NationStates Jolt Archive

Okay, I'm looking to buy my very first house. I know it's currently a buyers market, not a sellers market. I have numerous good things going for me however my credit score is bogged down a bit mainly because I don't have established credit and a couple medical issues are in the credit bureau.

Anyways, I'm seeking information or good advice of anybody who has knowledge of any First time Homebuyer programs that are out there that will assist me with the downpayment and/or closing costs. Can anybody help me out.

Okay, I'm looking to buy my very first house. I know it's currently a buyers market, not a sellers market. I have numerous good things going for me however my credit score is bogged down a bit mainly because I don't have established credit and a couple medical issues are in the credit bureau.

Anyways, I'm seeking information or good advice of anybody who has knowledge of any First time Homebuyer programs that are out there that will assist me with the downpayment and/or closing costs. Can anybody help me out.

Get online and go to Lending Tree.
They can help you out enormously, even helping you fix your credit report.

They are not kidding when they say that lenders are willing to bend over backwards to loan you jmoney.

Okay, I'm looking to buy my very first house. I know it's currently a buyers market, not a sellers market. I have numerous good things going for me however my credit score is bogged down a bit mainly because I don't have established credit and a couple medical issues are in the credit bureau.

Anyways, I'm seeking information or good advice of anybody who has knowledge of any First time Homebuyer programs that are out there that will assist me with the downpayment and/or closing costs. Can anybody help me out.

I'd see if any of your colleagues could recommend a mortgage broker that they were happy with. A good broker can come up with some surprisingly good schemes. Temper their advice with your good judgment, though.

Get online and go to Lending Tree.
They can help you out enormously, even helping you fix your credit report.

They are not kidding when they say that lenders are willing to bend over backwards to loan you jmoney.
Interesting. Even a simple offer to do that is illegal in Georgia. Mostly, though, it's a scam.

Interesting. Even a simple offer to do that is illegal in Georgia. Mostly, though, it's a scam.

Worked for me. And it's not a scam, if a lender is doing it.

If it's someone you're paying to do it, who has no interest in loaning you money, it most likely is a scam.

Worked for me. And it's not a scam, if a lender is doing it.

If it's someone you're paying to do it, who has no interest in loaning you money, it most likely is a scam.

Are you talking about removing erroneous or real derogatory entries? I can see where lenders would want to help get rid of the wrong stuff, but not any of the other.

I'd see if any of your colleagues could recommend a mortgage broker that they were happy with. A good broker can come up with some surprisingly good schemes. Temper their advice with your good judgment, though.

My mom's best friend for more than a decade works in Real Estate, she used to work for Remax but now works for more of a mom, pop realty company. She's going to help me and work with me She has already referred me to a couple of Lenders that she highly recommends. She said that I should first find a Lender and then take it from there.

I have an appointment with one next week so I'm currently in the process of getting my paperwork together. Getting my bank to send me copies of my checks to prove my paying rent on time for the past 2 consecutive yrs and also my checks written to the electric company for the past 2 yrs. Also, I'll be getting a letter from my bosses that will state how they personally loaned me $5000 with an agreement to pay $100/week until paid in Full. I did indeed and now they're completely paid back. I have somebody else working on getting my good standings on paying rent on time added into my credit report and she said she'll see what she can do about the personal loan from my boss, too. I've been currently employed by the same company for 6 yrs at the end of February. So, I do have numerous things going for me, it's just that damn credit score which in the business world is their bible. So, I'm just seeking information on who may be able to help me with paying for the down payment and closing costs.

I'm currently, Really excited and at the same time worried as Hell.

Are you talking about removing erroneous or real derogatory entries? I can see where lenders would want to help get rid of the wrong stuff, but not any of the other.

Removing erroneous or derogatory entries.

You would be surprised - the three credit reporting agencies have a habit of putting your cleared and paid stuff right back on - or putting completely wrong stuff in over and over and over again.

That's how I know that there are 19 other guys with my name, who have similar careers and live on the East Coast (two in the same metro area).

