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iseestupidpeopleever... | First time home buyer, credit score average is 500 who will help?? |
I have a credit score of average 500. I have a lot of debt. I'm trying to clear them now. I want to purchase a home as soon as possible but can't figure any way to do it with out being screwed over. Please give me some good advice. Thanks
Additional Details
2 charge offs, school loan, and other little debts. I'm taking care of little debts plus paying my school loan. But it just isn't going anywhere. I didn't grow up knowing anything about credit. Never understood it until a few years ago. I didn't have the privilage of someone guiding me through life. I'm not saying to pity me but now that I do know about credit scores/ratings I'm just wanting to fix it as quick as possible and purchase my first home. I'm 27 years old with children so any advice will help. Thanks ahead of time. |
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Michael K
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The best advice that I (or anyone responsible) can give you is to wait until you have cleared much of your debt and have improved your credit score before you buy a house.
No matter who you approach right now, most lenders will turn you down or offer an extremely high interest rate for the mortgage. Honestly with the house prices continuing to fall, you should wait anyway.
I understand your desire to become a house owner. But do you and your family a favor and wait until you have improved your credit score.
Continue to pay your obligations on time and don't take out too much out on your credit cards. This is slow, but the surest way for you to get a good mortgage years down the line. |
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silent_fox@verizon.net
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get quotes on 30yr FIXED mortage rates(yes 30 yrs even if u only plan to live there 3mths.....normally the lowest cost) and buy a fixer if ur willing to work on the house you should even make money when you sell it.....my dad got our house for 70k after filing bankruptcy 3 yrs before.....my moms credit score is way below 500....you just have to be willing to work and compromise and setlle for a while...... |
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Jeff
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If you have a lot of debt, then buying a home right now is a mistake. Period.
IMHO, you should never consider buying a house until you've met the following goals:
1) All debts paid off.
2) Emergency fund sitting in the bank (6 months expenses)
3) Down payment sitting in the bank (20%)
4) You've found a house that you can afford (15 year mortgage, no more than 25% of your take-home pay)
Until then, rent a cheap apartment. |
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Jay R
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can you be more descriptive about the home you are looking to purchase and the type of loan you are looking to secure? |
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mwarrior 1
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The big thing is HOW MUCH debt are we talking? Are you talking about 80+% debt to available credit ratio? Lots of lates/chargeoffs?
I'm just trying to figure out why the score is 500. There are ways of getting this up 50-100+points in a matter of months, thereby qualifying you for some decent rates. The last thing you want to do is have "a lot of debt" and take on another debt at a high interest rate
If you're near 80%, then you have two things you can do. A: Pay off the highest interest rates first, and B: Pay off the card with the highest balance to available credit ratios. Getting each individual card under 50% is good, under 30% is ideal.
Reducing the %age of debt to credit will help the score. Paying off the higher interest debt will help the pocket (And the score, but not as much)
A little description of the debt might help. If not, then hopefully my advice above will help. |
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Blue Indiana
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Jeff is SO right, it's best to be safe than sorry. Even if you get your score up some you will take the first offer and you will regret it latter. You are far to under to be swimming away from the shore you need to make it to the surface then find dry land. Get out of debt before drown in more debt. |
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Pattywoowoo
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Go to Naca.com
they will help you get qualified and get the lowest apr. |
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Shellie L
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I'm sorry, but do not go through ACORN. I live in Houston and there are absolute horror sotries about people losing their houses when they went through them even though they made payments and paid their taxes.
My husband and I are so glad we didn't use them.
Try to get an FHA loan. You'll have to put 3% down, but the seller can pay closing costs |
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EC
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I went through an organization called acorn housing. They helped us out with credit issues with my husband. I had a great FICO and bought the house under my name (through acorn) after just two months from the time I submitted my application. They even paid for my appraisal!
see if there is an ofice near you: acornhousing.org |
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keithe3815
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500 FICO???? nobody can help you... thats just terible |
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