I have 5 years stable rental history, 10 years in the same job field< married 18 years and make good money. My credit score is a little elss than 500, my husbands is about 500. We have found a really nice house that we really want in SUNDOWN TEXAS..it is only 31000.00. I want some one to finance it but everyone tells me no. Is there anyone who buys houses and then turns arond and will owner carry a note for me?I have a good down payment.
2006-10-12 08:40:19 · 4 answers · asked by deidra3970 1 in Business & Finance ➔ Renting & Real Estate
There are people who buy houses, then turn around and sell them. They would sell it for more than they bought it for - after all, that's why they're doing it, to make money. But they don't usually finance the property on the sale, but the buyer finds financing.
If your credit score is that low, you'll have a very hard time finding a lender. Your best bet is to work a couple years on getting your score up, then try again.
If by "a good downpayment" you mean 25% or more, and the property is fairly priced, you might find someone to finance it because they would be protected if they had to repossess it, including their costs. That's a long shot though. And if you have less than a 25% down payment, plus closing costs, your chances are low.
2006-10-12 08:47:55 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
With a sizeable downpayment (min 20%) there are lenders that will loan based on the stability of the job history but what you indicate here is what is good about your file...the missing information is what will kill you....such as, why are the credit scores barely 500? That issue, unless addressed and corrected, will prevent anything other than a 70% loan at 12 - 16% + fees of 5 - 10% (otherwise known as private or hard money).
2006-10-12 09:22:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
check with the owner and see if he or she will help you, and you know you need at least 20% down with your loan, here are some places that say they will help you get your loan if with your credit problems you have, have fun in your new home and here is the yahoo page I got them from
http://search.yahoo.com/search?ei=utf-8&fr=slv8-msgr&p=home%20loan%20with%20bad%20credit%20in%20%20SUNDOWN%20TEXAS
2006-10-12 09:06:30 · answer #3 · answered by rich_below 4 · 0⤊ 0⤋
Try a real estate agent
http://www.realestateagentlive.com/
Matt
http://www.diversifiedlender.com
http://www.minnesota-mortgage-rates.net
http://www.refinance-second-mortgage.biz
2006-10-12 09:48:30 · answer #4 · answered by Matt J 3 · 0⤊ 0⤋