Fuckers.

Find a really good realtor. They can walk you through all the intricacies of home buying and help you find financing. I know some people think that it's too much money to us a realtor, but they'll save you money in the long run. I don't know where you're looking, but check around and get references.

My mom's best friend for more than a decade works in Real Estate, she used to work for Remax but now works for more of a mom, pop realty company. She's going to help me and work with me She has already referred me to a couple of Lenders that she highly recommends. She said that I should first find a Lender and then take it from there.

I have an appointment with one next week so I'm currently in the process of getting my paperwork together. Getting my bank to send me copies of my checks to prove my paying rent on time for the past 2 consecutive yrs and also my checks written to the electric company for the past 2 yrs. Also, I'll be getting a letter from my bosses that will state how they personally loaned me $5000 with an agreement to pay $100/week until paid in Full. I did indeed and now they're completely paid back. I have somebody else working on getting my good standings on paying rent on time added into my credit report and she said she'll see what she can do about the personal loan from my boss, too. I've been currently employed by the same company for 6 yrs at the end of February. So, I do have numerous things going for me, it's just that damn credit score which in the business world is their bible. So, I'm just seeking information on who may be able to help me with paying for the down payment and closing costs.

I'm currently, Really excited and at the same time worried as Hell.
Don't forget that you can ask the seller to pay part of all of the closing costs. There are some taxes that you need to pay, in Georgia, anyway, but there are also a lot of costs that a motivated seller may decide to pay.

Good luck.

Don't forget that you can ask the seller to pay part of all of the closing costs. There are some taxes that you need to pay, in Georgia, anyway, but there are also a lot of costs that a motivated seller may decide to pay.

Good luck.

Thanks. I know a lot of sellers are getting very motivated due to the frustrations their having since very little people are buying hence why it is now a buyers market. So, I do know that's one really good thing in my favor is a lot of people will do anything right now to sell a home. My bosses bought themselves a new house and their other house which is on the water has been up for sale for 2 yrs now. He says, he's an idiot for buying a house before he sold his original house. He's been steadily dropping the price as so many others are also dropping prices. :)

Thanks. I know a lot of sellers are getting very motivated due to the frustrations their having since very little people are buying hence why it is now a buyers market. So, I do know that's one really good thing in my favor is a lot of people will do anything right now to sell a home. My bosses bought themselves a new house and their other house which is on the water has been up for sale for 2 yrs now. He says, he's an idiot for buying a house before he sold his original house. He's been steadily dropping the price as so many others are also dropping prices. :)

The one other thing that helps so much when you do make an offer is to be pre-qualified for your loan. That's also an easy hurdle to overcome, but it makes the seller feel more certain that the closing will go without any hitches.

The one other thing that helps so much when you do make an offer is to be pre-qualified for your loan. That's also an easy hurdle to overcome, but it makes the seller feel more certain that the closing will go without any hitches.

Thank you, that's probably why my mom's bestfriend who happens to be in Real Estate told me to first find a Lender and get approved. I have an appointment with one next week so I'm getting as much paper work together as possible.

1. It's not a buyers market. (Unless your looking somewhere where the median house price in less than 3 - 3.5 median salary)

2. If you can't do twenty percent down and a thirty year fixed. Don't do it.

1. It's not a buyers market. (Unless your looking somewhere where the median house price in less than 3 - 3.5 median salary)

2. If you can't do twenty percent down and a thirty year fixed. Don't do it.


It's a buyers market where I live and am currently house hunting. Why do you say if you can't do 20% down don't do it ? And with mortgage rates ( currently at 6.3 average in my experience with Lenders ) still in a state of flux - why would a fixed rate be better than a variable ? They seem a bit high at the moment...

I'm trying to learn as much as possible before taking the plunge !

1. It's not a buyers market. (Unless your looking somewhere where the median house price in less than 3 - 3.5 median salary)

2. If you can't do twenty percent down and a thirty year fixed. Don't do it.

1. Your 1 is incorrect. Like I said earlier, I know somebody on the inside who deals with Realty daily, she also knows several other people in different parts of the nation. It is most definately a Buyers Market. Realtors are desperate to sell houses and Lenders are becoming desperate to Lend.

