Saturday, September 8

How I bought a home. Don't be discouraged by traditional lenders.



Thanks to Virginia real estate, just this year we bought our first home.  It's one of those things as a renter of 15 years that we had worked hard on building our credit up, never had an eviction. We bought cars and were finaced on the spot, but going through our bank traditionally for a mortgage for pre-qualification on a home that was still hundreds less for a mortgage with mortgage insurance than our rent we still were getting the run around and referred to lenders the agents all worked together with.  I didn't like that.  I knew what our credit was, I knew we were getting the run around to try to be forced into using the people the realtor used. Even if we had bad credit, there are plenty of bad credit loans.

Don't fall for that.  Always do your research.  There are plenty of ways that will work with all types of credits (Free ways to check your credit score,) and even find you Home grants your family may qualify for.  Those are the good lenders.  The ones that see your family as a family, and not just as a comission.  Associates is a conforming and non-conforming mortgage brokerage firm, specializing in alternative lending resources and flexible underwriting guidelines. Associates home loans was created to help those individuals to obtain mortgage financing who had struggled with problems such as bankruptcy, foreclosure, and loss of income due to circumstance beyond their control. Just because one bank or lender tells you no, don't give up on the American dream of owning your own home.

I also found out a lot of banks will not let you buy the forclosed homes because of them needing a few repairs, the home I bought was $18000 after purchase price and reality lawyer/title fee's.  I found a local lawyer near the home I was purchasing because it seemed every house (I won't say the huge realities name) I linked the realtor I was using was off the market after I linked her to it.  It was just easier for me to get a lender myself, pre-qualified, and leave out the realtor and hire a real estate attorney that the realtor would have charged me for anyways.

Like I said, don't be discouraged when buying a house just because a realtor, a bank, or a traditional mortgage broker is telling you one thing.   Always ask around, youd be surprised at how many lenders there are that want to help you. Especially if they see you are working, renting, trying, have a few thousands to put down, or can point you in the right direction to see if you qualify for any grants that cover closing costs or if the seller is willing to cover the closing costs or any fixes before the sale.

Before buying a home I had the impression only people with a lot of money could own a home because my bank made me feel like we couldn't afford a $150000 home yet or had spent x10 that on rent over the years.  Just try, don't give up.  We are all trying, and have dreams of bigger things.  Just try other lenders that are known for taking a chance on good people.

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