im wondering if i should get a house? when is this plan due and what realtors should i try here in houston? i really dont have good credit history because of a small student loan and a sprint contract that was broken since 2005…if i pay what i owe soon, can my credit be good now? im 23 yrs old.
You first should get a copy of your credit report and score to see if you are even in a position credit wise to buy a house.
Second, do you have at least 3.5% saved up as down payment, and then another 3% of whatever purchase price you are looking at for closing costs?
You would need to have a property under contract by April 30, 2010 and it needs to close escrow by June 2010 to qualify for the 8k tax credit. If the house is less than 80k, you would only get a 10% credit ie: the house costs 75k you would only get a 7500 tax credit.
As for realtors in Houston, ask your friends, family etc for referrals.
And, no, if you pay off accounts that have been in collections etc, your score is not going to shoot up overnight. You still have to establish credit and keep it in good standing for 18 to 24 mos.
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