 23,557,903 times
Reputation: 9401
I suggest that you go to this site and find out what affordable home programs may be available in your area.

http://www.hud.gov/local/mi/community/home/

Quote:
Originally Posted by JenM View Post
Hello,

I didn't know where to post this, so I decided here was the best place. My husband and I really want to buy a house; we are tired of paying rent. We are tired of raising our three kids in a very tight space. I live in Michigan where house values are drastically dropping. We feel that now would be a good time to buy. However we are low income with poor credit. I'm not even sure we would qualify for even the smallest loan. I am afraid to go to a real estate office for fear I'd be laughed at. Are there any loan programs out there for families like us or is it all just a pipe dream?

Any advice you could give would be greatly appreciated! Thank you so much for your time!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-14-2007, 02:19 PM
 
Location: Burlington VT
1,405 posts, read 4,505,255 times
Reputation: 551
Quote:
Originally Posted by house-hunter View Post
there is no such thing. sorry but its true... carefull JenM they will give you all the money that you need and yu will default on your loan like so many will in 07 and forclose. talk to no one but your accountant or third party financial advisor (not realtors,bankers,lenders or sellers) all the rest are riding on the commission that they get from the sale of the home you will buy. they will tell you anything you need to hear and will give you the money too. You don't need good credit anymore, haven't you heard?

Be very very careful. just me .02
If you want to view people solely as members of groups, and make blanket statements about various professions, that's fine. You'll just look foolish - at best. But please, it's "Realtors".

By the way - You may want to pick up a newspaper. The lenders who have engaged in the kind of predatory lending practices you refer to are going out of business, you'll find it easy to find a story on this.

Being a Realtor myself, and a fairly even tempered one on a good day - I will say you've given one good piece of advice, and that's to consult a financial advisor. I routinely advise people to go see a CPA, or other tax preparer or financial advisor about the home buying process. In fact, a lot of CPA's can suggest a good mortgage person or two, and a Realtor specializing in assisting first-time home-buyers.

When I work with home buyers, by the way, I'm usually directed by the buyers to assume fiduciary duties on thier behalf. I don't take this lightly, and my past clients have become one of my best sources of referral business.
If didn't represent my CLIENTS properly, I'd deserve to be drummed out of the business.

You see, I actually share your feelings about lousy professionals. They make everybody look bad and encourage people to think ill of us regardless of our dedication and ethics. And that's a shame.

Respectfully,
David
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