2. By that assessment, then I suppose you'd have to eliminate a vast majority of the middle-class workers. To buy a home for $100,000 a person by your standards should be able to put $20,000 down. That would be extremely nice but how many Middle-Class people actually have or can afford to put that much down. I'm sure their are some but not to many. As for the fixed rate, that's what I do intend to do. I have an appointment with a Lender next week.

It is a buyer's market. I just sold my house in California - I originally had it on the market for $320,000; I had to come down to $309,500 and cover the closing costs (the California housing market is quite inflated). When I went to buy my townhome in Colorado, the one I got was originally marketed for $129,900, was reduced to $117,000, I got it for $115,000 and no closing costs. I don't know how long this will hold up.

The best time, incidentally, for selling is in the Spring and Summer, by Fall and Winter, people are less interested in buying. So if you do your house shopping between October-March, you may find better deals. Also, look at how long a house has been on the market - if it's been more than 90 days, the seller is generally willing to negotiate the price and closing costs, but check to be sure that there's nothing wrong with the house (termites, leaks, etc.)

1. Your 1 is incorrect. Like I said earlier, I know somebody on the inside who deals with Realty daily, she also knows several other people in different parts of the nation. It is most definately a Buyers Market. Realtors are desperate to sell houses and Lenders are becoming desperate to Lend.

2. By that assessment, then I suppose you'd have to eliminate a vast majority of the middle-class workers. To buy a home for $100,000 a person by your standards should be able to put $20,000 down. That would be extremely nice but how many Middle-Class people actually have or can afford to put that much down. I'm sure their are some but not to many. As for the fixed rate, that's what I do intend to do. I have an appointment with a Lender next week.

I've no doubt that someone will lend you the money. I'm just suggesting you should do some actual research into the direction of real estate prices before you catch a falling knife. Are prices trending downwards, or are they trending up? If the former, is it really a buyers market? Probably not. The fact that a lot of people want to sell at or near their wishing prices doesn't mean you are getting a good deal. Not if the house is going to lose another 20% in the next 24 months. Seller expectations are still unrealistic. So it's not yet a buyers market.

Plus there are a whole raft of ARM resets just around the corner, which are going to further increase the supply. I don't believe that most areas have priced that in yet.

A twenty percent down was sort of the historic standard - to prevent people ending up underwater.

Okay, I'm looking to buy my very first house. I know it's currently a buyers market, not a sellers market. I have numerous good things going for me however my credit score is bogged down a bit mainly because I don't have established credit and a couple medical issues are in the credit bureau.

Anyways, I'm seeking information or good advice of anybody who has knowledge of any First time Homebuyer programs that are out there that will assist me with the downpayment and/or closing costs. Can anybody help me out.

Have you looked into the possibility of an FHA loan?

1. Your 1 is incorrect. Like I said earlier, I know somebody on the inside who deals with Realty daily, she also knows several other people in different parts of the nation. It is most definately a Buyers Market. Realtors are desperate to sell houses and Lenders are becoming desperate to Lend.

2. By that assessment, then I suppose you'd have to eliminate a vast majority of the middle-class workers. To buy a home for $100,000 a person by your standards should be able to put $20,000 down. That would be extremely nice but how many Middle-Class people actually have or can afford to put that much down. I'm sure their are some but not to many. As for the fixed rate, that's what I do intend to do. I have an appointment with a Lender next week.

You can finance that 20%, or some portion of it, into a HELOC. Then, you get a better deal on the principal mortgage. No PMI, either. Pay like hell on the HELOC, then in a couple years you're just paying on the first mortgage.

Have you looked into the possibility of an FHA loan?

I am checking the FHA loan out but I'll see what the Lender I'm leaning towards talks to me about during the appointment next week.

