2006-09-12 14:45:45 · 8 answers · asked by ibonner32 1 in Business & Finance ➔ Renting & Real Estate
Many major mortgage companies will loan you money to buy a home with bad credit. Your interest rate will be higher.
2006-09-12 15:17:34 · answer #1 · answered by porkchop 5 · 0⤊ 0⤋
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the bad credit or no downpayment.
Would you consider delaying your plan? Professional investors are careful in choosing each investment that would be near or immediately cash flow positive. With overpriced housing market, that is not possbile.
For example, it costs $500,000 to $550,000 to buy a two bedroom units in Sunnyvale California. Mortgage monthly payment with nothing down is $3500 to $4000 a month with 7% APR. The rent one can collect from such unit would be $2000 a month. Therefore, for each unit you buy, you would lose $1500 a month.
* We assume tax benefits would cancel out with tax and maintenance fee. Please consult your CPA.
**If you have large down payement, the rate may be lowered.
Another important factor to consider, home price may not appreciate as much anymore. In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
2006-09-13 03:49:34 · answer #2 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
Hey...my husband is a loan officer who specialize in people with bad credit....he can help you out...give him a call at 714-244-2446. His name is mark fragola and he works for Home Funds Direct, 5th Largest company in the nation. He can get you approved in less than 30 mins.....the office is open from 9am to 6 pm pacific standard time
2006-09-12 23:09:44 · answer #3 · answered by gidget 2 · 0⤊ 0⤋
Talk to a real estate agent.
They don't get paid unless you buy (that means getting approved for a loan).
When times are slow, they are more than willing to work with you and suggest lenders who will approve you even with poor credit.
2006-09-12 21:54:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
My company works with over 140 lenders, and I know of ones who specialize in bad credit.
Email me at mmorganloans@yahoo.com, and I will send you some questions to answer so that I can recommend you to the right lender.
2006-09-13 00:42:50 · answer #5 · answered by mmorganloans 2 · 0⤊ 0⤋
http://www.ameridream.org should be able to direct you for assistance since they work with lenders and the financially challenged all of the time.
2006-09-12 21:50:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It's called a trailer park.
2006-09-12 21:50:43 · answer #7 · answered by waxingtheturtle 2 · 0⤊ 0⤋
1.www.aegismtg.com
2. www.accredhome.com
3.http://www.badcreditmtg.com
2006-09-12 22:02:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