my credit sucks, I know!!! I got credit cards right away when i turned 18, and just messed up. Im trying my hardest to pay all my bills on time (my rent is always on time as well as the utilities) so with that its hard to fix my credit report. Am I able to get a mortgage or is this just out of the question? I pay so much for rent right now 50.00 a month!! Paying that much I want to be able to own my home and paint the walls if I choose to you know? Any advice would be help full, Thanks
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Mon, Aug 30, 2010
August 30th, 2010 at 9:49 am
Your best bet is to take the next year and establish yourself as someone who pays bills – and pays them on time. Consult with a mortgage professional for the best advice on increasing your score. Most lenders I work with can’t do anything for you if you have any late payments in the last 12 months. Next thing to look at will be your debt-to-income ratio. Then build your savings. Good luck!
August 30th, 2010 at 9:49 am
You’d be lucky to get a loan for a bottle of water.
August 30th, 2010 at 9:49 am
No way, sorry.
August 30th, 2010 at 9:49 am
LOL If you can then theres hope for me too ! thats about what mine is and i just got a chapter 7 bankruptcy discharge 2 weeks ago !
August 30th, 2010 at 9:49 am
No. FHA loans require a minimum credit score of 620 and even then a lender could require a higher minimum score. I have a family member that has recently been applying for mortgages and three of the lenders in my area will not approve a mortgage for anyone with a credit score lower than 750 – one lender is even higher than that. You aren’t ready to own if you still have credit card debt and if you cannot manage to pay all of your bills on time… can you get a roommate to lower your housing costs? Take the year to clean up your credit and pay off your debt. Plus, do you have a down payment saved. 20% down + closing costs is recommended; however, even an FHA loan requires 3.5% down and closing costs. So, if you’re looking for a $90,000 house you’ll need at least $3,150 for a down payment and around $3,000 – $5,000 in closing costs saved. Plus, you’ll want to make sure you have additional resources available for utility deposits, and repairs that need done, etc.
August 30th, 2010 at 9:49 am
u didn’t volunteer where you are. Save 25% for a down payment.
or–find a seller who will do a "lease option" or a "land contract"’
August 30th, 2010 at 9:49 am
No way, you are not even getting a lease option with that credit score, no owner in their right mind would rent to a young adult with that credit score. It is easy to screw up your credit, not so easy to fix it. You are going to need to buckle down, save save save, pay off that debt and forego fast food, nights on the town, dates out and such to get in a position to buy a house.
I had clients that kept a picture of a house they wanted in their wallets, and every time they went to pull out money, there is was, reminding them of what was important. They got themselves in a position to buy and are happy as heck to be in their own home after years of renting.
August 30th, 2010 at 9:49 am
No.
Why are you paying so much in rent?
August 30th, 2010 at 9:49 am
no. not unless you have 20-30% to put down, and even then, it will be hard.
Why are you paying so much for rent.
September 3rd, 2010 at 6:47 pm
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