can i still get a home loan ?

Question

my credit sucks but if i can get financed with the ability to finance mt current bills into the loan is it possible i can get one , only have 5,000 to put down

Answer 1

Man at least you have 5,000 I have 77 and I still need 130!

Answer 2

There are so many options to getting into a house beyond just "Getting a home loan". If I was serious about getting into a house (As I assume you are) and I had $5k to work with. I would check the property values in your area, study the demographics and historical trends. Make sure the values are still appreciating and then contact a real estate agent in your area about a lease with option to purchase. Try and set up an 18 month lease with option (Meaning you get the option to refinance the home into your name solely at the end of the 18 month term). Make all the payments on time for the term while working on your debt. This way you will realize appreciation in the property (You agree upon a sales price at the beginning of the 18 months not the end) and when the time comes you will have the credit to refinance into your name. This will save on realtors fees as well which is the motivation for the seller along with the fact that they will make some money over what they are paying to the mortgage from your rent payments.

If you have any further questions on it, email me. I'm happy to help.

Answer 3

There are lenders out there that will give you a home loan, even with bad credit. The only problem is that you will have a rate that is high. If you have a credit score of 640 or higher you will get a better rate. If your credit score is lower than 640, your rate will be higher.

If you are a first time home-buyer, you can still get a loan amount for 100%, without putting anything down. There are 80/20 programs and option arms that you could qualify for.

Keep your $5000 in the bank for now. Lenders look for at least 2 months reserve in the bank.

If you have anymore questions, you can email me at [e-mail].

I live in Washington State, but I have lenders that are available in all the states.

Answer 4

If you are applying for a first mortage, I think you can only get loans that would include closing costs (a 103% loan I think is what they are called) you could get one of these and use your $5000 towards your other bills. (I got one of these for my 1st house).
There are also rehab loans that would loan you money to both buy and repair your house (these have many restrictions).
As with any loan, your credit score will be a major factor in your ability to qualify for one of these loans.
A second mortage or a home equity loan would be more designed for paying off credit cards, student loans, etc.
I would recommend going and meeting with a mortgage specialist, they can give you the options best suited to your situation, instead of just applying on-line or something. He/she can also help you in improving your credit score. There is usually no charge for these meetings (the specialist makes a percentage or comission from the bank on the loan you get).

Answer 5

You are not ready to buy a home. You cannot borrow your way out of your mess. If you do this deal it will only make it worse and you will likely lose your house. Use the the 5K to pay bills, get current and STAY current until you are debt free. Churchhill Mortage will do a manual underwriting on you if you have a good work record, some cash for down payment and paid/current bills. (manual underwriting does not use the credit score (or FICO) to determine if you are bankable for a home mortage). This is the hard way but with hard work, focus and a set goal this could be done in less than two years. You could then buy a home without the stress of a mountain of bills crushing you. This will enable you to invest, pay CASH for things vs charge and retire later in life.
Check out www.daveramsey.com

Answer 6

I dont' know what the price is of the home you want to buy, but you can go 100% financing and use the $5000.00 for closing cost.

Answer 7

Probably. Do a search for "bad credit mortgage". You will want to refinance it as soon as your credit standing increases (the mortgage will help).

Answer 8

read tips on loans, mortgages, real estate and debt/credit that will help you more on this site

Answer 9

this question is best answered by a mortgage professional that you can sit down and discuss your situation in detail. only he/she can give you accurate advice. give my office a call and talk to charles 18883969300.