2006-12-08 07:46:51 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You really should hold off on making a large purchase like that until your credit improves. You can definitely find a loan--- there are a lot of brokers out there that specifically target people with poor credit. But the interest rate, penalty rate, fees and pre-payment penalty are usually very unfavorable for the borrower. You might end up with a loan that has a very high interest rate and PMI, then not be able to refinance it because your pre-payment penalty ends up being over $20,000.
If you improve your credit now, you will get a better loan next year and be able to have lower payments and fewer penalties for as long as you keep that loan.
2006-12-08 07:51:15 · answer #1 · answered by dcgirl 7 · 0⤊ 0⤋
Call a few loan officers in your area, and find one that knows how to help you repair your credit. You should be able to tell fairly quickly whether they really know what they are talking about.
2006-12-08 07:48:44 · answer #2 · answered by Anonymous · 0⤊ 1⤋
You have to pay everything that is on your credit report before you be able to purchase any property.
2006-12-08 07:49:17 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Give a larger down payment.
2006-12-08 09:11:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Anything is possible. Shoot me an e-mail: glcprocessing@hotmail.com
2006-12-08 07:48:24 · answer #5 · answered by ? 4 · 0⤊ 1⤋