Keena Smith @keenas
People keep on telling me I should buy a home. With my credit score going way up in the last 4 years but still low I am discouraged. I currently am paying 1600.00 mo in rent and am tired of “throwing my money away” per-say”. I only make about 38,000.00 . I have very few bills and no credit cards. Most of my extra money goes to taking care of my 4 kids. Any suggestions would help!?
John Cottrell @johnc119
Im not an expert. I would continue to educate yourself. Ask, believe and receive! Ask for what you want, believe that you can attain it and prepare to receive it. Although you do not make a lot of money is certainly no reason not to own your own home. I do not make a lot of money and I am currently researching buying homes. I'm asking. The more research I do the more I believe. Pretty soon after I will receive it! Nothing is easy! Try looking into a mobile home or condo, they come with a few issues though. You do not own the land it is on. Usually they are located where you will have to pay a homeowners fee attached to your monthly payment and sometimes this can be substantial making the "great" buy a not so good monthly option for you. The goal should be to begin a STRICT discipline process 6 months to a year before purchase, this way you can cut out ALL the unnecessary expenses on your bank records like fast food etc.. Why? because the lenders will ask you for your bank statements and if you are easy with your money you may present a risk to them. So discipline first! Second show in your bank accounts that you are saving money for the down payment again you will have to provide proof of the downpayment before the loan is approved. Third make sure your tax records for two years are spic and span! They will request them. Fourth make sure your employment is two years minimum and prepare to present the paycheck stubs and usual info. Fifth make sure to have references and that you credit report is CLEAN! All debt will have to be explained, all chargeoffs evictions etc.. will have to be paid and explained. Do not check the credit by yourself, get an expert, pay the money and then disect the reports and dispute everything until you cant anymore. Do not be surprised that something is lurking on a professional credit report! Frustration will abound throughout the process unless you are and have prepared. Research the best loan type and DO NOT be afraid to ask experts the questions! Good luck on the journey of your lifetime! I am on my way too! Ask for it! Believe in it! Receive it!