What do you need to buy a home if you just started a new job and your credit is bad?

Answer 1

Sorry to say you are going to have to settle for renting until you clean up your bad credit. You also have to work for a considerable amount of time so the lender on the mortgage for your home will know that you are earning a monthly wage in order to pay that mortgage. Get all your credit cards and bills paid up to date as soon as you can. Keep in touch with your debtors and explain you just got a job a week ago and you will be catching up on the money you owe them. Most companies are pretty good if you explain you have had a rough time (if it's the truth.) They'd rather have the money than put your account into the hands of a collector. Just so you don't feel really let down at this point here is a good tip that some people use (used a lot in British Columbia, Canada where I live). When you have saved up enough money you can go to different banks and ask to see their listings of homes that have been taken away from the owners because of the lack of paying their mortgage or taxes haven't been paid on that home. START SMALL! Buy a small home on a decent piece of property. The property is usually the part that is the most valuable, but people have to live on that property so find a good fixer-upper. Fix up the small house and resell. In about 5 - 8 years if you continue on and become more responsible with paying off your debts, you could end up with a very nice house and you may even enjoy buying, fixing up homes and selling them for a profit for a living. Things to look for:

• Damp spots on walls and ceilings. Means there are leaks or has been leaks and possibly could be black mold in the walls.
• Have a professional check out the electrical circuits in the home and another to check out the Plumbing.
• Check basements for dampness, cement floors that are crumbling, rotting wood throughout the interior and exterior of the home.
• Check the roof to be sure the roof is in good repair.
• Check the chimney to be sure it's in good repair.

These are the most important things. When buying a house from the bank because of the lack of mortgage payments or no taxes being paid, you don't want a home you are going to have to put a fortune in just to sell it. You want something you can paint, perhaps repair a few little things, clean up the property and get it on the market fast. Good luck!