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Hi Everyone,
I am new to the forum, because I am interested in becoming a first time home buyer. I have had a history of bad credit. I currently make $45,000 / year salary. I have been making the same amount for about 3 years and have job security. I am paying about $300 per month for car payments, and I have my finances in order. I do not have money to currently put down on a down payment on a home loan.
My questions are:
-What are my next steps? I know that I need to apply for a home loan, however with bad credit, who should I go through to do this the right way? Should I apply for an FHA home loan?
-Should I try and consolidate my debts to help my situation? I don't even know how to do that or who to go to for that.
Please, any help would be greatly appreciated.
Thank you,
Jimmy
@ba6412 wrote:Hi Everyone,
I am new to the forum, because I am interested in becoming a first time home buyer. I have had a history of bad credit. I currently make $45,000 / year salary. I have been making the same amount for about 3 years and have job security. I am paying about $300 per month for car payments, and I have my finances in order. I do not have money to currently put down on a down payment on a home loan.
My questions are:
-What are my next steps? I know that I need to apply for a home loan, however with bad credit, define bad credit who should I go through to do this the right way? Should I apply for an FHA home loan? maybe
-Should I try and consolidate my debts to help my situation? not yet. I don't even know how to do that or who to go to for that.
Please, any help would be greatly appreciated.
Thank you,
Jimmy
what have you got saved so far?
I only have around $4,000 saved so far. Thank you for replying. Please let me know if you have anymore questions that could help you give me some advice.
Thanks!
What are your scores? Have you purchased the 3 Bureau report here that shows two of the 3 scores you need to see for a mortgage?
If so, what are they. If not, then get the report and scores. Tell us what the mortgage scores are and the "bad credit" items. There are people here that have dramaticallly increased their scores in a relatively short time by using the suggestions on the rebuilding forum.
Thank you I will do this tonight! Whom should I message when I get the scores and can list my bad credit items?
Please and thank you very much for your assistance!!
You can post them in the rebuilding forum. Naturally you want to give general descriptions and close to but not exact balances for privacy. If you look at that forum you will see what I mean. We need just a bit of info to help but don't want so much as to invade your privacy.
Thank you Very Much!