Thanks for all the advice and help. Keep it coming and I'll keep you updated on the situation or whatnot.

I'd really love being able to buy my own house, I'm so excited and Nervous as hell both at the same time.

I work in Real Estate and I just bought my first home over the summer. There are a few things you need to do.

1) First and foremost you need to go to several lenders. If you're looking for help with down payment or closing costs you'll want to go to major banks. Be sure to ask about first time home buyer programs because they won't automatically offer them if they don't have to. Make them compete, even if you get a good offer you should shop around to see if anyone can do better. If you happen to live in a state that encourages community reinvestment (read: gives banks tax breaks for handing out money) you should be looking for an offer of at least 3-4% of purchase price.

2) Ask about local programs too, a lot of cities and states off either special tax breaks or grants for first time buyers, but you have to bring it up with your lender. Lenders will not do any more work than they need to in order to see your loan go through.

3) Find a good agent. A lot of people will say an agent is unecessary but if you're a buyer you probably aren't paying for their services and they have resources you don't. More importantly, an agent will look out for you during negotiations and make sure you don't get sharked after you've put down your escrow. When looking for an agent you want someone with a lot of experiance and you want a referral from someone you trust. 10 years in the buisness is a good guideline.

4) Spend the $500-$1200 bucks on a lawyer, especially if you're buying a new home. Developer contracts are designed to limit their liability at your expense. There can also be a lot of hidden costs built into non-standard contracts that your lawyer will be better able to catch. This is a big problem in condo developments and you need to have people on your side.

5) Do your own research. People like to talk about buyer and seller's markets but the reality is that these things are extremely local. If you live in an urban area you will likely see these things change neighborhood to neighborhood. Getting a good idea of where you want to live and what alternatives are available will help you guide your search.

6) Be ready to compromise. This is your first home and unless you're in a very weak market you will likely have to give up some of the things you want so that you can afford a place cheap enough to get a 20% down payment.

7) Don't ask the buyer to pay your closing costs. Unless they are in a really tight spot you'll get laughed at and if its part of your initial offer the selling agent will treat your proposal like something they stepped in.

8) Finally, you need to be realistic about your credit. If you haven't established a lot of credit or if you have a history of bad debts (even medical ones) you might want to just open a CD and save for a little while longer. You can usually repair your credit enough to make a real difference for a lender with six to eight months of work, and its worth it if it'll save you half a percent on your APR or make a 30 year fixed an option.

I don't know a thing about buying a home in the US.....but I do know this.....location is all important, don't compromise, downsize your goal, maybe a condo instead of a detached home.....but stay in the best neighbourhood possible

I don't know a thing about buying a home in the US.....but I do know this.....location is all important, don't compromise, downsize your goal, maybe a condo instead of a detached home.....but stay in the best neighbourhood possible

That assumes a static market. Neighborhoods change and location desirability changes. I personally bought in a less desirable area because I recognize that it is developing and long term appreciation here will outstrip appreciation in a more expensive area. The people I know who have made serious money in the market are people who understand that locations change and buy accordingly over a long-term plan.

Take Chicago, for instance. Ten years ago the neighborhood known as Wicker Park was terrible. It was genuine slum, the kind of place that people only lived in because they literally couldn't afford better. The man I worked for recognized that the neighborhood would turn around and bought a lot of property in the area. The building that used to have one bedrooms for $400 a month now go for three times that. Raw property value has sextupled. I can name a few dozen neighborhoods in the city that have done the same thing over the last 30 years, including nearly every high-value neighborhood outside of Astor.

Now, only the bravest people would engage in that kind of prospecting (thats why they end up either fabulously wealthy or bankrupt) but individuals who have a little bit of an eye can do it on a much smaller level. Buying on the outskirts of the area you want to live in can make a big difference, as can buying between two high-value neighborhoods. A half a mile can make a lot of difference in terms of prive while having very little impact on actual quality fo life.

thank you, JesusChristLooksLikeMe, for the advice. I do have a very trusted and personal friend of my mom for more than a decade. She's been with Remax Realty for more than 10 yrs and now is working for a mom/pop type realty company with an open return to Remax any time.

