520-580. we would like 100% financing..or no money down loan, we can come up with about 2000.00 if needed. we need a 75000 loan we have already found a house. we are also first time home buyers. any suggestions with companies that help bad credit. we can afford 700.00 a month max!!
2006-06-14 17:37:31 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Your the type of consumer that will burst the home buying bubble. Because your requests are so baseless. Let me rephrase your question so you understand how the lenders are reading it..... I have no money (2,000), no collateral, really bad credit score, and oh yeah $700 is all I can afford.
1.Don't ever tell a seller how much you can afford a month.
2.first one is so important 2. is reminding you don't ever tell them what you can afford.
3.Use online mortgage calculators...they will tell you what you can afford.
4.your credit score only really matters in a "No Doc loan"
5.You or your husband do not own a business- so that's out of the question.
6.If you have not had the same place of employment for at least one year....two is best you can forget about getting a loan.
7.STAY AWAY FROM ARM LOANS, INTEReST ONLY LOANS, AND THE WORST HELOKS. Or I call them butt raper loans.
8.Save $10,000 at least...that will cover 5% down and $3,000 for closing costs. Why? because your going to lose everything including your house and all other assets because you will default if you don't.
9.100% financing...why work at all when you got someone to pay for it all right? WRONG!!!
10.Wait one to two years the market is going to tank, you will be able to get a nicer home from someone like you who signed a 100% financed loan for the same price 75,000.
11.30yr or 15yr fixed is the only way to go.
12.If you do not qualify...WALK AWAY AND WAIT!!!
2006-06-14 18:04:27 · answer #1 · answered by powerns24 2 · 1⤊ 0⤋
You have one thing right, it sounds like you have done your homework. That is good. Now, you just need to find a good mortgage company, with a good name to take care of the financing.
There are plenty of loans out there that could help you. FHA would be the first place that you would want to look since they do not take credit scores into consideration. With an FHA loan, you can also get into the home with very little or NO money down. I always recommend to my clients that if they have some money that they are willing to put down on the home, that they go ahead and do it, depending on the situation.
If you would like some more detailed information about FHA, or other types of loans that you would qualify for, please feel free to contact me and I can tell you more about this option, or others as well. You can reach me by email at timothy.kazee@americanhm .com and I would be more than happy to tell you more about qualifying for these types of loans. Trust me when I say...there is more.
2006-06-14 17:45:05 · answer #2 · answered by Kaz 3 · 0⤊ 0⤋
I can help you get a loan and improve your FICO scores in a few months. I work with a big direct lender/mortgage broker doing business in 48 states, and because the huge volumn of business we do, we get better rate than smaller brokers. We have over 200 loan programs to meet the needs of different situations, from good FICO score and good income and down payment, to poor FICO score and NO income (called "stated income") and NO down payment, so I will be able to find the program which best fits your needs. Contact me at xjuy@yahoo.com or 408-476-0455 and I can help you. Jessica
2006-06-16 12:51:46 · answer #3 · answered by Jessica 2 · 0⤊ 0⤋
Go through National City Mortgage! They are awesome! I also had a low credit score, have only one income, didn't have a penny down, and nothing to pay closing costs. I had to pay my earnest money, but even got that back at closing! The individual I worked with at National City Mortgage set me up with a program called Neighborhood Gold which payed my down payment. My payments (including insurance and taxes) are less than $650.
2006-06-14 17:44:18 · answer #4 · answered by karinlovespooh 2 · 0⤊ 0⤋
Have you tried LendingTree.com? I have a friend that has gotten pre-approved for $60,000 and he has fairly unhealthy looking credit. Course he's still in the process of house hunting- so no details yet on what the percentage rate will look like when he actually tries to go through with the buying process.
My mortgage is through Countrywide Financial(http://my.countrywide.com/)--- I'm not entirely sure how they are with weak credit scores... My credit score was smack in the middle between good and bad- we are also first time home buyers, but still got approved with no money down. Don't ask me the rest of the details- I don't remember- my husband did most of the legwork on that part of the house buying business (I had to do the house hunting by myself- and do all the meetings with the building inspector- blech!).
You might also want to do some research regarding any special programs available to first time home buyers.
http://www.hud.gov/buying/comq.cfm - has some links regarding contacting local housing counseling agencies that offer free or low-cost assistance with home buying.
www.ameriquestmortgage.com claims to offer loans to persons with less than good credit as well...
Good Luck!
***(edited in response to some of the things said by powerns24 immediately below me):***
We told our realtor exactly what we could afford each month in payments- he suggested our current mortgage company Country Wide. Truth is, we could probably afford to make larger payments, but we didn't want to. We wanted to only spend a certain amount of money per month on our payments.
We told him exactly how much we were prepared to spend- we were only prepared to come to the table with $5000-- whether for a down payment or for a closing cost, whatever.
Yes- that meant in the marke that we lived in- we had slim pickins on houses. Because some sellers aren't that desperate to muck around trying to figure out who was paying closing or whatever.
But in the end- we still managed to get a good deal on a good home in our price range.
I highly suggest sitting down and talking to a professional. Ask friends and family members who own homes, ask who helped them buy their homes, ask if they recommend someone who is willing to help you meet your needs and doesn't leave you feeling like you're just another nameless customer.
I don't know where you live- what the market is like in your area. Where I live, $75000 is in the low-middle in price range... Depending on what side of town or what school district, it can get you an older 4 bedroom home or a newer 1 bedroom home... (Where my parents live, that amount could get you a 4x4 closet!) For many of my friends who own homes here, $700 per month is a low payment.
By having an open/honest communication with our realtor, we were able to find a home that fit our needs that we could afford.
2006-06-14 17:53:34 · answer #5 · answered by lady_jhereg 3 · 0⤊ 0⤋
I can help you. I can be reached on my cell phone 951-660-9580
24 hrs a day 7 days a week. you can also e-mail me by clicking on my user name on this site. I am a loan officer and specialize in credit repair. I would be glad to help you
2006-06-14 21:24:35 · answer #6 · answered by cafe_blue_note 3 · 0⤊ 0⤋
One company that helps low to middle income families is called Fanny Mae I believe or you can check with your city consul on programs that fit your need.
2006-06-14 17:44:48 · answer #7 · answered by willyo2340 2 · 0⤊ 0⤋
Contact me. This is very do-able and should be fairly quick and easy.
2006-06-15 09:29:36 · answer #8 · answered by Wishkah 2 · 0⤊ 0⤋