Questions & AnswersOhioSalemBuying a HomeQuestion

Me and my husband our first home buyer with not alot of credit. My question is how do we even go about buying a home around 20,000?

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(0) | asked by: Ronnie Hawthorne | share | 3 months ago | Report
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answer by Adrian Provost   |   Visit My Website   |   Contact Me
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I would suggest getting in contact with a reputable mortgage lender to get pre-approved for a home. They'll be able to guide you through your financial obligations and the lending process.
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answer by Terry Ann Hammond   |   Visit My Website   |   Contact Me
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Ask the owner if they will consider a lease/option or land contract. You may want to check with some small local lenders. They may finance it for you. I did get a loan once for $3,600 with $1,000 down payment. So it is possible to get a small mortgage loan but today it isn't easy.
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answer by William Dawes   |   Visit My Website   |   Contact Me
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The answers below are spot-on! "Not a lot of credit" is very vague. If you have even 1 credit card with some rent history, that should be sufficient. I'm in Salem, right downtown across from Home Savings & Loan. Feel free to come by or call. We have no minimum loan amount.
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answer by Joan Dixon   |   Visit My Website   |   Contact Me
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You need to have 2-3 active accounts that report to the 3 main credit bureaus. If you have a hard time getting someone to give you credit, you may try a secured credit card and keep the balance to 1/3 of the high credit limit to obain the highest scores. You can also try a finance company and open a small personal loan. The size of the payments are not as important as the consistancy of making the payments on time. Good luck!!
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answer by Amanda Nicodemus   |   Visit My Website   |   Contact Me
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Well, lenders will not lend money for a home that's less than $40,000. You can try getting a line of credit with a local bank, however you will need to have acceptable credit. If you don't have credit, try to get a charge card, like a gas card, that you can use & pay off in full every month. This is a good way to start building your credit.
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