I am currently going through a few different lenders to see what each can offer me.

As for my Credit, I know it means a lot. I know it isn't that great, however, I will be suppying my electric bill for the past 2 yrs which were written from my checks, also I have a letter and statement from my boss from when they loaned my $5000 with an agreement of paying them $100 weekly until paid in full that was in 2005 and was paid in full and by the agreement, I will also be providing the past 2 yrs and my leases from the past 2 yrs of paying rent on time from the same residency. These examples are not on my credit report and they all 3 are very good so I suppose I'm hoping they consider them as a couple Lenders did mention that that's very good that I have the paper trail and that it should make a difference. Here's hoping for the best.

Funny thing is is last night I had a dream and was approved for an FHA loan. :D

I also believe that God will help me, too.

thank you, JesusChristLooksLikeMe, for the advice. I do have a very trusted and personal friend of my mom for more than a decade. She's been with Remax Realty for more than 10 yrs and now is working for a mom/pop type realty company with an open return to Remax any time.

I am currently going through a few different lenders to see what each can offer me.

As for my Credit, I know it means a lot. I know it isn't that great, however, I will be suppying my electric bill for the past 2 yrs which were written from my checks, also I have a letter and statement from my boss from when they loaned my $5000 with an agreement of paying them $100 weekly until paid in full that was in 2005 and was paid in full and by the agreement, I will also be providing the past 2 yrs and my leases from the past 2 yrs of paying rent on time from the same residency. These examples are not on my credit report and they all 3 are very good so I suppose I'm hoping they consider them as a couple Lenders did mention that that's very good that I have the paper trail and that it should make a difference. Here's hoping for the best.

Funny thing is is last night I had a dream and was approved for an FHA loan. :D

I also believe that God will help me, too.

It sounds like you've found your realtor. Still, when it comes to credit, the only thing most lenders are going to really consider is your credit score. If its low you're going to get bad loans. I know that it is a difficult thing to consider, but if you cannot get a good loan now it is in your best interest to wait six months and raise your credit score. It is far better to wait half a year because even one percent can have a drastic effect on your monthly payment (not only would you save $4000 dollars a year on a $200,000 loan, but money that would have been spent on interest will either become a lower paymet or higher contribution to principal).

Also, remember, no matter how nice they seem the lender is not your friend. Lenders do not care if you get in over your head. If you default they keep what you have already paid and then capitalize on the appreciation your property experianced if you go into foreclosure. They win either way, so you need to look out for yourself. And those are the good lenders. The more predatory operations out there will actively try to push you into a loan you can't pay.

Okay, I'm looking to buy my very first house. I know it's currently a buyers market, not a sellers market. I have numerous good things going for me however my credit score is bogged down a bit mainly because I don't have established credit and a couple medical issues are in the credit bureau.

Anyways, I'm seeking information or good advice of anybody who has knowledge of any First time Homebuyer programs that are out there that will assist me with the downpayment and/or closing costs. Can anybody help me out.

stay away from lending tree!

get all of your bills paid now, start out looking with NO debt (or as little as you can have........) make sure NOTHING is in collections

get a buyers agent, get pre-qualified by a bank that will look at your credit report and NOT just your score. The only way to have a good FICO score is to be perpetually in debt, it's NOT a good thing to have a good credit score, all it means is you are in debt

do not do credit counseling, they are scams

find a reputable financial planner if you need one, like me ;) (only not me because I am not accepting new clients.

[/super free professional advice]

It's a buyers market where I live and am currently house hunting. Why do you say if you can't do 20% down don't do it ? And with mortgage rates ( currently at 6.3 average in my experience with Lenders ) still in a state of flux - why would a fixed rate be better than a variable ? They seem a bit high at the moment...

