My wife and I are loking to buy a house very soon. I have pretty bad credit (550) and tired of paying rent. I have a three year old and one on the way. The apartment arent big enough for the four of us. I just got a new job (this month)making around 50,000. But, like I said I have bad credit. What is the best way to go about finding who will give me the best rate. What is the FHA loan? is lending tree any good? Should I try to find a lease to purchase / rent to own. I just dont know where to start. Any advice would be great thanks.

Google it.

What I would suggest is locate several loan companies near where you want to live or are living now. Please don't use online mortgage companies, this is too important, you want to talk to someone face to face so that you know they understand your financial situation. As for your bad credit, they are the professional, not these folks here at Yahoo. An FHA loan may be the right thing for you, then maybe not. If you have never owned before, ask about first time buyers money. That can help you with things like downpayment or closing costs. So start with a loan company, have them pre qualify you. That way you know what you can afford. The by looking at open houses in the areas you like, talk with the agents and when you find someone you're comfortable with, ask them to help you find your home. Working with an agent does not cost you anything and they do all the leg work, plus drive you around in a pretty nice vehicle most times! lol

Your bad credit or low credit score will impact you, there's no doubt about it, but maybe not to the extent that you think. You are on the right track as far as understanding that renting get's you no where and owning does.

P.S. Just don't let a loan officer talk you into anything but a fixed rate loan. Save yourself a lot headaches down the road.
Good Luck! And thanks for being in the market!

you have other factors to worry about. since you have not been at your present job for very long they will view that as unstable. also the market is more of a buyers market now but the lenders are scrutinizing loan applications alot more. the good news is that you may qualify for first time home buyers assistance programs and can get some really good assistance. try contacting your counties housing authorities they should be able to help. in the meantime clean up your credit by paying off any deliquent accounts in collections, pay off any credit card debt (this willl give you more buying power) DO NOT close any accounts which you have a long history of being in good standing with. good luck

I Would Recommend A Rent To Own

First of all, that's not THAT bad of a credit score. Call a real estate agent! Do NOT start with companies like the one you listed. Agents have banks that they use and trust and you will more than likely get a better "deal" that way! Here, in OK, it is a buyer's market. maybe nationally, too...don't know. You can email me through YAHOO if you'd like with more questions.

i would say try to get a company to clean up your credit i know of one company that will guarantee they raise your score and anouther comapny that will credit you the fee you paid to get it done directlending planet will refund you the fee you paid to raise your score if you go thru thier link you cant beat the guarantee and the credit towards your closing.

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Got any friends in the industry? Talk to them. It's who you know and word-of-mouth. I'm in the market to buy myself, and it is a buyer's market, so the timing is good. However, to avoid getting run over, you want to talk to someone who is really going to look out for you. There are hundreds are mortgages to choose from these days, and a lot of them are set up to offer you help getting your credit together, but then the payments balloon after 3 or five years. And of you haven't gotten it toge her, guess what? You can lose your house.

I'll say it again. Talk to someone you know and trust to get the most honest, up-to-date, and affordable help you can.

Research. Get your homework done before going for the exam. While you will come across a lot of information and free advice on the Internet, it is good thinking to invest in a good real estate agent or advisor.
Check government resources as well, they usually endorse reliable real estate agents. Alternatively, you can browse around yourself as well. Check out neighborhoods, open houses and real estate investment seminars. Drop by this site: California Real Estate Investment. Rental Property Investment. Platinum Properties Investor Network. to get started. You just might get a solution for your growing family’s needs.

You should go check it out in the market itself. A personal interaction can be really helpful for your cause. Before you commit try to have as many alternatives to assist in your purchase. Only thorough research from your part will open new ways for you.