I make about $25,000 a year. I don't have anyone to co-sign with me. Any suggestions would be appreciated!!
2006-07-31 03:26:44 · 11 answers · asked by estephania2182 3 in Business & Finance ➔ Credit
You may want to look into the First Time Homebuyers program (if you qualify). In most cases with a credit score of 530, it will be difficult to get approved, but not impossible.
Here is a link to HUD regarding First Time Homebuyers FAQ. I hope it helps. http://www.hud.gov/buying/comq.cfm
Good luck!
2006-07-31 03:33:25 · answer #1 · answered by Angie P. 6 · 0⤊ 0⤋
Depends if 10% works for you, thus making it your own economics issue. Some wouldn't not mind it, but if you do not like it, you might have to wait a couple of years with some work on the credit reports to get a better score and interest rate. I would do an Internet search on Mortgage Calculators, and put in your data at the different interest amounts. A few points in either direction can be significant. It change the payments from $300-500 a month, most of which will seem like 80% of your first few years going almost entirely to interest. It hurts when you see all that money going away, and not reducing the principal amount by very much. You have to take into consideration what you getting. If you are buying a really cheap house, and have a lot of extra money to play with, a higher interest rate might be better. It would prod you to pay more each month, than the minimal amount. I personally would not buy an expensive house or go more than 15 years at 10%. I would have it planned to be paid off in actually seven or less. So take your payment amount and think to be able to double or even triple pay each month. Then it would be okay. I deal with 10% on rental properties, but that is the cheapest you can get on investment properties.
2016-03-27 08:37:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Definatley. There are programs that service low credit scores or backruptcies, or bad credit. Check online for mortgages with bad credit to start. that will basically get you to a starting point. I dont know what state you are in but mortgages can be done anywhere by mail or using an local office of a branch. Or try first time home buyers, FHA, Even foreclosures will have plans to sell the property. Just cconnect with a mortgage company online like Eloan.com or something they can send you on the right track too.
2006-07-31 03:32:37 · answer #3 · answered by wingedladyk 3 · 0⤊ 0⤋
Contact Neighborhood Assistance Corporation of America ALL SERVICES are FREE. No down payment, No closing cost, No PMI or No attorney fees. It Is For Real. Check it out with realtors in your area. Go to NACA.com. The NACA program focuses on families who could not access conventional financing, and borrowers that are considered B or C and sometimes D credit. These ratings refer to borrowers who have had charge-offs, collections, judgments, and/or bankruptcies. In addition, NACA borrowers do not have substantial savings and have encountered personal setbacks that require tremendous efforts to overcome. Great for low income families.
NACA's comprehensive approach to its borrowers has made this program an incredible success. Borrowers who would have never been able to obtain an affordable home loan can thru NACA.
2006-07-31 11:45:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I doubt you can get a loan without a big down payment. Your interest rate will be high too. If you have any dependents you could check with Urban Development, it is a government program for people who don't make much money.
2006-07-31 03:32:15 · answer #5 · answered by karenmbs 4 · 0⤊ 0⤋
Yes!! My husband's credit was 592 and mine 540 and we got a loan for 105,000 for our home a couple of years ago. We have gotten almost doubled our income since then, but when we got our FHA loan, he only made 29,000 and I only 22,000. And our interest rate is fixed at 5% - which is awesome!!
Good luck!!
2006-07-31 07:29:09 · answer #6 · answered by fitgalmel1 2 · 0⤊ 0⤋
Anything is possible and you can probably find someone to finance you, but you are not likely to get a very good rate. Your credit score is pretty low and you don't make a lot.
2006-07-31 03:30:33 · answer #7 · answered by Erin S 4 · 0⤊ 0⤋
Probably not...and if they do approve you it won't be a lot either. Only one way to find out for sure is go apply for a loan and see what they say.
2006-07-31 03:30:36 · answer #8 · answered by Coast2CoastChat.com 5 · 0⤊ 0⤋
My buddy at work had REALLY bad credit (485) and makes approx 32k a year. He got a loan for $150k. I know it is not much, but it is a loan
2006-07-31 04:15:36 · answer #9 · answered by wubba1 2 · 0⤊ 0⤋
a huge down payment. or a high interest APR variable rate loan are the only two ways I see if at all.
2006-07-31 03:31:06 · answer #10 · answered by ML 5 · 0⤊ 0⤋