2006-09-10 01:30:06 · 10 answers · asked by kay kay 1 in Business & Finance ➔ Credit
Didn't you already post this and everyone told you that it wasn't a good idea.................?
You need to try having a score over 620 or risk having your credit report dinged yet again on an inquiry and have an even LOWER score. Are you shooting for 350.. the lowest?
I have to ask .. are you just wanting for people to tell you what you WANT to hear, instead of 'reality' ?
You sound like a stupid co-worker of mine with a credit score down in the dirt and she can't figure out why she can't buy cars or a house or anything else, and she applies for a new CC nearly every week.. down down down it goes. She's $16k UPSIDE DOWN on a car loan and can't figure out why she can't trade it in for another new one 12 months later. DUHHHHHH.
Why would anyone want to loan someone with crappy credit 6 figures to buy a home?? WHY?
2006-09-10 09:33:29 · answer #1 · answered by CactusFlower 4 · 0⤊ 1⤋
Your interest rate will be horrible. If you only have a credit score it is showing that you have serious financial problems and you may want to consider waiting to build that score before applying for loans especially high interest ones. If you only have a 450 score, it's unlikely you will be able to keep the home. Think ahead... can you pay the loan (and have money for maintenance) if you were hit with a bout of unemployment? Don't even consider buying a home that you could lose within a few months. Can you afford to buy? Why not consider putting aside the difference between the money you pay for rent now and what you think you can afford for mortgage, taxes, insurance, etc. for six months? Let's say you pay $500 for rent and your expenses (including higher utility bills, water bills, sewer bills, insurance) will be $1000 a month ... can you put away $500 every month and not touch that money for six months on the 1st of every month??? If so, you can afford the loan and you have $3,000 more for moving expenses. If you cannot, go to Plan B. What's the point of buying a home that you cannot pay on for more than a year or two? Foreclosure is not pretty. If you have to wait seven years for your credit to improve, wait. That extra $500 a month or whatever you will pay can add up nicely in an interest bearing account instead of an interest paying loan. If you wait 3 years to buy a home putting $500 a month into an account, you will have $18,000 to put down and greatly reduce your interest rate. When you do buy, don't go with a 30 year mortgage... go with 15 fixed and then bi-pay monthly to get that loan paid off asap. You will have $1000 a month freed in your budget and a home you own.
2006-09-10 08:50:17 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You'd have better luck being struck by lightning. A 450 credit score is in the bottom 1% of Americans. That's deplorable.
2006-09-10 08:33:29 · answer #3 · answered by surfinthedesert 5 · 1⤊ 0⤋
Your only option is to buy a house for cash in middle america with the rest of US poor people. Some parts of PA you can buy a house or 5000-10000.
2014-10-16 00:50:52 · answer #4 · answered by ? 3 · 0⤊ 0⤋
very unlikely. Considering you're only 100 points above the lowest score, it doesn't look good.
2006-09-10 10:28:44 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Sure you can apply. You won`t get it. I can tell you are not very responsible. And I am not a creditor.
2006-09-10 08:41:10 · answer #6 · answered by bill a 5 · 1⤊ 0⤋
yes you could but with a certain company your score might be high or low with another company. i hope u get a house.
2006-09-10 08:40:29 · answer #7 · answered by foxymama 1 · 0⤊ 1⤋
1st reply is correct....get struck by lightening and use the insurance money
2006-09-10 09:05:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
if you have a ton to make the down payment
2006-09-10 08:37:33 · answer #9 · answered by tom10926 2 · 0⤊ 1⤋
can we say.........................NO
2006-09-10 08:44:17 · answer #10 · answered by emortalwolf 2 · 1⤊ 0⤋