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I have very bad credit but am working on it currently and am giving myself 6 months to fix and 6 months to build is that enough time to buy???
I need help in knowing what to do to get me a home I know nothing and wish to start getting myself educated so I won't ever end up in debt again.
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A good Loan officer is the one to ask about your credit. I have found that most people do not understand credit and the do's and dont's of fixing their credit. For Example, most people think it is best to pay off a credit card and close the account, but this could put you in worse shape. Connect with a loan officer and they will guide you to credit restoration. Good luck.
Try going to your bank and calling with them. Most banks have mortgage divisions who can assist you there. It's a good place to start! Thanks
Dear Ziomara, you are well on the way. Yes, working with a good lender who can assist you with your credit report and the process is key, as well as a realtor to guide you through the process. Here is a great blog on how other first time home buyers have overcome credit issues, and bought their own house. Good luck and happy new year. actvra.in/qfT
Congratulations! on taking steps towards repairing your credit. Do you have anyone assisting you with your credit report? We have professionals that can explain what is needed to raise your credit score and more importantly give you some accountability to get things done. There are several banks that will go as low as a 580 credit score with 10% down payment, other banks we work with will allow you a loan as low as 600 but almost all banks will accept a 620 score. We do have options where you are able to do a lease option while you correct your credit. It is a good idea to save some money for down payments or closing costs. Good Luck, we hope we have helped you in some way.
Getting your credit score up to par, is the best place to start. Without good credit, all the planning in the world will not help you get a home. Once your credit is good enough for a mortgage, around 640, you can start looking at homes to purchase. Using the information from your lender, you should be able to estimate your price range. You dont have to go to the top of the range, just go where you feel comfortable. Building a home usually takes about 4 months unless the weather is just really terrible. Start saving for the home now, stop buying things that you dont NEED and save! Good luck to you.
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