My wife and I have fair to poor credit (mostly medical and my child support, which is being paid). We don't have alot of income but we have been at our same house for over 3yrs, and have a good refference from our lardlord.
2006-08-15 13:07:36 · 24 answers · asked by mechcom69 1 in Business & Finance ➔ Renting & Real Estate
the government has services under the HUD plan for first time owners who would like to own home and their are low-income or have fair to poor credit. also try lending tree , since it is a free service , they might be able to have different banks fighting to get the mortage. also try fanny mae. fanny mae helps with the credit part when getting a mortgage.
2006-08-17 09:29:56 · answer #1 · answered by lasalle_1986 4 · 17⤊ 1⤋
Well, is this your first house? Usually there are good offers and incentives offered to first time homebuyers. You may just want to call around and do some research to find a nice real estate agent in the area. Then you can pretty much get someone to help you and get the right loans or money in general to get a down payment on a house. But usually even if you have bad to fair credit it is easy to get into your first home. You need to build some credit somehow, so if you can't get a house start from the basics my friend.
2006-08-17 12:38:03 · answer #2 · answered by browndownlyricist 2 · 0⤊ 0⤋
There are special programs for people with bad credit or lower income. your interest rate might be higher but you should at least be approved. try going through HUD homes which is great because they have houses for all incomes and you dont have to pay closing costs. You could also try getting a foreclosed home i found some great ones in the chicago area (where im from) for low prices. Im sure you can find good deals where you are too.
also talk with your bank about getting a loan or finding an agency to give you a loan. good luck!
2006-08-15 13:16:35 · answer #3 · answered by guitar_lady81 4 · 2⤊ 0⤋
Another Idea is to form a cooperative group with others (you can trust) and buy a house together. Get your relationship worked out by a lawyer prior etc. Pay it off quick ( like 5-10 years not too quick or you will have another type of poor credit rating!) sell and divide proceeds. Use proceeds as a deposit for an individual house with a new credit rating from the first house. or if it worked well get another group house and rent the first out and pay the next off quicker etc. Eventually you will all have one! A lot of danger in this way, even a little nieve but if you can get it right; a few have in Australia
2006-08-17 10:18:03 · answer #4 · answered by slatibartfast 3 · 1⤊ 1⤋
You can purchase a home on several different loan programs, (VA, HUD, FHA), but with the last two, you will still need a down payment.
Also, you will have to prove that you have enough money to pay the mortgage. Most realtors require Pre-Screened clients now. this means you have already gone to a lender and found out how much money they will approve you for to buy a home.
Also, because of your credit situation, you will unfortunately be stuck with a much higher interest rate than most people who have a good credit rating.
Good Luck!
2006-08-16 09:33:44 · answer #5 · answered by Big Bear 7 · 2⤊ 0⤋
no longer now. It relies upon on the climate. I own 3 properties, and you may discover very lots in any industry. hear. come across a community which you will decide to stay in. bypass to as many open properties which you would be able to. Get so as which you would be able to tell whilst a house is overestimated or no longer. be sure what you will have adequate money. First time components proprietors can positioned as little down as 3 p.c.. verify you like the block and section. you ought to be residing there a protracted time. human beings can't fix your credit. Time does. Pay your charges month-to-month. call up your mastercard agencies, and spot in case you ought to decrease your costs. circulate to lowest value card, and pay off card with the utmost value first. attempt to hold a thirty p.c. stability, paying extra advantageous than the min value. Have a plan, artwork the plan. you're able to do it.
2016-10-02 03:31:15 · answer #6 · answered by woolf 4 · 0⤊ 0⤋
With what you have said it is so many ways you can purchase a home now, And a good ref. and more that 2 years at you home now (residents) says so much. But MONEY always say it better If you get a Tax return back you may want to use it as your down payment especially if it's $1,000 dollars or more. When persons have fare/poor credit MONEY SPEAKS LOUD. Wish you the BEST ON GETTING YOUR NEW HOME, BEST OF LUCK.
2006-08-17 10:37:12 · answer #7 · answered by sweettoni37 4 · 1⤊ 0⤋
Try www.gmacmortgage.com They are flexible on there credit scores & they also do FHA loans which I'm sure you qualify for & your down payment is only 3%. Also, see if you can find a seller willing to pay part or all of the closing costs. They can even raise the price of the house a little to allow for the expense.
2006-08-17 10:50:54 · answer #8 · answered by amee2you 3 · 1⤊ 0⤋
There's lots of loan programs even for fair to poor credit. Just be careful and don't get sucked into predatory lending or accept a loan that is not really in your favor. It may seem like it is at first, but a few years down the line it won't be. Try reading "Home buying for Dummies"
2006-08-15 13:15:14 · answer #9 · answered by sheila c 3 · 3⤊ 0⤋
We got a first time home buyers loan through American Mortgage and we didn't have the best credit. Just be prepared to answer why you were late on certain payments. There are also alot of people out there that want to sell their homes and will do a rent to own option.
2006-08-15 13:14:42 · answer #10 · answered by unicornfarie1 6 · 3⤊ 0⤋
If you can show you make timely paymetns and have a really good loan guy you can get a house but you wold still have to pay a lot of money for the down I think. not quite sure so dont quote me on this lol
2006-08-17 09:18:07 · answer #11 · answered by fleur_loser 3 · 2⤊ 0⤋