This may be a silly question. I am interested in purchasing our first house. I don’t have a down payment and my credit is no good. Are there and no down payment programs that can be used to do this?
Also, I am very interested in learning all I can about doing real estate deal, I just don’t know where to start. I don’t have a lot of money, my husband was laid off a job he had been working for 19yrs. and our financial situation is not the best right now. We would like to take control of our own financial future any help or suggestions would be greatly appreciated.
Good questions from Swirlaze and yrush2000. Let’s look at your financial picture and see how we can help.
Also, stop right now and look at where you guys are. Your husband is now free to devote as much time as he wants to his new career . . . real estate investing. You both appear to have the desire to do it . . . you have a wealth of information here and on other forums to get and keep you motivated and educating yourselves. What a great place to be! :mrgreen:
Thanks for all your replies. I currently work as an administrative assistant and bring home about 37,000 yearly( I have worked for the school system for 22 yrs. . I live in Michigan and the homes in the area where I live are going for about $125,000 to 160,000 (nice ranch style homes). I recently looked at a house that I liked that was going for $125,000 but because I did not have the 10% down, I was not able to go thru with it. My credit score is in the low 500’s like 520. I was recently approved for 90,000 that is not enough to purchase the type of home in the area where I live (Oak Park, MI).
Any suggestion on what to do to get started with real estate investing and home ownership would be much appreciated. Right here at this place in my life i am very passionate about changing my financial situation.
Since your credit score is so low, I would recommend you take about 2-6months and work on repairing your credit. Once you get your scores above 620 you will be able to get a more conventional financing alternative. There is still financing out there but you got to find the right lender or broker.
Do you have collection accounts, charge offs, or past due balances or late payments less than 2yrs old? DO you have any tradelines (credit card, auto loan) that is current and being paid ontime???
Chances are if you find a great lender or broker they will refer you do someone that repairs credit.
If your interested my broker uses USA Credit 800-869-5008. Give them a call if you like, its free and will not hurt you.