I am in SC and need to purchase at least 3 acres and a home, but my credit is trashed. Are there people that will assist with getting approved for a home purchase?
2006-07-10 04:09:33 · 9 answers · asked by tinadsi 1 in Business & Finance ➔ Renting & Real Estate
What exactly is your definition of Bad Credit? It might not be THAT bad comparetively speaking...
I'd get with a mortgage planner to evaluate your actual situation, and then get some advice on how to start repairing your credit, create a 30-90 day program, then apply for the loan would be where I think your best options would be from the informaiton you've given thus far.
You really shouldn't need any credit reapir service companies to get involved. A competent mortgage planner will be able to advise you on your credit report free of charge, and explain what you may want to do to improve it.
Feel free to contact me for consultation, no obligations.
2006-07-10 04:17:12 · answer #1 · answered by ReggieWjr1 4 · 4⤊ 0⤋
There are other factors to consider, besides credit. Medical Bills are Over looked buy underwriting (since medical is a unforseen event), where as credit cards, are looked at (since you purchased items on a credit card.) Also, Job time of 2 years, Rent history for 2 years, these are things lenders look at. All of these are taken in as a factor on getting a home loan. Credit can be worked on, by adding alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc - these are called alternative credit.. All is not HOPELESS - ok - take a deep breath. If your credit score (middle score is) 500 or higher, anything is workable.
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information.
2006-07-10 14:56:54 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
You do not need credit to buy a home. You do need knowledge. You can find a lender who will lend based upon the asset. That is based upon the house and your income. You can put 30% down on the property. You can put the home in a trust and have a co-owner for a period of time and pay the person for utilizing their credit by refinancing them out.
Good Luck
2006-07-10 04:16:24 · answer #3 · answered by teenriodoll 3 · 0⤊ 0⤋
Please consider your options carefully. CCC (credit counseling) is considered a precursor to bankruptcy by many good lenders! Not really the best route!
Follow some of the other suggestions given here.
Also, there are ways to utilize Government funding (FHA), and alternative credit reporting before all hope is lost on your perceived credit history.
Feel free to contact me for more information. I'd be happy to "show you the way home!"
2006-07-10 04:41:07 · answer #4 · answered by mzfilly 2 · 0⤊ 0⤋
Go to a mortgage broker and have them find a lender. If you have stable income and a decent down payment, you can get finansing. Your interest will be well above market rate though. DO NOT SIGN WITH THE BROKER. Have him do the shopping, ask who the lender is and then go straight to the lender. The broker just adds a 1/4 point for his fee.
2006-07-10 04:14:07 · answer #5 · answered by billyandgaby 7 · 0⤊ 0⤋
866-690-6673
Option 2 - Credit Repair.
2006-07-10 04:12:29 · answer #6 · answered by thesweetestthings24 5 · 0⤊ 0⤋
Look at the county website of where you live. They offer programs for people that require no down payment sometimes.
2006-07-10 04:37:32 · answer #7 · answered by brenna0902 2 · 0⤊ 0⤋
there are credit repair services. check pricing first cause somethings come off your creidt after 7 years and if its cheaper just to pay some of your charge offs then to pay to repair your credit.
2006-07-10 04:22:19 · answer #8 · answered by SUSIE 2 · 0⤊ 0⤋
what area in SC are you looking to live?
2006-07-10 04:16:18 · answer #9 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