Answer #1
Submitted 09/19/12 01:16 PM

John Fauth (Coldwell Banker King Thompson) Agent Grove City, OH Contact Me

A.

All you can do at this point is rent and save money. Your first step is to find a loan officer that will tell you the steps you need to get your credit turned around. Once you have money for a down payment from budgeting and do what is recommended by a lending professional you will be ready to go. The time it takes to get there depends on your commitment to reaching your home ownership goals.

I am not a lending professional and can not accuratly or profesionally tell you what steps to take.

Good luck in your quest for home ownership!

Answer #2
Submitted 09/28/12 06:18 AM

Jerry Wamsley (Rapid Mortgage Company) Mortgage Huber Heights, OH Contact Me

A.

Something to consider is why are being turned down, is it a lack of credit, a commitment gone awry due to extenuating circumstances, or just plain negligence on your part.  There are victims and culprits.  Better to be a victim than a culprit!

Once you know this, you can turn the cycle around by fixing the things denying your approval. 

Bad Credit is not the same as No Credit

1) Bad credit is credit obtained by your signature or commitment and not repaid.  (Your Word)

2) No credit is a lack of history.  Use to be this credit could be shown in the form of a non-traditional credit report in the form of rent payments, utilities, car insurance, or any other account paid on for a minimum of 1 year verified by the account holder and sometimer re-verified by cancelled check or bank statements.

 

Anyway, there are other factors that are in play to assess your risk layering.  In addition to credit, there is the ability to repay (income), down payment (Skin in the game on your end), security interest/collateral (property and condition based on value determined by an appraiser). 

 

Take the advice of John above!  Get your house in order before you buy a house.  Any lender will peel back the layers to asses the risk, make yourself a great risk and all lenders will come.

As for the land contract, make sure you have someone you trust review agreement (Attorney), with a focus on time to pay-off/window to refinance, public record (filed with county), and inspected by a home inspector.  We like to believe that everyone is caring and will love one another.  But, you have to inspect in order to expect.  No one likes surprises especially when you have skin in the game (down payment).

I pray that you do not become homeless, try and contact a local housing agency for help usually within a county services or even a metropolitan service area.

Non-member response
Submitted 10/01/12 12:46 PM found things on credit report that was my fiance not authrized be me to even have my ss number given out!! dont really want to get any legal trouble against fiance just get it turned around in my favor !!!