I am trying to buy a home in an effort to get my children out of the country ghetto. I want my son to see something other than drunks and druggies along with deadbeat daddies. my girls need to experience something other than babysitting their friend's children because I won't allow them to go out on Saturdays while their friend's mothers do not care. I messed up my credit right out of high school and have not been able to turn it around until now but my credit score is still so low that I just can not get any help.
2006-09-15 07:32:29 · 2 answers · asked by candycane 1 in Business & Finance ➔ Credit
depends on how low "low" really is. a loan is dependant on a lot of things like income, residence, LTV and especially your credit. lower the credit, less likely you are to get big loans.
Assume your middle score (not your high score) is around 520-540 mark, you will need to put about 20% down deposit. many lenders/banks will not grant you 100% loan with bad credit so you'll need to pony up some bucks up front. anything lower than 500 is predatory lending territory and is not good from any point of view. if you know your score than it will give you an estimate on where you are as of now.
2006-09-15 08:39:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
High-risk lending is not a great idea. They will get their hooks into you and only make it worse. I would try to work my way into some equity by buying something on a land contract. The owner lends you the money and owns the property until it is paid for.
2006-09-15 08:25:00 · answer #2 · answered by united9198 7 · 0⤊ 0⤋