what programs are out there to help me buy my own house.My credit score is approximtely 500 and have been on my job for 16 months,a single parent,can I buy a house?
IF you have cash!Establish credit,get cards put investments on them and pay them off early,borrow small ammounts from a bank you are interested in doing business with and pay it off early and let the V/Pres. know you have.Look the part be clean and well dressed.Good Luck!My credit score is approximtely 500 and have been on my job for 16 months,a single parent,can I buy a house?
- Here is how your credit score can be improved. If you use single credit card, then get 3-4 credit cards and put little charges on each one of them. Let this go on for 3-5 months. The credit card companies reporting into the 3 rating agencies will improve your score. Apparently, if you have one card and little outstanding amt, the credit agencies consider you as high risk. Having multiple cards implies other lenders trust you and hence issued you credit cards. This is an actual fact told to me by an mortgage broker.
- Don't default on your payments.
There are a lot of programs for first time homeowners with low incomes.Have you checked on habitat for humanity homes.They are really nice and as a single parent you would qualify.The great thing is you don't pay an interest on the home and all you have to do is give 500 hours of sweat equity.My daughter got one.It has 3 bedrooms,one bath,deck and small front porch.Wall to wall carpet.And all appliances came with it.frig,washer,dryer and stove.This is a great program.Find out where you local office is and apply.They will put you on the list.go to their website
your credit score is very low, do you have outstanding debts? need to work on raising your score some.
http://www.fanniemae.com/faq/231001a.jht鈥?/a>
you can find loan but with low score interest will kill you.use other answers to build your credit first.save lot money on interest then.
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