You have no down payment.  If what you have to put into the transaction is less than first, last and deposit on a typical apartment... you just might be a renter.  With no down payment, you will usually pay a higher interest rate and more in loan fees.

You have bad, or no credit.  Lenders aren't going to give you a low rate because you are young and cute. 

You need the sellers to sell $20,000 or more below true value.  When did your financial situation become their problem?

You need the sellers to contribute more than customary contributions to closing costs.  Once again, why is your lack of participation in this process the seller's problem?

Pay off those student loans.  Don't buy the brand new car or motorcycle.  Slow down.  Get a library card and read instead of hitting the bar scene every weekend.  Save up some money.

Do something to build up your credit and savings. 

Contrary to popular opinion, this isn't a buyer's market.  This is a balanced market. 

Now if only one or two of the above apply to you, it's still possible for you to buy a home.  If all four situations above apply, fix it and come back later.

Debbie White, Broker

Prudential Southeast Alaska Real Estate

8465 Old Dairy Road #101

Juneau, AK 99801

907-723-9886 (Cell)

 

9 Comments on You just might be a renter if…

FEB
21
2008
243,011 Points 29 Featured Posts Localism Sponsor Outside Blog

...Lenders aren't going to give you a low rate because you're young and cute...  Darnit... there went my plan for the construction loan.  Something tells me that plan was flawed from the start though. :)
4:13am • #1

True, true, true....

Thanks for the post Debbie.

4:30am • #2
This is a great reminder - A couple of years ago it didn't matter how many of these you had, you still would have got a loan - I think that is what got us into this mess.  Today any one of these might kick you out.  Thanks for the posting. 
6:33am • #3
Good credit is so important.  I protect it like I do my family so I will never be in this situation.
6:37am • #4
118,236 Points Outside Blog
I agree with Latonia. Maintaining Good credit is the key, especially in today's economy.
6:55am • #5
103,426 Points 5 Featured Posts Localism Sponsor Outside Blog

Jesse & Kathy - You are SO funny!  I love your plan though!

Tara - Thanks for stopping by (and for the email too!)

Vincent - I've actually seen offers from situations like this lately.  That's the scary part.

Latonia - It's one of the babies in this house too.

Derrick - I agree with both of you as well!
11:45am • #6
243,011 Points 29 Featured Posts Localism Sponsor Outside Blog

I liked it too... such a shame I don't qualify for the young and cute part.  Wonder if they have a loan rate for old and funny looking?  On second thought I don't think I want to see that APR. :)
5:20pm • #7
FEB
22
2008
103,426 Points 5 Featured Posts Localism Sponsor Outside Blog
Jesse & Kathy - Or "I have a down payment, but that's my savings for vacation!"
2:21am • #8
243,011 Points 29 Featured Posts Localism Sponsor Outside Blog
Don't laugh... I've actually heard that one.  Yikes.
3:18am • #9


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Debbie White

Juneau, AK

More about me…

Prudential Southeast Alaska Real Estate

Address: 8465 Old Diary Road #101, Juneau, AK, 99801

Office Phone: (907) 789-5533

Cell Phone: (907) 723-9886

Email Me

Debbie White is Broker/Owner of Prudential Southeast Alaska


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