How can I buy a house for me and my daughter?

Question

I am a single parent and recent college graduate, I have substantial income and I would love to buy a home but my credit is not the best. I believe my credit score is in the high 500s...I know it sucks! Please help me and fyi I'm in SC

Answer 1

You are a recent graduate from a college, one of the requirements in applying for a home mortgage is that you should have had a job in the same career field for the past 2 years and be able to prove this with documentation such as w-2s, federal income taxes, and pay stubs.

If this is possible you might apply for and see if you might be approved by a FHA lender. FHA lenders are not as stringent as conventional lenders, so this might be a good place to start even with your score you indicated.

There are guidelines then there are sometimes exception to guidelines. If there is an exception needed you would be told.

There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

He will inform you of what is necessary once you contact him.

This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

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Answer 2

You need a 620 mid credit score to buy a home and 2 years on the job

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Answer 3

Save up a large downpayment and it will be easier to qualify for a home loan.

Call a bank today and ask them if you would qualify, and what you need.

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Answer 4

You need to save up for a down payment, work on improving your credit record and have at least two years' steady employment. It sounds like you're just not ready yet.

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Answer 5

Just not the right time for you to buy. Spend a couple of years renting, getting your score back up, saving as much cash as you can for a big down payment, closing costs, and a cash reserve. It will pay off for you; you will have lenders falling over themselves to get you as a customer, and the home deals will still be there (unfortunately for us sellers :) ).

Your financial stability, being able to sleep at night and not live from check to check, is important to your daughter. It is amazing how our stress about bills is unintentionally transmitted to our kids.

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