First Time Homebuyer?

I do not have great credit and have recently began attempting to clean up my credit score so that I can purchase a house by the end of 2008. Can anyone offer any tips? Logical advice? Is this even doable with poor credit???

You should look for a rent with option to buy. The easiest properties to do this with are ones listed as both a rental and for sale. However in this slow market, sellers who need to offset their mortgage, but do not need their equity immediately may be willing to do a rent with option instead of an outright sale.
Another option is owner financing.

yes with a high rate and a healthy down payment

Clean up the credit first.

Save a large down payment.

NEVER get an ajustable loan.

Shop around for lenders.

Get a line of credit first, then look at what houses are going for at auctions. You can save 1/2 of the cost of a home that way.

Buy the book, Rich Dad, Poor Dad.

Sure it's easily possible. Here's the issue with fixing credit, if you don't have any spare money then it's difficult to fix your credit. If you can come up with extra cash per month, then it's much easier.

1. Get a copy of your credit report. Start contacting the collection agencies and negotiating settlements with them.

2. Get a secured credit card, "Orchard Bank" is a good one. Keep what you owe under 35% of the limit.

3. After you pay a collection, or any old account make sure that you report it to the credit Bureaus (all 3) that the account has been settled or paid.

One last thing, don't bother to call the collection agencies until you "have" the cash available, there is no reason to start negotiating settlements until you have the ability to pay. Good Luck.

YES!!!!!!!!!!!!!! It most certainly is. I just did it myself. I was unaware of credit reports and things like that when I went to purchase my first house. When I went to the bank and they pulled it, I think my score was a 461 and that was 6 months ago. They gave me a copy of it and showed me what each item was and how much it was. They also showed me the contact numbers for each of the companies that I owed. Once you decide on a financial institution to do your home loan with, one of the loan officers can pull it and tell you about that stuff. I check mine frequently now at freecreditreport.com The main thing with your credit report is that you want to make sure that everything on there is yours and not what someone else has put up there. It takes a while for your score to go up because you have to wait for the companies to contact the credit bureaus to get the stuff listed as paid. A faster way would be to get them to fax copies of the receipts somewhere and then make copies of each one for each of the three credit bureaus and then mail them as soon as possible. I just went through all of this and it is going to be a real headache but in the end, its going to be well worth it.

Also, pay attention to your credit report. Sometimes your debts get sold to another company and they list them and if they are not paid, they are sold again and relisted. You could have one bad debt that is listed by seven different companies. Thats one thing that hurt me so bad . Good luck and happy house hunting.

Yes if you improve your score it's possible.
Might as well go to THE source, which is the FICO. Plenty of info here--
http://www.myfico.com/

The buyer's market should last at least through September of this coming year, so you're probably in a good position.

Get as much as you can for a down payment. Educate yourself on housing, finances, and mortgages. Avoid pre-payment penalties. Get a fixed rate loan. See if you qualify for a credit union membership as they frequently offer good rates. Use a buyer's agent (should be free to you) AND a home inspector before you buy so you don't get stuck with a money pit--well, at least those things lower the odds you will.

Good luck.

You can read VERY interesting advice here. http://real-estate-note-buyers.blogspot....
taken care of and faith! Good luck!