Can you still get a home loan if you have a reposessed car on your credit even though you are paying on it? A friend of mine got a job offer in another state & is going to sell his house but would prefer to sell it to friends. He told me & 2 friends of ours that we have dibs on it if we want (cause we really like it!) but they are married & have a reposessed car on their credit right now. It was auctioned off below the original price so they have to pay the difference & are slowly paying on it..........can we still get a home loan & would there be better chances at getting one if they have me included on it? I have really good credit. (Paid off a car in my name in 2 1/2 years & never missed a payment on it or anything else.)
We are all in our 20s, STILL living w/ parents right now & are desperate to move out & live our own lives before they drive us nuts!!!!!!!
2006-08-30 03:36:22 · 3 answers · asked by §uper ®ose 6 in Business & Finance ➔ Credit
We were going to try for a VA loan because he is in the Army & apparently qualifies to apply for one.
2006-08-30 03:50:13 · update #1
Now a day with this competitive market, you can get a home loan with ease. With good score, you will get good rates without much of a down payment. Otherwise you'll need alot of down payments or be prepare for a high interest rate. Whatever you do, never take an ARM or Interest rate only loans.
The true question is : can you keep up with your payments ?
Find a good broker and present him your situation , then ask him to find you the best rate in his network.
BTW. I wouldn't co-sign a house with my married friends .
Good luck .
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Edited to add : Do not try lendingtree.com . Bad rates and they will pull a bunch of inquiries on your reports.
2006-08-30 03:45:57 · answer #1 · answered by nhan_andy 2 · 0⤊ 0⤋
Hello there. Most banks will probably say no to a mortgage based on their past, which is why you should try a mortgage lender. These places specifically work with people on mortgages. Since this is your first home, there are a lot of programs out there. When you find a mortgage lender, ask them about an FHA loan. That will probably be your best bet. Try going to http://www.lendingtree.com. There you can fill out a form and get about 4 offers for mortgages.
2006-08-30 10:41:23 · answer #2 · answered by wmu_mrtoby 1 · 0⤊ 0⤋
Mortgages and Home Financial Planning
By: Joseph Kenny
I hope this article helps with your question...this web site also has a load of good information that you can use to achieve your goals.
Good Luck!
2006-08-30 10:54:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