Hello,
Do you think I could get financed on a summer home worth $90,000, if I put $18,000 down, even with bad credit, FICO about 520. Thank you for your help.
2006-10-20 16:12:28 · 4 answers · asked by sky 3 in Business & Finance ➔ Renting & Real Estate
If you're willing to pay 15% or more for your money, maybe.
2006-10-20 17:50:45 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You absolutely could get financing if you have $18000 down payment. You're looking at 80% financing. Most wholesale suprime lenders will do this loan for you in a heart beat. you just need to make sure that this property is at least 50 miles away from your primary residence for a second home. By the way you only gave one credit score most lender require all three scores to be pulled. If this is your middle score your fine if it isnt and it lower as long as it is not below 500 your fine. If you middle is higher you might even qualify for more financing.
2006-10-24 20:01:14 · answer #2 · answered by mswanda01 2 · 0⤊ 0⤋
Most second home mortgages require at least 30% down. You will automatically get a higher interest rate even if your credit score was high. A short-term land contract on that second home might be your answer, if the seller agrees.
Your credit score is very low, have you considered refinancing your present home (if you have enough equity) to purchase the 2nd home outright. It may save you money in interest over the long run. Good Luck!
2006-10-21 01:14:41 · answer #3 · answered by Barbara 5 · 0⤊ 0⤋
You could get a timeshare and buy however many weeks you need during the summer. It might be even less than 90,000. Most timeshare companies don't even base the sell on your credit.
2006-10-20 23:49:20 · answer #4 · answered by Mamajoy 1 · 0⤊ 0⤋