12Mar
Author: jane | Category: enart.gzfn.com
I will be graduating college next August and am moving back to the chicagoland area. I want to find a place to stay. I don't want to rent but am intimidated with the house buying process! It would be less hassle to rent but I love the idea of being able to have my own! I currently rent a house so I love the freedom of not sharing a wall or two. Someone suggested a buy a house but my credit is not the greatest! If I bought my own house it would be cheaper than renting and it could build equity. If I rented, monthly payments are passed to someone else's hand and gone forever. I am very interested in buying a foreclosed home. It doesn't require good credit and once paid off no monthly mortgage (Yippee)! What do you think I should do?get your credit cleaned up so you can buy. Even when buying a foreclosure you have to have good credit whom ever told you that you don't is sadly mistaken. You need your down payment and closing cost in the bank and I also want to see clients with reserves in place as wellI suggest a credit card with a low spending limit. Only purchase things such as gas to ensure you will not get in trouble. Usually, if you have proof of 3-4 bills you have been paying 6months to 1+ years, that will suffice for low credit. (It's proof you can manage your bills) Make sure your bank account is at good standing. Proof of income is very important. If you cannot make the monthly payments for mortgage, homeowners insurance, etc there's no need to look into buying a house at this time. It's a lot of expenses up front so make sure you can handle that. In other words, save your money and make sure you have a stable job & good employment history. The loan process is tedious but once you make it through, it's worth it.
Do not be intimidated by the current housing market. It is a buyers market. Sellers have been willing to negotiate. Prices are being reduced below appraisal value in most areas. The advice I can give you about foreclosed homes (coming from someones who has dealt with putting offers on them) is investors are snatching up these homes. Do not get discouraged if this happens. You'll find the right place for you when the time is right.
You should call a mortgage person first. If you call a national company; they can do loans all over the country. Then let me know and I will help you find a great agent in the area that you move to.Be patient. First, you need to improve your credit. In this housing market we have right now it would be difficult to approve a loan with a low credit score. Make sure you have income to show and a low debt ratio. Also, it is important to have money for a downpayment/closing costs.
I am somewhat in the same situation. However, I really think I will have to wait until the economy gets out of this recession (hopefully by middle of 2009). I want to move from one state to another but at the same time I need to secure a job at the new state. If I want to move right away I think I will have to just rent for now (I also prefer a house) until the economy improves. Luckily, I have parents living at the place where I want to move to and will probably stay with them until I secure a job.
Goodluck!#If you have any other info about this subject , Please add it free.# |
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