2006-11-04 10:23:06 · 6 answers · asked by lilbagel21 2 in Business & Finance ➔ Renting & Real Estate
Possibly. Part of it depends on your credit score, I have done plenty of loans for people with bad credit and done 100% financing.
Also, if you have a good rental history or other good accounts (like utility bills, etc)...you could qualify for an FHA loan, which doesn't take your credit score into account at all.
2006-11-04 12:11:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That depends on how bad your credit is - there are many first time homebuyer assistance programs, and some will even give you a forgivable loan if you stay in the property for a given period - then it's just a matter of finding a bank that will finance you. I'd say with "bad credit" you're likely to find a loan, but you'll pay through the nose on the interest rate!
2006-11-04 11:49:14 · answer #2 · answered by airlar73 2 · 0⤊ 0⤋
Hello,
I completely agree with wanting to invest your money. Afterall, what's the point of making money if you can't make more money with your money (got that?)? Anyway, I've tried all different investments from stocks and bonds to IRA's, 401k's, and real estate. I'm really a big fan of diversification.
However, the only investment I've really been happy with so far is real estate. Over the past 5 years, I've bought 3 different properties (all have tenants, and I'm making more than the mortgage payments on 2 properties).
The 3rd property I got was using Carleton Sheets no money down methodology (he's a GURU in real estate, and yes, his methods do work!). You can actually buy a property for absolutely nothing down (NO MONEY FROM YOUR OWN POCKET). I payed over $500 for his course 3 years ago, and I just saw it online for $9.95!!!! This is a steal at $9.95 (I'm actually going to buy it for my friends for Christmas). It was featured on TV, so I got the website from there.
Before you invest in anything, I highly suggest the Carleton sheets course. http://www.alllsite.info/real-estate.php
2006-11-05 02:33:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Down payments don't have to be an issue, particularly for first time buyers. There are plenty of grant programs that provide funds for down payments and closing costs. Browse through this section of an unusually useful website on first time home buying:
http://www.first-time-home-buying.net/down-payment-grants.html
But you MUST have sufficient income to comfortably afford your periodic loan payments. If lenders won't give you a home loan (perhaps you are self-employed, and your taxable income hardly reflects your true income) maybe you could buy using a land contract.
2006-11-04 16:46:54 · answer #4 · answered by PLS 2 · 0⤊ 0⤋
Id like to know the answer to this also but try H.U.D.(housing and urban developtment they might have some answers
2006-11-04 10:30:57 · answer #5 · answered by stygianwolfe 7 · 0⤊ 0⤋
look at trailer parks...
2006-11-04 14:08:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