I keep looking all over ........... isn't there a way they can just take our mortgage payment like a direct deposit??????????
2006-07-02 10:16:56 · 14 answers · asked by home looker 1 in Business & Finance ➔ Renting & Real Estate
go to lending tree we went there & got our mortgage. We have rather bad credit, but stiil got a loan with a 100% financing & zero down we also rolled in our closing cost. Mortgage companies are doing what the call "high risk" mortgages. You'll get a higher interest rate but do a 2yr ARM & refinance later to get a better one.
2006-07-02 10:26:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
BAd Credit is a relative term. Many people have had hiccups in their credit or a bad run or an unforseen $$ issue. IF you have a decent income and a score over 500 you can get a house. There are so many programs out there. Besides that, with all of the new underwriting done on the computer you could qualify for the same rate as someone with a 810 even if you were at 590 or so. There are always options. If you have more ??'s let me know. I can work with you so even it can;t happen today we can make a plan to get there very soon.
2006-07-02 23:19:23 · answer #2 · answered by unclejesse1 3 · 0⤊ 0⤋
No problem... you can buy a house and take over the seller's existing mortgage. This is easy to do especially when the seller owes close to or more than what the house is worth. You have the seller sign the deed transferring ownership and you agree to make the seller's payments. You leave the existing loan in place and just make the payments.
2006-07-02 20:12:47 · answer #3 · answered by Superman P 2 · 0⤊ 0⤋
I am having the same issue..We were approved for an 80/20 loan but we can also get a second mortgage to cover the down payment and closing costs.I also found out about ameridream from someone else on answers.They pay your down payment for first time home buyers and minorities.
2006-07-02 17:34:33 · answer #4 · answered by rachellynn200 5 · 0⤊ 0⤋
How about starting over. Pay your bills on time. Every bill. NO LATE PAYMENTS. Take any extra $$ and put aside for a downpayment on a home. If you can take a loan out on something small do it as long as you can make the monthly payments. That will build up your credit. You can't expect to people to trust you when you haven't shown anyone that you are responsible.
2006-07-02 17:24:24 · answer #5 · answered by Gatherer 3 · 0⤊ 1⤋
Keep an eye out for houses that have been up foir rent for some time....offer the owner a long term lease if he will give you the option to buy at a future time. If you would like more help on learning how to structure this kind of deal...email me and I can help.
2006-07-02 19:24:34 · answer #6 · answered by caf68 3 · 0⤊ 0⤋
There is hope out there, find a good mortgage person, which really helped me get things straightened out and I was able to buy 2 homes so far.
2006-07-02 17:21:15 · answer #7 · answered by OneRunningMan 6 · 0⤊ 0⤋
i dont think so ... try having someone apply for the loan for you, but be sure to have a SIGNED agreement stating that they are doing you a favor and YOU will be the one making the payments. Make sure you keep PROOF that YOU are the one making the payments, even if a loved one lent you their name.
2006-07-02 17:26:44 · answer #8 · answered by *·.·´¯`·.·* jay *·.·´¯`·.·* 4 · 0⤊ 0⤋
If the two people have good jobs, bad credit, and no money, then I guess you have two people out of the picture of not buying the house you want!
So go ahead and buy the house you want, no competition!
2006-07-02 17:21:04 · answer #9 · answered by Armin 3 · 0⤊ 1⤋
my mom is a broker they wont base the loan comming out of your checks because you can do direct deposit and stop at any time.
2006-07-02 17:22:11 · answer #10 · answered by violin10music 1 · 0⤊ 0⤋