2006-10-19 09:18:50 · 10 answers · asked by Donna P 1 in Business & Finance ➔ Credit
Hopefully, a mortgage broker will answer your question.
Try to build up a hefty down payment so that the loan amount will be secured by a larger amount of equity in the real property. This will make the loan more attractive for the lender. Also, because of your credit score, they will ask for a higher interest rate.
But shop around. The housing market is cooling and competition should increase. If you can wait for the bloodbath to be in full swing as the housing bubble continues to burst, then you may find yourself in a better position with both sellers and mortgage lenders.
Good luck.
2006-10-19 09:28:12 · answer #1 · answered by eddygordo19 6 · 0⤊ 0⤋
Of course. The first thing that comes to mind is putting up a large down payment. If your down payment is substantial enough, almost any mortatge company will approve you.
You could get a cosigner/cobuyer that has excellent credit.
Try a lease to own, with all payments being applied to the purchase price, so you can build equity.
If the home and property are worth more than the financing you need, you might try to get a regular loan, using the house as collateral.
Look for private, individual financing, offering your lender a better interest rate than he/she could get from traditional "investments".
Ask the owner for owner financing, or to at least take a second mortgage for a portion.
Good Luck
2006-10-19 09:30:32 · answer #2 · answered by Michael 3 · 0⤊ 0⤋
You can get approved with a low credit score. Obtaining a mortgage will raise your credit score. I don't know why people answer questions they know nothing about. There are many programs for people with less than perfect credit. You can still get 100% financing. There is no way to tell what you can qualify for unless you complete a loan application. Also it does help if you have a lender that is willing to work with you. If you would like help with you application please email me.
2006-10-19 17:03:15 · answer #3 · answered by karrie r 2 · 1⤊ 0⤋
Hmmmm.
You KNOW you are a high credit risk and you want a mortgage (big six figure obligation) to match your uncreditworthiness?
Is there something wrong with this picture?
Stop trying to do things OUT OF ORDER.
Fix the credit, FIRST.
Show yourself approved.
Then, get the house.
NOT vice versa.
2006-10-19 10:03:03 · answer #4 · answered by DaMan 5 · 0⤊ 0⤋
First try to imrpove your credit and the apply for a mortgage:
Step-by-Step Credit Repair Guide
Bad credit can frustrate your efforts at getting a credit. Hence ensure you keep your credit report clean. If there are any errors in the report, undertake credit repair to clear out any errors. This can be tiring and frustrating, but highly rewarding. Though law recognizes and protects your rights, it is your duty to remove any anomalies in ...........
2006-10-20 00:56:47 · answer #5 · answered by sing i 2 · 0⤊ 0⤋
Doubtful. Unless you put down 50% or something.
Try to find a homeowner offering seller financing. They won't be so picky about credit as long as you pay on time.
2006-10-19 09:26:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you are below 550-580 you'll need 20% down.
2006-10-19 10:12:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
580 FICO score is the limit...you need to be up over 680...720 your gold!
2006-10-19 09:27:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Go to http://www.nationwidebillrelief.com/homepurchase.html and get quotes from there lenders.
2006-10-19 13:16:11 · answer #9 · answered by John H 1 · 0⤊ 0⤋
Pay your bills.
2006-10-19 11:47:49 · answer #10 · answered by DENNY 1 · 0⤊ 0⤋