TO BUY A HOUSE WITH BAD CREDIT? I WANT TO BUY A HOUSE IM SOOO TIRED OF RENT ING BUT I HAVE BAD CREDIT. IS THERE ANY COMPANY THAT WILL HELP ME?
dont get me wrong im not a bad person i have a job and i do pay all my bills now and have a couple of secured credit cards. just didnt know about credit 4 years ago
2006-09-19 20:52:52 · 9 answers · asked by girl19 1 in Business & Finance ➔ Credit
You can probably find a company to finance a house for you. But the interest rates are going to be sky high. You are better off just renting until you can build your credit score back up. You could also try to find a rent to own house through your local real estate agency.
2006-09-19 20:56:32 · answer #1 · answered by Kali_girl825 6 · 1⤊ 0⤋
Be very careful of offers to extend you a mortgage with bad credit. It's a win-win for the mortgage company only.
"tired of renting" is not a good enough reason to go into debt. If you're in a bad situation, then reevaluate your needs and move into something more appopriate.
If possible, start saving $$ now and pay off all your credit card debt, car payment, etc... The less debt you owe when purchasing a home the easier it is. Look carefully at your job and location - can you say you'll be there for at least 4 more yrs? And can you add several hundred dollars a month in bills, and still make credit card payments, etc...?
2006-09-20 02:00:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Buying a house with bad credit, is like asking you best friend for forgiveness when you have betrayed them THREE times already.
If you get the mortgage, they will make it very hard for you to keep the house and handle your existing financial obligations.
Just remember, the grass is always greener on the other side until you have to mow that 'ish.
Wait til your negative items drop off your credit report and then apply for the mortgage. Show yourself approved at the time of application by having a credit report good enough to showcase to the public.
Do NOT try to put the cart in front of the horse; you will go no where pretty fast.
AG
2006-09-20 05:56:56 · answer #3 · answered by DaMan 5 · 0⤊ 0⤋
A mortgage is a secured loan, so while a lender will want reasonable assurance that you will be able to keep up repayments, they can repossess and sell the house to get their money back, with interest, if they need to. To guarantee that, the percentage of the property price that they would lend would be limited - 80% is often the maximum on standard terms.
But why are you tired of renting? Owning brings a whole lot of hassle that renting doesn't. And either you're renting the house, or you're renting the money, is it so different really?
2006-09-19 21:11:29 · answer #4 · answered by Sangmo 5 · 1⤊ 0⤋
There are many mortgage companies that cater to clients with bad credit, in fact just today I read an add in a local weekly paper that said that you can have credit scores as low as 400! Now keep in mind that your interest rate will probably be enormous.
You should consider a lease option or owner financed properties. There are plenty of them around. With these types of purchases you will deal directly with the home owner,typically a home owner who themselves are in a financial bind. Many deals are often matched with that of going interest rates and the down payment many times are low or next to nothing.
I would highly recommend looking into these types of properties. There is a site- owner will carry .com that has such listings. I have no affiliation with that site.
2006-09-19 21:33:18 · answer #5 · answered by CreditScoreBooster 2 · 0⤊ 0⤋
Yes you can buy a house with bad credit, however the terms and interest rate will be so ridiculous that you'd be better off postponing it for a while. Take this time to bulk up the down payment while at the same time building up your credit score. To read about raising your credit score check out http://finance-girl.blogspot.com/2006/09/raising-your-credit-score-who-doesnt.html
2006-09-19 21:06:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Probably not, you could most likely get an ARM but the forclosure rate on these is staggering.
Work on your credit, then invest. Pay off what you owe on a timely basis, which avoids increases in interest. Then save a few thousand. Then invest.
2006-09-19 21:02:10 · answer #7 · answered by Norton N 5 · 0⤊ 0⤋
it's not a question of who will finance you but how much you have down. any company can finanace anyone whether they have good credit or not. if you have bad credit, you will need a big down payment or pay off you past debts.
2006-09-20 03:25:39 · answer #8 · answered by bella_4624_19 4 · 0⤊ 0⤋
very possible, many options open to you.
2006-09-19 20:59:21 · answer #9 · answered by sllyjo 5 · 0⤊ 0⤋