buy first home newbie

Financing, Hard Money Lenders, Private Money
1

Hi all,

I am 25 and have the worst credit i messed up in college.  Im tring to fix it now.  My husband and i want to buy a home for our family.  I dont work, im want to get started in real estate.  I found a home with rentals.  for $65.  the one cabin is ready but the other needs work with is not a problem because my husband and a good friend can do all the work.  My husbands credit is not good because of hospital bills and doctor bills that went to collections.  I have called the hospital to sign up for the sliding scale to help fix this.  My problem is i havent found anyone to finance us.   What should i do?? Should i just keep consitrate on fixing my credit and forget about getting a place for a while.   Or should we keep trying to find a bank or someone to help finance us.

Thanks
kathy
alaska

2

My suggestion would be for you to look for a land contract or lease purchase opportunity. I believe that Alaska allows this type of transaction.

This would allow you time to work on repairing your credit score and create “mortgage” history.

If you did this for a year then you could exercise your option to purchase as a refinance transaction. This will be much easier to complete. You could even, depending on the parameters, take some cash out.

Plus, you will have had some time to repair your credit issues.

Just a thought. Good Luck in the New Year!

3

Thanks mark for your suggestion.
I have been looking into this also. I have found a few but there all in the 200k range and we just want a nice starter home. But we are keeping our eyes open.

thanks
kathy
alaska :slight_smile: