Got and tips on buying a home as an african american single parent?

I am concerned with redlining and not being able to obtain a home loan due to location, race, and marital status, income, credit hx. I have about 4,000 dollars in debt from cell phone, utilities bills and two different credit cards. I have a student loan in good standing, and have financed two cars paid on time and now on a third. I have two jobsmaking 11.61 an hr FT at 36 hours, and PT at 13.50 hr at about 36 hrs a month. I recieve child support off and on. I will graduate with a bachlors this fall and will increase my earning and i plan to go on a get a masters. I am 30 years old and I have three kids 9,8,and 2 and I am just tired of throwing 800 dollars a month out of the window and uncertain of where I will be moving to from year to year.

National surveys shows that in average American households carry a credit card balance of approximately $10,000. Many find that it hard to reduce their debts especially credit card debts due to it high financial charge, interest rolled from month to month because most of them just pay the minimum payment each month, causing their debt snowballing and at last they may trap into financial crisis.

While bankruptcy is a tempting option, it is important to explore other alternatives for eliminating debts. Debt settlement with a debt consolidation loan is a better option that bankruptcy. And if you own a home, you are at a much better position to get rid of your debt by consolidating your high interest credit card debt with a home equity loan.

Benefits of a Debt Consolidation Loan

Although a debt consolidation loan is not a magic way to eliminate your debts overnight, but it can help you to reduce your debt faster. As you know, credit card debts and other personal loans are high interest debts. In most cases, your minimum payment barely covers the interest incur by these high interest debts. Hence, you find it difficult to reduce these high interest debt's balance if your are paying just the minimum payment.

If you lump all your credit cards debts and other personal loans into a consolidation loan, you can take advantage of lower interest rates and lower monthly payments offered by a consolidation loan. This enables you to enjoy debt free with a few years.

Conslidate Debts With Home Equity Loan

There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt's interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected. Read more about home loan at: http://www.credit-card-gallery.com/artic...

Get a Realtor. Realtors work with home buyers for free. Usually you will have to pay off all of your collections but your accounts in good standing will be favorable. Also do not make any payments late from this point on I don't care what kind of bill it is. One thing I am concerned about is your income. You have to have a good debt to income ratio. It seems like you have a lot of high priced items that you are paying on and I can see this being an issue. Also do you know what your credit score is? If your credit score is at least 600 and above you shouldn't have any problems getting a mortgage but with your debt and income you may not qualify for a big mortgage. Another thing you have to take into consideration is the addition expense a home will cost. You have to pay all your utilities, hire a trash removal company, home owners insurance, maintenance, home owners association fees, closing cost involved with buying a home, down payment, and also you will need to maintain certain amount of money in your checking account while going through the home buying process this just lenders know you are able to maintain your bills and still have savings.