Q: I’ve been trying to buy a house but I don’t qualify for a loan.

My credit isn’t very good and I don’t have any savings. I talked to one loan guy who said he could get me a loan with no money down but he didn’t like my credit score. Do you know of any loan people who can give loans to someone with a really low credit score?

A: After all of the news about sub prime loan failures across the country and bank failures among those lenders who gave such loans, I would think you might realize that banks don’t want to take on high risk clients and you’re a high risk. No reputable lender will give you a loan at this point.

You should begin working to improve your credit score and start to save some money. Even loans with no money down, and there still are such loans, will require you to pay some costs at closing.

I recommend credit counseling. There are several places where you can get free credit counseling and that can start you on the road to financial recovery. Those counselors can also help you find ways to make better decisions concerning how you spend your money so that you can get on the road to homeownership.

Part of the issue for you, it seems to me, is the problem of delayed gratification. As long as you buy every new gadget that you see and think you want, you will never accumulate savings. As long as you fail to make payments on time, you will never improve your credit score.

If you really want a home of your own you have to resist instant gratification and learn to wait, and save, for something you want more. Also keep in mind that owning a home brings with it other expenses over and above your mortgage payment such as taxes, insurance, repairs, and maintenance. Best of luck!