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when to begin the process

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Regular Contributor

when to begin the process

Hi team,

I plan to buy a house /close by January 2016

I am currently trying to clean up my credit EQ 615 EX 578 TU 633 With some clean up needed

My question is when should I begin house shopp5? Now Dec 2014 or when I have cleaned up my credit some time next yr?

I wanted to begin the process in Feb 2015

Thanks all!
Message 1 of 6
5 REPLIES 5
Moderator Emerita

Re: when to begin the process

If you are looking to close in Jan 2016 it is a little early to begin looking at homes Feb 2015. However, it is not too early to start working on your credit and beefing up your savings.

 

Once you have your credit where you want it to be than allow at least 60 to 90 days to find a home and close depending upon your market. Some markets have low inventory now so it is possible that you would need more time to find the right home in a market where the inventory is tight.  

 

 

Note:  I am assuming that you have W-2 type income.

 

If you are self employed than have a LO look at your income now, before you file your 2014 tax return to see what income you need for homes in your area.

 

Message 2 of 6
Regular Contributor

Re: when to begin the process

Thanks for your response!.. am W2 65,000 P/A , Combined with Wife $90,000 p/A Her credit is good low 700s but mine is in the woods.. currently working on it..  

 

Its a tough job doing it by myself..

 

Market DFW TX

Message 3 of 6
Super Contributor

Re: when to begin the process


@Stevenson wrote:
Hi team,

I plan to buy a house /close by January 2016

I am currently trying to clean up my credit EQ 615 EX 578 TU 633 With some clean up needed

My question is when should I begin house shopp5? Now Dec 2014 or when I have cleaned up my credit some time next yr?

I wanted to begin the process in Feb 2015

Thanks all!

i wouldnt shop until pre-approved.  it can only lead to disappointment.

try finding a loan officer that can go over your credit report with you and give you some pointers.

are you doing the credit repeir yourself?

 

Retired Lender
Message 4 of 6
Regular Contributor

Re: when to begin the process

YES 

 

I am doing the Repair myself some of the wounds on my report are self inflicted eg utlization ratio of 89 % yet the balance i owe in credit cards is a mere $832 which i can pay in one paycheck confortablly. i Have disputed some issues, had success in Deletion using GW and Executive escalations and just today I Got two baddies out  via Early exclusion ..

 

My concern with getting a LO is that they will do a hard pull and screew my stuff again 

 

Message 5 of 6
Valued Contributor

Re: when to begin the process

A hard pull will not have a big effect on your credit score. If you aren't planning to close until January 2016, the effect from a credit pull in jan-Feb 2015 will pretty much be non-existent....assuming you don't go out on other app sprees.

I applaud you taking the initiative to clean up your credit. It will be good to have a mortgage lender pull your credit (once you feel you've reached a point where nothing else can be done) to see where you are credit wise.
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Message 6 of 6
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