cocoa asked:
My family and I are tired of renting. I have a credit score of 530 and admit that I have a bad history of paying on time. I base it on importance first of all. For example, I pay my rent on time every month but I always pay my loan payment about a week late every month. I am planning on paying off 3 loans that I have with my income tax. I should be saving about $420 a month. I calculated that if I pay $500 a month now in rent, I can contribute an additional $400 in paying for a house payment. My husband also just got on disability so this would help out as well. I should be getting a dollar raise next month also. I make about $21,000 a yr but next year should be better. I have been employed for 2 1/2 yrs at the same place and dont plan on going anywhere else. What is best for my situation? I tried buying a home last year but I went with Wells Fargo Home Mortgage since I have a checkings account there. Basicly the guy there told me he couldnt help me with a 500 score and that owner finance would be my best bet. I have looked into owner finance but havent found too many homes out there. My lease ends in a few months and I am tired of living in the bad neighborhood that we live in. I really need some advice. Which would be my best option? Should I wait for my raise next month? Should I wait a month or 2 after I pay off my loans during income tax? Honestly, we want something where we can get the taxes and insurance escrowed.
WILFORD
My family and I are tired of renting. I have a credit score of 530 and admit that I have a bad history of paying on time. I base it on importance first of all. For example, I pay my rent on time every month but I always pay my loan payment about a week late every month. I am planning on paying off 3 loans that I have with my income tax. I should be saving about $420 a month. I calculated that if I pay $500 a month now in rent, I can contribute an additional $400 in paying for a house payment. My husband also just got on disability so this would help out as well. I should be getting a dollar raise next month also. I make about $21,000 a yr but next year should be better. I have been employed for 2 1/2 yrs at the same place and dont plan on going anywhere else. What is best for my situation? I tried buying a home last year but I went with Wells Fargo Home Mortgage since I have a checkings account there. Basicly the guy there told me he couldnt help me with a 500 score and that owner finance would be my best bet. I have looked into owner finance but havent found too many homes out there. My lease ends in a few months and I am tired of living in the bad neighborhood that we live in. I really need some advice. Which would be my best option? Should I wait for my raise next month? Should I wait a month or 2 after I pay off my loans during income tax? Honestly, we want something where we can get the taxes and insurance escrowed.
WILFORD