HELP needed please (housing)?

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I am an able bodied, hard working, father of four children. I am currently at a crossroads and I am desperatly seeking assistance. I have an OK job and I am able to take care of my family. My situation is not much different from many others living in this country. My one obsticle that I would ask someone to assist me with would be finding a suitable house for my children and myself. I currently pay $ 1100 monthly rent for a small 2 bedroom apartment. We are living literally on top of each other and it has began to cause lots of problems. My chaildren need somewhere to be kids and enjoy themselves. I have terrible credit and I am unable to get approved for a mortgage. I have a VA home loan certifiate that will assist in the purchase yet my credit score is hampering this dream form becoming a realality. If any one can assist my children and myself in getting approved for a reasonable mortgage taht would allow my family a new start, please contact me. I am not really looking for a hand out. I am more than willing to put in as much hard work as I can to make this happen.
Please Help us

1 Comment
  1. Reply
    mack
    January 26, 2011 at 9:15 pm

    My best advice: Call a number of mortgage brokers in your area and see if there is a program you could qualify for. A number of programs are out there that do accept people with low credit scores. The broker would be in a position to help you.

    Another route to consider is rent-to-own. In this case, you would rent a unit from someone but have an option to buy the place. This allows someone with little for a down payment – and possibly low credit scores – to save money to buy a home while showing they are dependable. So, if the normal rent for the type of home/townhouse you were renting was $ 1,000 a month, you might be required to pay $ 1,200 a month. The extra $ 200 would go into an escrow account in your name. Then, in a year or two, if you decided you wanted to buy the place, you would have that money to use as a down payment. However, if you go this route, make sure you get a clause in the agreement that states this money is returned to you if you decide not to buy it. If you would like to explore this route, you should get a local realtor to help you.

    You might also consider searching on Craigslist for rent-to-owns as well as people selling their home. Generally, a lot of the people who rent or sell things there are doing so to save money, and many of them know little about real estate. It’s a long-shot, but you might be able to find someone there who would be willing to agree to a rent-to-own.

    I’d also contact people who are trying to sell their homes on their own – For Sale By Owners. Maybe one of them would also agree to a rent-to-own. Good luck.

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