I want to buy a home in about 6 months and have bad credit, where do I start?

My girlfriend and I have very low credit due to an issue that is being cleared up now. I should have better credit and cleared up debt in 6 months if things go well, but not great (not enough time). I am in an apartment and am never late with payments. What are my steps to go about getting in a $125-175,000 home. I was told to go find a mortgage company now, and they will help me plan what steps to take and how to clean things up? Is this true? I do not want to rent again but I am afraid that my credit will not be improved enough or my debts paid down enough to get me into a home. I would like to get an 80/20 loan, because I will not have built up enough assets to give a downpayment for my money now will go to cleaning up my credit. Any insight will be helpful. Thanks!

I want to buy a home in about 6 months and have bad credit, where do I start?

1) Close all credit accounts even those with 0 balances. THey all count against you.

You can keep one to use, but make sure it is paid off every month.

If you really want a house, make sure you do not have a car payment. Downgrade if needed.

Clear up anything that is outstanding on your credit report.

Spend as little as possible_ remember the things you want to buy now, for christmas, etc will all decrease your buying power for a house. If you focus everything one saving money and paying down any and all debt, you can do it quickly.

That means: No starbucks, no movies at the theatre, no drinks at restaurants; use coupons, return anything that still has the tags on it, sell your extra stuff on ebay or craigslist.org, eat at home as much as possible.

Take a look at your last 6 months worth of expenses: How much did you spend on stuff that you don't have anything to show for it now: Entertainment, outside food and drink, misc crap that you can't sell for what you paid for it.

Your girlfriend and you have to be on the same page: no manicures, no new shoes .etc

I have found so many things to do for free: Hiking, tennis, volleyball at the local gym, library books instead of buying, walks on the beach, hanging with friends at homes instead of bars,

I want to buy a home in about 6 months and have bad credit, where do I start?

yes, talk with a mortgage broker, they will assist you or they will tell you what is or is not possible.

I want to buy a home in about 6 months and have bad credit, where do I start?

IF you never owned a home you can get assisted help with first time home buyers, talk to a realistate agent they can help you get hooked up with pre approval. My G/F just bought a house and she had declared bankruptcy like 3 or 4 years ago. SHe bought a 147k house with 0 downpayment

I want to buy a home in about 6 months and have bad credit, where do I start?

www.creditinfocenter.com

buddhibbs.com

I want to buy a home in about 6 months and have bad credit, where do I start?

Contact mortgage guy, get a copy of ur credit report, he will help you identify and pay off your debts, some debters will take settlements, where you pay a lesser ammount to close the debt. You will be able to but a house if you take care of all this but you will not get the best intrest rate.

I want to buy a home in about 6 months and have bad credit, where do I start?

there are a couple of groups out there that can help:

NACA-naca.com

ACORN-acorn.com

these group help people with bad and no credit get house thru special grants. some grants do not require a downpayment or closing cost.

I want to buy a home in about 6 months and have bad credit, where do I start?

If you have bad credit, you will be in a much better position to secure a loan if you can come up with 20-25% down payment for the property. The lender wants to see that you have skin in the game, your unlikely to default the loan if you will be out a significant amount of money.

Lenders are very gun shy about taking out risky loans right now.

I want to buy a home in about 6 months and have bad credit, where do I start?

so you have bad credit, no down payment and no assets but would like a 125k-175k loan............good luck with that.....

I want to buy a home in about 6 months and have bad credit, where do I start?

its impossible i went to buy a house 2 months ago for $350,000 i was willing to put $150,000 down and they could not get me financed because my credit score was only a 690 i also proof of $160,000.00 a year income it takes a long time to repair credit i hae not defaulted on a loan, car payment or had a repo in the last 10 years and my score has not gone up

I want to buy a home in about 6 months and have bad credit, where do I start?

Absolutely start working with a mortgage lender now. They can take an in depth look at your credit history and identify the issues that can prevent you from getting a loan. If they want to earn your business, they will suggest things you can do to correct your credit.

I want to buy a home in about 6 months and have bad credit, where do I start?

in addition to cleaning up credit, you need to save a lot of cash for down payment and closing costs also - 6 months isn't realistic to clean up everything - shoot for 18 months

I want to buy a home in about 6 months and have bad credit, where do I start?

try FHA they take 2.25% as a down payment.

you cant have any credit lates in the last 12months...otherwise you should be fine