How can I get a house for my family? Help me, Please!!!!?

My credit score is a 480. I am in between jobs, because I am working toward getting my real estate license. I plan on going into real estate full time. I have $10,000 saved and I have payed off about $4,000 of my debt in the past month. Also, a lot of things are coming off of my credit at the end of this year and early next year. My husband works and makes $30,000 per year. His practically has no credit at all. He has one credit card that he never uses and I have four credit cards (secured) that I use only for gas and immediately pay off. What are the chances of obtaining a mortgage? What do I have to do? I am so tired of apartments and after 7 years of marriage (we are both 26 years old now), it's time to get our 5 year old son into a house. Help, please !!!!!!!!!!!!!!

I am now located in Southern NJ

Nil despair!!!

OK...there's a number of issues to be resolved and, in truth, it looks almost impossible to find a quick fix based upon the criteria listed - credit rating, etc.

It would also be helpful to know which city or location you are based in.

However, probably the first thing you need to do is find an honest mortgage broker. (That's someone who doesn't want to sell you a short-term fix. Similar to what's happened with sub prime mortgaging.)

Second; find ways to improve your credit rating possibly by even using some of those cards on a regular basis but not getting into big debt. Maybe up to $1,000 tops. Then, change the card for interest free balance while you clear.

Third; since the housing slowdown will surely continue through 2008, if you keep making inroads to your credit rating, you might be in a position to go for a 'lease-option' purchase with little or no money down during late 2008. And, prices could be at their lowest ebb by then.

Fourth; find a truly helpful Realtor who specialises in first-time buyers. Check his/her background in the field by asking for references you can check upfront.

And finally; the above is just one way and no doubt other people will come up with more ingenius ways to help but, beware of anything which smacks of a short-cut, it might cost you and your family too much later down the line. Be deliberately cautious and seek 'professional' help at every step.

Wish you the very best of good fortune with your goals in 2008...and, Happy Christmas.

You don't say where you are located, but it would be hard on $30K a year. Realistically, you'll need to wait until you also have an income. And lenders have tightened standards - they are now looking for good credit histories and 10% down payments.

You will need to raise your credit score. No mortgage lender today -- not even a subprime lender -- would loan money to someone with a score that low.

If you generally have a good credit score I know that the bank will give you three times your income. You would have to pay off all that debt first because that counts wayyyy agaisnt you. Also, if you are going to get a house you need to have at least 20% down or there is no point in getting a house because you will never actually own it the bank will.

Be careful only get one if you can afford it.

Your credit score is way too low and your income is too. Work for a year or 2 in getting your credit rating up and earning more $$$. Make sure you check your credit on a regular basis. My husband and I have found several things wrong with ours and we have to dispute it ourselves. Nobody is going to do it for you.

I鈥檓 married to an agent, and we just purchased a house after he had been in the business for almost four years. It鈥檚 not unusual for an agent to make next to nothing in their first year because no one hands you business; it is a constant uphill battle. Additionally, once you finally do make money, you鈥檒l have to apply for a stated income loan because you don鈥檛 have regular paychecks coming to you, and those can be harder to get. In our case, the mortgage company considered what he made *last year* when considering whether to give us a loan.

If you really want to know if you can get a loan, all you have to do is speak to a few lenders. The worst they can say is 鈥淣o鈥?and then you can try again later. They can also look at your credit scores and tell you what changes to make in order to raise them.

I would strongly encourage you to find at least a part time job while you鈥檙e getting started in the business.

Unfortunately, your credit score is too low to be considered for a home. Also, your husband's income would only qualify you for maybe $900 per month loan payment, and that's without any other debt.

It's great that you're going to go into real estate, but with the way lenders look at the self employed, it will be at least 2 years of documented income before they'll consider lending to you. It takes that long for the bank to feel that you've proven your income.

You say that "a lot of things are coming off of my credit at the end of this year and early next year" does that mean that the lenders are going to be writing off the debt as bad debt? If so, that's not helping your credit score at all.

Suggestion - go to a credit repair counsellor and start working on your husbands and your credit. It's the only way you'll be able to buy a home. You might want to get another job while you're getting started in real estate so you have some income coming in during the time you're getting your feet wet. You should be ready for up to 18 months with no or little income in real estate.

Good luck!

If utilities and such are in your husbands name, he has a credit score.

Find a mortgage broker in your area that can take a look at what you have going on and can make suggestions on what you need to do to qualify for home ownership. Internet lenders will not know about local programs you can qualify for.

I obtained my RE license while working full time, you should think about at least obtain a part time job so you can get things paid off and more money saved. You can rip through $10,000 in a hurry becoming a Realtor, so having more in the bank certainly will not hurt.