My credit is bad, but I have an excellent rental history. I work in the gov therfore I can get a residental loan with my own money. I have about $10,000 in there. I would really like help in purshasing a home so that I don't have to continue to pay $1,600.00 rent. If I wait to clear up my credit I may not ever get a house.
2006-07-25 13:53:52 · 11 answers · asked by deb 1 in Business & Finance ➔ Renting & Real Estate
I think your best bet is talking to some mortgage companies about this. They seem to have rates for people with less-than-ideal credit histories so I wouldn't be surprised if you could get a deal. You may have to pay a higher interest though.
2006-07-25 13:58:46 · answer #1 · answered by Ladida 4 · 0⤊ 0⤋
You can Rent to own where a portion of your rent goes towards the purchase and begin now to improve your credit history. If you cannot finance the home then this is about the only option available unless you can find a co-signer. You need to see a Financial Advisor or someone who is very knowledgeable about the loan industry to make sure there ar no other options avialble ,since I am not a expert. The way I established Sound credit quickly I would -borrow from my bank a small amt $1000.00 and the not use the money but make 5-6 payments with the money I borrowed and then pay the bal off to avoid paying all of the finance charge. The trick is do not use the money you borrow for any purpose but if your credit is too bad to accomplish this then I quess its a life lesson conc. your bad credit history and gt a rent to own house.If that's what you decide dicuss with owner what happens if wihin several years you can buy outright. The 10.000 will help you ith a downpayment and that's it for with bad credit you still won't be able to finance bal. I'd keep the money in there esp if comparable to 401. I'd also go talk to the people that help people in debt but only if they don't charg for some do offer as free service and thy can also advise options available to you. Good Luck
2006-07-25 21:08:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Rental history is just as important as credit to a lender. I recommend talking a "band aid" loan as it will allow you to move into a home and rebuild your credit and then refinance after a year or so. Either a 2/28 or a 3/1 ARM (adjustable rate mortgage) where the rate is locked for 2 or 3 years. It's not the best loan program available but it will help you get to where you need to be in the long run. I recommend contacting a mortgage broker as they have hundreds of lenders who will compete for your business from the broker. I hope this helps you but if you need any help please feel free to email me tadgeman@yahoo.com.
2006-07-25 21:19:11 · answer #3 · answered by Dan 3 · 0⤊ 0⤋
People with bad credit can buy a house. The catch is, you must have alot of money to put down. As long as you are not in bankrupt, and you show them the money, they will finance you a home. Good luck. Just shop around at difference places. There is hope, even for bad credit.
2006-07-25 21:03:44 · answer #4 · answered by concerned 5 · 0⤊ 0⤋
There are many different companies that make loans to buy homes. Check the banks and mortgage companies in your city. Some of them will be glad to make high-risk loans but you will have to pay a higher interest rate than people with good credit.
2006-07-25 20:59:13 · answer #5 · answered by Doctor Hand 4 · 0⤊ 0⤋
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2006-07-25 20:57:43 · answer #6 · answered by TOM 3 · 0⤊ 0⤋
Call a mortage specialist and talk to them about what you need to do for them to give you a loan. Talk to several, they give out the money, they are the experts.
2006-07-25 22:03:11 · answer #7 · answered by BigDaddy 4 · 0⤊ 0⤋
Find something that the owner will take a mortgage on, rather than go through a bank.
2006-07-25 21:00:30 · answer #8 · answered by Grist 6 · 0⤊ 0⤋
There is a free article on quick credit problem repair on my website at http://www.berksmortgagefactor.com
2006-07-27 12:29:44 · answer #9 · answered by emetalshop 3 · 0⤊ 0⤋
get an informal loan from relatives. you don't have to undergo the long process of credit evaluation.
2006-07-25 21:01:48 · answer #10 · answered by J 4 · 0⤊ 0⤋