I have the opportunity to buy the house I'm renting. I hate renting, I am ready to do what it takes to own. But this is unfamiliar territory and Im a financail idiot. So I'm just going to list the qustions I have...
1. Is it really necessary for a counter offer and how do I do it?
2. I need to pay off my credit cards before I even think about applying for a loan. What kinda of loans, grants, programs are avaibllae for first time buyers?
3. Do I go through a bank or credit union for a loan?
4. Is it better to apply for a loan for the downpayment or the whole coast of the house?
5. If I am repaying the loan back, and I also paying towards the remainder of the total cost at the same time?
6. Could there be any assiatance I can get through my employer?(a specail savings account...)

At this current time I need to pay off my credit cards which my parents said they'll pay for me so i can qualify for a loan. How soon after my cards paid off will it take for my credit score to go up? And I have 9 credit cards...I plan con closing all but 1 or 2. What can I tell the creditors the reason for closing?
Any suffestions and advise will be helpful.

for the acquisition of the real estate use a broker, the seller pays him with the part of the comission, look for one you can work with, not like, but work with. On the credit cards if you are i default call them make a deal, if you are not in default pay them but keep them, use one for every month and pay the invoice when coming, use the next etc and so on, open lines provide the best credit score enhancement. Get a copy of your credit file from all 3 reporting agencies. There are grants and assistance for first time house buyers, your real estate broker should be able to help you or ask your mortgage company; don't go out uncooked, meaning you should have a paper for which amount you are preapproved.

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Thanks. However, I fear I have less than perfect credit. I have been late on some, and they have been screwing me around such as suspending my charging, increasing apr's and interst rates, and decreasing my limit. And im thinking how can these credit card terrorists get away with this? I don't wake up one day and decide I'm not going to pay my bill. I may have gotten the bill to late to be able to pay it and send back before the due date, it may have been snowing and I couln't get to the post office as i usually could, or the mountain pass could have been closed due to stomry weather and the mail truck couldn't get over. ALL of which I have no fricking control over, so why I am getting penalized and punsihed over it??? AND!!! ruining my credit score to add to it??? It is not fair they can ruin somebodys life over it. So yea, i guess you can say ive defaulted, but of not fault of there own. The only thing Im really guilty of is getting in over my head with frivolous shopping. I want this all behind me and this nightmare to end. And screw the credit card companies! I want out and there just going to have to find someone else's life to ruin! I want these little plastic pieces of evil gone.

you live in the system, your only chance is to escape to another one, but there you would have to start over which is equally hard, so if you want and like to stay where you are you need to learn to play the system

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Honestly you sound like your in over your head. Buying a house now would not be wise. I would stop using those cards 1st. If they are in default, are they at collections? I would pay them off as fast as possible, then start looking at a house to buy. You would be in a lot better position to get a loan, and would have a better chance of not becoming another forclosure statistic.

Cali
answer to

1. what's the house worth and can you afford it. Pay no more than that. Anything under that is in your pocket.

2.not necessarily and 8k FTHB program

3.CU are usually a better deal..... shop around

4. I am Confused by you ?, If you need no down go FHA

5. sry don't understand ?

6.need to ask your employer

I would need to write a book to answer all of your questions, and frankly, many of them cannot be answered without more information. I will tell you this: DO NOT CLOSE YOUR CREDIT CARDS. It is possible that you could do more damage than good depending on the circumstances.

What you can do to answer all of your questions, and also get some terrific guidance in both purchasing a home, and just as importantly, keeping your home once you have obtained it, is to go to a HUD approved housing counseling agency that provides First Time Homebuyer Counseling. We offer that service here, and for someone with no knowledge of the process, the information you will get is invaluable. You should go to a local agency, which you can find on HUD

They will review your credit and your finances and can help you to understand every stage of the home purchasing process. They can even help you prepare your portfolio so that you can walk into a mortgage lender’s office with all of the documentation ready to go. They will also help you establish what YOU can afford in a home, so you will not be pushed into something that you cannot handle. It’s a terrific program, and by going through it, you will also be given the certification you need to qualify for most assistance programs, whether they are local, state or federal.

I agree with this