Managing Credit & Buying a Home in Bonita Springs
Long, long ago I had an experience with home buyers in Bonita Springs that shaped how I advised home buyers on credit worthiness or credit preparedness. At the time I lived in Brendan Cove and tenant in a community called Serrano. The tenants called me to look at a condo for sale which was also located in Serrano. Geographically, the communities are just a few streets away from each other so I ran over to open the condo for sale even though I knew nothing about their credit and finances. The unit was vacant and easy to show.
These buyer-tenants had a hard time finding a real estate agent who would work with them. They had very little money and their credit was a disaster. They’d gotten into a predicament or two with their finances and there were all sorts of dings on their credit, lots of little charges that added up to a significant amount of debt and even an outstanding judgment. They explained their situation to me on the spot and then explained that they were going to be inheriting a large sum of money. Not enough to buy a home outright but maybe enough for a down payment for a home.
This couple had a combined family and extended family that lived with them and they never thought they would ever be in the position to put enough money down to be home buyers. They had given up on their credit. They admitted it. Why bother. Plus when you have so many issues to deal with, why worry about another ding here and another ding there.
The first thing I did was order them to pump the brakes and then hook them up with a great, local mortgage broker and make sure that they told him everything – warts and all. Great mortgage brokers will get people into a home when there are resources and motivation. Credit was managed for a few months, letters were written to clean up a few credit items, small debts were cleaned up, large debts were cleaned up with the inheritance came in and the judgment was paid off.
What I learned from helping first time home buyers in Bonita Springs was that you just don’t know what you don’t know. Again, we are entering another cycle of affordable housing being an issue so those with credit in poor condition may be giving up on home ownership. Don’t. You never know what tomorrow will bring and housing is cyclical. If you can’t buy a home in Bonita Springs on the current cycle, buy a home on the next cycle. Take care of your credit. Pay down your debt. Save. Live within your means.
You will never know if you’ll stumble into a little money to buy a home in Bonita Springs. You also never know when mortgage programs will change and help you buy a home, too. Through the the last housing downturn and the recession mortgages got tough but we are back to conventional mortgages being as low as 5% down for qualified home buyers.
Read also: First Time Home Buyers in Bonita Springs
It sounds simple enough but we live in a world and, most especially, a country where everyone wants everything RIGHT NOW. There is no patience. We also have a lot of people mislead into thinking that they don’t have to work hard for what they want. Home ownership isn’t easy, home ownership isn’t cheap and home ownership isn’t free but with a little dedication and planning you can own a home in Bonita Springs. It just isn’t going to be immediate. Put your head down and get to work. If you need help making a plan let me know and we can plan together. 239-273-7430, call or text any time.