I'm trying to learn as much as possible before taking the plunge !

seriously if you can't do an 80/20 in 15 years you are borrowing a headache, you are in too much debt to afford a house and you will be sunk eventually.

get a buyers agent, get pre-qualified by a bank that will look at your credit report and NOT just your score. The only way to have a good FICO score is to be perpetually in debt, it's NOT a good thing to have a good credit score, all it means is you are in debt


Now now, you know that isn't entirely accurate, just accurate for most people ;). I know that I advise my clients to stop using cash six months before they get pre-approved because running up cards and paying them off before interest accrues is the fastest way to goose up a credit score.

A good credit score means exactly what it is meant to mean: that an individual can be counted upon to pay their debts promptly. The score goe up the more often you do it, so a high score indicates that you have run up debts in the past and paid them off without any extra expense or risk to the lenders in question. Describing that as "perpetually in debt" is something of a half truth.

Lets say you spend $500 dollars a month on rent, food, utilities, entertainment, etc. You could write checks and use cash, or you could get a credit card with a cash back option and get a few percent of $500 when you write one check to them the third week of the month. 2% of $500 is ten bucks, every $20 you can cash in for a $25 gift card, so over the course of the year you end up making $300 and goosing your credit score. I fail to see the problem. Granted, doing something like this requires that you be responsible, but we are talking about adults here.

It's a buyers market where I live and am currently house hunting. Why do you say if you can't do 20% down don't do it ? And with mortgage rates ( currently at 6.3 average in my experience with Lenders ) still in a state of flux - why would a fixed rate be better than a variable ? They seem a bit high at the moment...

I'm trying to learn as much as possible before taking the plunge !

Smunkee is right, you want to be able to put 20% down, the PMI is just a racket otherwise.

As for interest rates, 6.3 might seem high in the context of the past few years but it wasn't long ago that lucky buyers went home with 18% and a swift kick in the ass. Adjustable rates are gambling, plain and simple. It might be nice if rates go down, but you really don't want to be in a position where your rates go up a percent and a half a year for three years straight and suddenly you're looking at a payment you can't afford. Unless you're experianced in the market and you buy and sell property for a living you need to go with a fixed rate.

Its worth noting that my employer owns somewhere in the neighborhood of 30 investment properties and every single one is on a fixed mortgage. The fact is that if rates go down significantly you can always refinance (and usually find a broker willing to wave the fees).

Now now, you know that isn't entirely accurate, just accurate for most people ;). I know that I advise my clients to stop using cash six months before they get pre-approved because running up cards and paying them off before interest accrues is the fastest way to goose up a credit score.

A good credit score means exactly what it is meant to mean: that an individual can be counted upon to pay their debts promptly. The score goe up the more often you do it, so a high score indicates that you have run up debts in the past and paid them off without any extra expense or risk to the lenders in question. Describing that as "perpetually in debt" is something of a half truth.

Lets say you spend $500 dollars a month on rent, food, utilities, entertainment, etc. You could write checks and use cash, or you could get a credit card with a cash back option and get a few percent of $500 when you write one check to them the third week of the month. 2% of $500 is ten bucks, every $20 you can cash in for a $25 gift card, so over the course of the year you end up making $300 and goosing your credit score. I fail to see the problem. Granted, doing something like this requires that you be responsible, but we are talking about adults here.

as a financial planner I can tell you that while you are technically right, out of my 290 clients only 4 of them are responsible enough to do that, and that's counting me and hubby.......although I am very anti-debt so we wouldn't do that anyway, we use cash for everything. We don't finance anything, except we will finance a house if I ever find one I like.........;)

Smunkee is right, you want to be able to put 20% down, the PMI is just a racket otherwise.

As for interest rates, 6.3 might seem high in the context of the past few years but it wasn't long ago that lucky buyers went home with 18% and a swift kick in the ass. Adjustable rates are gambling, plain and simple. It might be nice if rates go down, but you really don't want to be in a position where your rates go up a percent and a half a year for three years straight and suddenly you're looking at a payment you can't afford. Unless you're experianced in the market and you buy and sell property for a living you need to go with a fixed rate.

