My credit is in the 500′s help…….

Recently, I received an email asking for help in getting their credit scores.

Hi Brandi. My husband and I are needing help with a home first time buyer the only situation we come across is our credit both under 500 and have 6 kids we own a convenience store for 4 1/2 months now but credit not getting better. We are asking for your help on the first time home buyers with poor credit. We are in need soon like by the being of the year. Please contacts us if you can help us we have plenty of people that give us the run around, so if you can help please call immediately. Thanks for listing

First of all I would recommend anyone who has credit in the 500′s to pull their credit and review it to see if there is anything in the file that shouldn’t be there. You may be able to dispute the items with the credit bureaus yourself. Secondly, go and find a local lender that can review your credit and do a what if scenario. This will allow you to see if items are removed and/or paid off what will happen with your score (will it raise the score and by how much). If the local lender cannot help, they will in most cases send you to a local credit repair guy to help settle items on your credit. The whole process can be as short as a 30 days and can usually be completed in twelve months. If you need some local lenders that work with credit repair guys please feel free to contact me.

I want to buy a home…should I just look at homes first?

This is a very common question that I am asked. Here are the first steps I would recommend to anyone who is wanting to buy a home.

1. Ask around to get recommendations for a REALTOR.

A great resource for this would be Zillow, friends, asking on your social media sites, and googling local REALTORS in your area. The reason I would start with finding a good REALTOR that fits with your personality is because the REALTOR can guide you through the rest of the steps and make the home buying process more enjoyable.

2. Set up a consultation with the REALTOR.

A buyer’s consultation is a great way to learn about the process and get information on financing options. Also, a good REALTOR can recommend several lenders that have done a good job of getting loans closed. This is critical if you plan on financing your home purchase and a good local lender is a critical component in the home buying process. After, the consultation you should feel more confident, and your expectations should be have been set by the REALTOR you can also find out if your personality is going to work with the agent.

3. Set up a consultation with a good local lender.

After, taking the recommendations from your REALTOR, friends and family. Call and set up a time that the lender can pre-approve you. I would recommend getting pre-approved. The lender will ask to pull your credit, fill out an application, and in some causes ask you to bring in documentation regarding your job, savings, checking etc.. This step is critical because not only will you know for sure if you can purchase a home, but is you will also know how much you can either qualify or afford per the bank. Once, you have been pre-approved the bank can issue you a letter. This letter is needed if you decided to purchase any homes, especially bank-owned homes. Banks want a letter submitted with the offer.

Once you have completed these three steps, you have put yourself in the driver's seat of the home buying process. You are now ready to either purchase a home now or have been given the steps needed to put you in the driver’s seat by your local lender and REALTOR. You have given yourself a great support system and are now ready to go house hunting.