Help!! - Posted by Terry

Posted by Craig on June 25, 2000 at 22:45:41:

Or you can pay the 8 bucks to get your credit report through the mail or online, without adding another credit inquiry to your report.

Help!! - Posted by Terry

Posted by Terry on June 22, 2000 at 17:03:33:

Wondering if anyone has any ideas for me.
I’ve never owned a home, I now make plenty of money (85k/year), but have a few credit blemishes…no bankruptcies, just late pays.
I have for the past 6 yrs. paid 1000.00/mo. rent and could easily afford to make a house payment, I have never been late on a rent payment.

Where could a guy like myself find someone who is willing to take a chance on me?
How much could I expect to finance with say, 10k down?

I am not a deadbeat, my previous wife was a spender.

I have been remarried for approx. 3yrs. and recently adopted a family of 3 children.

I would be very greatful for any ideas!

Thank-You in advance!
Terry

Re: Help!! - Posted by soapymac

Posted by soapymac on June 25, 2000 at 20:39:15:

Terry,

Michael has given you some excellent ideas as to how to minimize the investment into your first home. Allow me to add something else.

After you have learned what Michael has sugessted, then look to see if there is any government help for you. Heck, you’ve been paying taxes for awhile…you might as well get some of it back.

Check with your local city/town/county. My area…MA…is also a hysterical market (to use Michael’s terminology.) Yet there are a couple of towns that have set aside money to help first time home buyers with their downpayment/closing costs. You could also check HUD or FHA for first time homebuyer programs that are available AND FUNDED.

I’ve known people in my own extended family who have positioned themselves as first time buyers, THEN used creative buying techniques to get the home they want…with the government money being a “plus” at closing.

It takes some work…and KNOWLEDGE…but it can be done.

And about your credit…go apply for a store credit card where you KNOW you may be turned down. The store has to tell you why they turned you away. IF (big word) they say no, they have to tell you which credit verifier they used…AND THAT’S WHAT YOU WANT. Write or call that company and ask “why.”. That company, BY LAW. has to give you a copy of your credit report WITHOUT CHARGE. Then you will have the information you need to start to “clean” up your credit.

And if you get the card…your credit is not as lousy as you think it is. WIN-WIN all round.

Cordially,

Roy MacLean
"soapymac"

Numerous ways to Buy…Knowlegde is the KEY - Posted by Michael Morrongiello

Posted by Michael Morrongiello on June 23, 2000 at 20:21:17:

Terry:
There are numerous creative ways to buy a home with No money down, little money down, lease with an option, ask for owner financing, take over payments, etc.

You have heard the phrase “Knowlegde is Power…”

Continue to read,study,take courses or seminars, listen to tapes, visit this board, to stimulate the creative juices within yourself. Don’t be in a rush to buy. Take your time, study the market and find the RIGHT opportunity for you. With you income, down payment, etc. there is NO reason why you cannot acquire a property (Unless you live the SF Bay Area where I reside and the marketplace is simply hysterical)

Happy Hunting,

Michael Morrongiello