Its worth noting that my employer owns somewhere in the neighborhood of 30 investment properties and every single one is on a fixed mortgage. The fact is that if rates go down significantly you can always refinance (and usually find a broker willing to wave the fees).

I 100% agree and just in case it needs to be said twice...........No adjustable rate mortgages, no interest only loans, bad bad stuff people do to take advantage of people.

I advise my clients to do an 80/20 traditional mortgage for 30 years at the most......but 15 is even better. Pay it off as fast as you can.

I 100% agree and just in case it needs to be said twice...........No adjustable rate mortgages, no interest only loans, bad bad stuff people do to take advantage of people.

I advise my clients to do an 80/20 traditional mortgage for 30 years at the most......but 15 is even better. Pay it off as fast as you can.

The big problem with adjustables and interest only loans is that they aren't consumer loans. Those kinds of loans have their place: interest only loans are great for very short term, high principal loans that you only expect to hold for under two years before you pay them off (quick rehab projects, flips, things like that) adjustable rate loans are good for short term loans you expect to pay off before the first interest term elapses. The thing about these loans is that they are really developer loans.

Loans like that are offered to general consumers because the mortgage market is designed to be pretty smashmouth. Loan officers and brokers work on comission and they don't care if you default, they've been paid by that point. Holders aren't really that averse to default because they know that in this market they'll get their money either way.

I can't stress it enough: the most important thing a buyer needs to remember is that lenders are trying to sell you something and you need to treat them as such.

stay away from lending tree!

get all of your bills paid now, start out looking with NO debt (or as little as you can have........) make sure NOTHING is in collections

get a buyers agent, get pre-qualified by a bank that will look at your credit report and NOT just your score. The only way to have a good FICO score is to be perpetually in debt, it's NOT a good thing to have a good credit score, all it means is you are in debt

do not do credit counseling, they are scams

find a reputable financial planner if you need one, like me ;) (only not me because I am not accepting new clients.

[/super free professional advice]

Thanks, I should be able to get my few creditors settled with in hopefully no more than 2 months from now. This'll be my priority for the next 2 months also I'll be checking with my credit union to get a secured credit card which I plan to pay most of my monthly bills and gas in my truck and pay the card satisfactory to raise my score.

Also, if I am able to get the loan, I do realize I'm not, at this time, going to get that lower interest rate, however, I will be able to refinance the house after a year or 2 after my credit score raises. So, for the first year or 2, I'll be mainly focusing on keeping my current bills paid on time and to reestablish my credit.

I'll also be checking out a few different government programs that offer grants/loans. Since, my main priority is to pay off my current creditors, will inevitably take money from a downpayment. One program that I read looked pretty good here's the link.....

http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/index.cfm

I'll also be working my ass off. I currently work a full time job (40 hrs) and I have a couple sidejobs which I'll be increasing to get more money.

Now with Christmas tomorrow, I am completely tightening and ridding myself of unnecessary spending.

Thanks, I should be able to get my few creditors settled with in hopefully no more than 2 months from now. This'll be my priority for the next 2 months also I'll be checking with my credit union to get a secured credit card which I plan to pay most of my monthly bills and gas in my truck and pay the card satisfactory to raise my score.

Also, if I am able to get the loan, I do realize I'm not, at this time, going to get that lower interest rate, however, I will be able to refinance the house after a year or 2 after my credit score raises. So, for the first year or 2, I'll be mainly focusing on keeping my current bills paid on time and to reestablish my credit.

I'll also be checking out a few different government programs that offer grants/loans. Since, my main priority is to pay off my current creditors, will inevitably take money from a downpayment. One program that I read looked pretty good here's the link.....

http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/index.cfm

I'll also be working my ass off. I currently work a full time job (40 hrs) and I have a couple sidejobs which I'll be increasing to get more money.

Now with Christmas tomorrow, I am completely tightening and ridding myself of unnecessary spending.

sounds good.

If I might........you can cruise around Dave Ramsey's (http://www.daveramsey.com/)page, he has a lot of information about managing money.