with a awesome down payment could you any one know or has tried please help
2006-08-22 07:47:45 · 7 answers · asked by LOLO 3 in Business & Finance ➔ Renting & Real Estate
You can but it generally requires 10 to 20% down and a high rate. But after a year if you make all your payments on time. You will be able to refinance.
2006-08-22 07:57:22 · answer #1 · answered by eimmahs 5 · 0⤊ 0⤋
Yes anything is possible, but you would have to shop with a creative mortgage broker and be prepared to pay extra point, a higher than average interest rate and that you have a big downpayment will help, anything better than 35 % should really start working in your favor.
In the process start working on cleaning up your credit rating, is important, as it will go right to the bottom line with this or any other loan.
There are a number of credit clean up companies in the malor towns and on line, so
Good Luck
2006-08-22 14:58:06 · answer #2 · answered by peterpfann 3 · 0⤊ 0⤋
It depends on how you define "bad." Mortgages are not only based on what your score is, but also what the history is like. Foreclosures, bankruptcies, judgments...all of these kinds of things are brought into play. Your best bet is to apply on a website such as getsmart.com or compareinterestrates.com and state your credit as being "poor," but put a LTV under 100%. Lenders that can do this for you will receive your lead and contact you directly.
2006-08-22 15:04:47 · answer #3 · answered by KL 5 · 0⤊ 0⤋
yes, this is why I'm in business. Private lenders will lend to you based on other criteria (Such as down payment) as opposed to your credit report. When brokers send me loans to review, I throw the credit report in the trash. It has no relavence as to whether you can afford the mortgage payment or not, all I care about is the equity portion and your income. If you want to go stated income, I will need you to sign me on to title for a minimum of 12 months as to avoid a foreclosure process.
2006-08-22 14:59:03 · answer #4 · answered by Du Hast mich? 3 · 0⤊ 0⤋
your going to have to build your FICO score back up by making purchases with credit card s and paying them off quickly.
2006-08-22 21:40:10 · answer #5 · answered by worm 3 · 0⤊ 0⤋
read tips on credit/debt, real estate, loans and mortgages on this site
2006-08-22 14:55:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes, with an extremely high interest rate
2006-08-22 14:54:10 · answer #7 · answered by Pam 4 · 0⤊ 0⤋