well i am about to looking around of buying a house. my creited is little shake. mean is not so good. it is possibly to get one or is there help??
2006-09-12 22:15:46 · 7 answers · asked by jwtaz1 3 in Business & Finance ➔ Renting & Real Estate
Shop shop shop around. Your odds are better with brokers, and you're likely to end up with a better rate, but you need to have good conversations with at least half a dozen at a bare minimum. If you only talk to one, they can quote you two percent over market. If you only talk to two, they cut half a percent off that and still make six points. You talk to a dozen or more, you're likely to end up with something close to the best loan that can be done. Both the best and the worst loan officers work at brokerages.
2006-09-13 03:38:00 · answer #1 · answered by Searchlight Crusade 5 · 1⤊ 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 down payment or good credit.
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 22:40:16 · answer #2 · answered by Price is what you pay for value. 3 · 1⤊ 0⤋
Progressive is supposed to b very cheap. I'm pretty sure they charge a flat fee of $349 for a mortgage. I think most traditional lenders charge four figures. Also,depending your credit or financial situation you might try FANNIE MAE or FREDDIE MAC (they basically have a monopoly in home mortgages financed through the Fed Gov). You may also want to try contacting HUD. They help people that may not otherwise qualify for a home mortgage. I know they also deal in foreclosures, as well as low interest, no money (or very little money down loans.)
Here's their web sites (Good Luck, hope u get a house soon):
www.fanniemae.com
www.frediemac.com
www.hud.gov
2006-09-12 23:34:23 · answer #3 · answered by GreyGHost29 3 · 1⤊ 0⤋
It is highly likely. What is your credit score? Have you purchased a house or other property before?
Its probably best to contact a mortgage broker. Have them look at your credit report and see if there are some quick things you can do to remedy your credit file.
Look for a broker (look for a good one, one that has been in biz for a while.)
You should not have to pay for their services, don't pay.
I used a broker for the first time, and they hooked me up with a major bank who gave me a super first time buyer loan. It was great.
2006-09-18 17:20:56 · answer #4 · answered by TG Special 5 · 1⤊ 0⤋
i'm a loan Banker. With between the biggest deepest loan banks interior the Midwest, yet can lend particularly plenty united states huge. because of the fact we are a financial company and not a broking provider we lend our own money and make our own judgements. i could be extra suitable than chuffed to look into your subject. be chuffed to deliver me an e mail. i seem forward to listening to from you.
2016-12-18 09:27:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go to a mortgage broker, you can either look in the newspaper or in the phone book. They should be able to help you out. Good luck!
2006-09-13 01:59:49 · answer #6 · answered by 10 pts for me? 4 · 1⤊ 0⤋
TRY YOUR BANK OR CREDIT UNION. THERE MAY BE SOME HUD HOMES AVAILABLE.
2006-09-12 22:17:38 · answer #7 · answered by horsysue 3 · 1⤊ 0⤋