I think what is probably the most frequent fear of first time home buyers - or rather, those who dream of being first time home buyers - is that they won't be able to qualify for a mortgage.
I think most of us have been there at one time or another; whether you were a teen-ager sitting across from the car salesman or you have just been through the wringer with the economy and are trying to get out of paying high rents for something that is not yours, the fear of being turned town for a mortgage can paralyze you into not even trying.
Just this week I had a meeting with a family that was in a similar position. They had owned a home that was their 'dream home.' But then there was a flood. After the flood there was mold. The wife slipped and fractured her hip, requiring she be on temporary disability for six months. When they went to call their homeowner's insurance company, the company didn't know who they were. Lo and behold, after having had their mortgage sold off from company to the next a few times, there had been a mix up and the premiums that should have been protecting their home against just such a disaster were not being paid by the latest company to own their home.
After numerous phone calls and an attorney they did the only thing they could do to escape the black mold that was rising out of the basement and into their home: they left.
They called me not too long ago after having found me online and you could hear the emotion over the phone as they told me their story. They had left the home they owned and moved into a home that they are still leasing, but now the owner of the home that they are leasing wants to sell and they need a place to live. After talking to them I explained that the best thing to do was to come in to the office, meet with our mortgage officer - movement mortgage, a great company that we work with who keeps an office right with us to help our clients - and to just take a look and see what things looked like.
The couple was nearly tearful as they explained their story to us and gave us permission to check into their credit history and see what was possible.
Lo and behold, they are not that bad off. Yes, their old home shows negatively on their credit, but it was nearly three years ago that this happened and otherwise, they have good income, decent credit and can make some small changes that will allow us to get them into a home of their very own. Many handshakes and hugs later, they left with a plan to do some simple things to raise their credit scores and help them put money away to pay closing costs. It helped too that the husband had served in the Marines and they qualified for a VA loan.
In about three or four months, we should be able to have them in a home that they can own again, along with all of the tax advantages that go along with it and the simple pride of having a place to call their own.
What's the moral of this story? Simply this: No matter how bad you think things are, not taking the time to pre-qualify always works against you. Even the worst of credit can be repaired and a good lender has loan officers that can give you a plan, a time line and some hope. And who knows who these loan officers are? You REALTOR.
Think you can't buy a home because of your credit, you income or your past? You might be surprised. But you won't know if you don't ask.
If you want to know if you can own a home of your own, call me, I can help.
Homes for Sale in the Belmont Neighborhood of Charlottesville, VA
Homes for Sale in the Rugby Neighborhood of Charlottesville, VA
Resources and tips for Home Sellers in Charlottesville
Quinton Beckham
Keller Williams Realty Charlottesville
1885 Seminole Trail, Suite 100
Charlottesville, VA 22901
434.242.6212
www.select-homes-charlotteville.com
