Q: Hello Mr. Frost:

I'm an engineer who has been on the job for a little over two years and I've been considering buying a home.  My only problem is, I don't really know where to begin.  I don't have much money saved up and I'm currently staying in an apt.  Also, my credit isn't the best.  Could you give me some advice on where to begin?

Thanks,

AJ

 

A: Dear AJ:

 

Don’t be intimidated when looking to buy your first home.  The process is not nearly as complicated as it once was.  Since you said you have had some credit problems in the past the first call you should make is to a good mortgage consultant.  He/She will be able to tell what type of loan you qualify for given your credit history.  If your credit is decen t you should be able to qualify for a loan with no down payment.  If not, there are many other options that can be considered.  One final suggestion, if you are renting, please pay your rent by check or money order.  Some lenders will want to verify your rental history.  If you have had credit problems they may not accept cash receipts or a letter from your landlord.  Best of luck.  For more information call Midwest Mortgage Capital 314.787.2900

 

Jerry