Make big profit

4 Responses to “What is the best way to buy a house when you are on limited income and not that great credit ?”

1. MATW, on December 11th, 2008 at 3:10 pm Said:

   go to mortgage calculator for how much house you can afford. What you can do is find out how much house you can buy for the amount of rent you can pay. Tons of no money down options out there today GOOD LUCK

2. Mickey, on December 15th, 2008 at 12:38 am Said:

   Actually Dan you’re probably in luck. The seller’s market isn’t so hot right now so you have a good chance at getting a bargain (look for the size house you want and when you find some you want to view, always ask “How long has it been on the market?” If it’s been 9 mos or better, they’re desperate (or if they have a new job and have to move states, cities, they’ll be more desperate). That said, start here: Visit several banks and ask about “First Time Homebuyer Loans” they are usually very generous and have good rates, etc. However, keep in mind you’ll only be able to do that one time so make sure the house you’re looking to buy with that first timers loan is where you’ll be for at least 2+ years. Good luck and you’re correct, the house is an investment you’re wasting $$ on rent.

3. Vadalia, on December 16th, 2008 at 2:29 pm Said:

   Congrats on starting the journey to home-ownership.

   There are actually too parts to your question- the bad credit part and limited income part.

   Bad Credit- the first thing you’ll want to do is pay off any outstanding debts you have. Anything that is currently at a collection agency and any high credit card balances. If you do have something at a collection agency, have the collection agency agree (IN WRITING) to take it right off your credit report if you pay in full. Otherwise it’ll stay on your credit report, just as “paid in full”, which still isn’t very good. Get your credit report cleaned up before you even think about getting a home.

   No money- Depending on where you live, this could be a big problem. Luckily, there have been federal and state agencies that are responding to the fact that housing prices have ballooned several times higher in many places than people can actually afford. Your best bet would be to contact any housing authority or community development agency in your area. Many places have free grants to help with the closing costs and down payments if you’re income qualified. You’ll probably have to take a few classes though. Also, ask around with different banks in your area about first-time homebuyers programs and grants. One bank in my area will even match people’s downpayment funds.

   Good luck!

4. Frank Castle, on December 18th, 2008 at 1:00 pm Said:

   I suggest you to get a second job and save 100% of your salary and to save at least 50% of your current salary and do not drink beer, smoke cigarrettes, pay to prostitutes, gamble, cancel all your magazine subscriptions, rent at Blockbuster, go to see a movie, use too much gasoline to drive your car (A used Toyota Prius or Honda Insight cost just a few thousands)

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