Some excuses for not buying a house are very valid.
- I don’t know where I want to live for the next three years.
- I don’t have a stable job and don’t know if I am going to be employed.
- I live in my parents basement because after taxes I make $200 per month and I like the free food.
Excuses that aren’t acceptable:
I HAVE HORRIBLE CREDIT
Why do you think your credit is horrible? Did a credit pulling company that rhymes with Credit Darma tell you so? We don’t use the same scores that they do. Just like we don’t use the same scores that a car dealership may use. We use our own system. Guess what, sometimes your credit can be fixed within 2 days. Other times it may take a year or two. However, if you don’t pull in NOW, it will more than likely be the same in a year or two. So stop using the “I had a bankruptcy” and the “I went through a rough patch and let everything go” excuses. I had someone so worried about their credit, I pulled it and they had no score. None. Opened a card and is well on their way to buying a home. So please note, we have heard it all and we have seen worse. So let us do our job by pulling it and giving you a starting point.
I DON’T HAVE ANY MONEY SAVED UP
This is a great excuse if you live at your parents rent free and should have been saving for the last three years and have $100 in your checking account. Then a house and/or responsibilities period, aren’t for you. However, there are MANY programs and options if you don’t have money saved up. With FHA, you just need 3.5% down on a home to purchase it. This can also be gifted to you by those parents who won’t kick you out. There are also zero down options available for those who qualify. So whether you are newly divorced and don’t have anything left or are broke living paycheck to paycheck because your rent is so high, we might have an option for you. So stop using saved money as an excuse.
MY LARGE NAMED BANK SAID NO
Just because large no named bank, that might start with a W or T (made that letter up to confuse you), said NO, doesn’t mean you won’t qualify somewhere else. Every company has a little wiggle room in how you may or may not qualify. We are all a little different. Larger banks may have more strict rules. Your best bet is ALWAYS to try another spot if you are told no. There are so many people who could buy, they just hear the word no and won’t push on. If you get a no, ask why. I don’t say NO, I give reasons on HOW you can work towards it and what needs to happen.
CAN’T AFFORD IT
Many think that a house payment will be way too large. What is too large? It is better to work this from the other way around. Pick your ideal (and realistic) house payment and give that to us first. We can then work backwards from your ideal monthly payment amount and figure out how much of a house you can afford. You may be surprised! You also may find that your house payment is unrealistic, unless you would like to live in a small town in Iowa, in which I am not personally a licensee holder yet, due to your $500 per month house payment goal.
So bottom line is, contact your loan officer today to see where you are at and if/when you can purchase a home today. As your excuses don’t cut it and if you continue to make them, you will be “home”less for years to come.
Want to start the process today? Click HERE!
Feel free to email me with any additional questions as well!
Laura Mendele
Loan Officer
6800 France Ave South
Suite #530
Edina, MN 55435
NMLS #1451908
Direct: (612) 404-1457
Cell (763)350-6507
e-fax (612) 928-2001