anyone know where I can get a loan with bad credit, low credit score of 530, and not but $3,000.00 for down payment live in Missouri
2006-06-19 10:06:52 · 8 answers · asked by she_devil282000 2 in Business & Finance ➔ Renting & Real Estate
Why would you want to buy a house when you probably have a bit of debt that needs to be paid off first?
Anyways, you usually need a mid-score of at least 560.
Oh, and Ameridream is a down-payment assistance program...it's to help low-income households buy houses, not people who have ruined their credit. With Ameridream, you still have to qualify for a mortgage that allows down-payment assistance...
2006-06-19 10:12:10 · answer #1 · answered by KL 5 · 0⤊ 0⤋
There are programs out there for you. Unfortunately our other "mortgage professional" didn't come off as being too nice to you. That's okay, that is why I decided to answer.
You do not need a mid score of 560. i am not even too sure where he came up with that one. There are programs out there that do not consider credit scores. If you would like to know more about these loans with low interest rates, then I would be more than happy to help you out with your situation. You can contact me personally at timothy.kazee@americanhm .com.
As far as looking for someone who has a mortgage that you can assume, the only type of mortgages that offer this option are FHA mortgages and finding someone with a FHA secured mortgage that would allow you to assume the mortgage is going to be a long shot.
I will look forward to talking with you soon.
2006-06-19 15:09:25 · answer #2 · answered by Kaz 3 · 0⤊ 0⤋
The economy is cooling down all around the country. This will slow or slightly depreciate the real estate market in the coming 12 months. My advice is to rent, get rid of your debt, fix your credit and next spring start looking for a house. With a better credit score you will save a truck load of money (several thousands of dollars) in interest and you'll take advantage of better prices.
2006-06-19 12:25:06 · answer #3 · answered by madrax 3 · 0⤊ 0⤋
look for someone who can't afford to pay their mortgage and assume their loan or use a trust if the loan is not assumable. You could also do a lease purchase option to give yourself some time to fix your credit.
Good luck and take care
2006-06-19 11:45:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You probably went through bankruptcy as well. It's going to be hard for you to obtain a loan, but there are loan options with high interest.
2006-06-19 10:10:29 · answer #5 · answered by volkswagenf 1 · 0⤊ 0⤋
It will be hard but it can be done. Your rate will be very high. And your job history and residence history will be a factor as well. They can help or hurt you. E-mail me if you would like to submit a loan application for your soon to be home.
Thanks,
Antonia
2006-06-19 10:17:57 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Save more money and get your credit back on track.
2006-06-25 16:28:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Try Ameridream.org
2006-06-19 10:10:21 · answer #8 · answered by rednecklady17 3 · 0⤊ 0⤋