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I think it's definitely a blessing in disguise.
The reason people are foreclosing their houses right now is because they are living beyond their means, or living on credit cards- which is a vicious cycle to get out of.
If you have a house deal where you could wrap all your debt into the mortgage loan-fine, but to start out with a mortgage AND being in debt?
:eek: hooboy, that's just a mess o trouble girlfriend.
Take it slow, educate yourself on homebuying.
The more downpayment the better.
The lowest FIXED interest rate ( and this depends on your credit scores)
Always have a home inspected by someone NOT by the seller/ real estate agent's choice.
Just Say No to 30 year loans! (you end up paying way more for your house)
What a bank looks for in approving a LARGE LOAN is:
your Job History( they like consistant 6 months or more with same company)
Your Credit History (They like to see consistant payments and high credit scores)
How much money you happen to have in your bank accounts when they do a inquiry.
It could take only 6 months to make a good credit score if you work on it.
Pay cash for everything (Can't? then do without), pay all your debt off.
If you have to use a credit card-use the one with lowest interest and pay it off every month.
Anything you can put away in an interest bearing account-do it (a really good one is ING)
If you have a really high debt on your credit report that you know will take forever to pay- contest it.
The company you have this account with has 30 days to do something about it.
If they do nothing(which is often the case) it has to taken off your credit report.
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