How to Get Started Buying a Home with Poor Credit

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q&a bubble

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.  answers

Asked by Don’tKnowwheretostart, 23602 • A few hours ago

 

My Answer:

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 alyssagodwin@lizmoore.com. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.