How to Get Started Buying a Home with Poor Credit
Here is a question recently asked on Trulia.com:
Trulia Voices Question:
Need real estate broker who can assist me with possibly buying a home soon. I have poor credit and I need to know how to get on the right path.
Asked by Don’tKnowwheretostart, 23602 • A few hours ago
Buying your first home can sometimes be scary and intimidating, especially if you don’t know where to start. My recommendation is two-fold:
- First, take time to sit down one-on-one with a local Realtor for a buyer counseling session – even if you’re not ready to purchase right away. There are a lot of agents like me that will work at your pace and walk you through each step before it happens. This will eliminate surprises and increase your confidence!
- Second, as many others have suggested, talk with a lender recommended by your agent for a pre-qualificiation letter to determine what your options are. This can seem like a scary step, but it’s actually very simple and it doesn’t commit you to buying. Once you have a chance to look at the numbers, I think you’ll be surprised at how much home you can afford based on the current rental rate you’re paying! A good lender will also help you develop a plan of action to bring up your credit.
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.