I want to purchase a home no money down, fico of 550 in NH?

Question

We had major credit problems and had a foreclosure 2.5 years ago. My credit has improved and my income has gone up, the problem is by the time I save up 10%, houses will skyrocket again. There are so many vacant properties, I have written to owners and asked them to owner finance for 1 year and only 1 responded, and he wanted 50k down (if I had that I wouldn;t have to owner finance!) Who will lend to us?

Answer 1

Are you buying with someone else? Is their credit the same? I think you will have to go rent to own.. or see if an owner will carry?? With that on your credit and your credit score only being 550 it will be hard for anyone to give you a loan.. Have you checked your credit at freecreditreport.com? I would do that and see if there is anything else on there that is hurting you and that you could dispute.. because you can dispute it right there on the website! Good luck to you! My Aunt works in a real estate office in Hanover if you need help or questions answered let me know!! :)

Answer 2

2

Answer 3

Private financing is probably the only good way. But instead of writing letters, it would be better to talk with the owners face to face. As for when houses will skyrocket again, that can only be a guess.

Answer 4

Pay cash.

Okay, if you are making that much money.
Instead of putting it in a savings account, try putting into a real estate mutual fund that pays 20-25% per annum such as UMREX, and your gains will at least match the real estate market.

Answer 5

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