2006-07-15 08:43:52 · 7 answers · asked by sisterj392000 2 in Business & Finance ➔ Renting & Real Estate
Yes you can - And you do not need the 30 % down - So you can take a deep breath, all is not hopeless.....Some things to consider when looking for a home.
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. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
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.
2006-07-16 09:00:27 · answer #1 · answered by W. E 5 · 2⤊ 0⤋
Absolutely you can get financed. Lenders love to see vested interest on your part with money down. It's less likely that you'll walk away from the home and default, thus the lender has less fear that they'll need to foreclose. With "rotten credit" you will need to use a Mortgage Broker as a bank will deny you based on credit. You will still pay more for an interest rate but take it and establish good payment history for a year or so and refinance to lower the interest rate at a later time. I hope this helps you but if you have any further questions or need any further help email me tadgeman@yahoo.com.
2006-07-15 18:26:19 · answer #2 · answered by Dan 3 · 0⤊ 0⤋
yes. You may only need 20% down or less depending on your income. They have government and state programs that can help you with the down payment. You should wait until your credit has been in good standing for at least two years. You do not want to pay a ton of interest. It is best to rent a house and rebuild your credit.
2006-07-15 15:47:44 · answer #3 · answered by pretty_brown_eyes 6 · 0⤊ 0⤋
There is ALWAYS some financial institution that will finance you...you'll just have to pay more for the loan. If I was in your position, I'd take whatever financing I could get, establish a great payment record (maybe double up) and after a few years, re-fi. That may straighten you out.
2006-07-15 15:51:04 · answer #4 · answered by wackadoodlepoodle 1 · 0⤊ 0⤋
Yes, you can. As a matter of fact, you can get a home financed if you have 10% and rotten credit.
You can get a home loan easier than you can get a car loan.
Good luck!
2006-07-15 15:46:45 · answer #5 · answered by Stuart 7 · 0⤊ 0⤋
yes u can, 30% is a nice down payment. lenders love borrowers like you even if u hv bad credit, they'll find a program to fit you.
2006-07-15 16:19:20 · answer #6 · answered by maimai 2 · 0⤊ 0⤋
Yes. I can help you if you're in Ohio. Otherwise, I can offer some unbiased advice if you're not in Ohio.
2006-07-15 15:54:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