there that will help us with a home loan with poor credit? I need to move out by Febuary or March. And I already have a house we want to buy from a private owner. But, the owner can't help us get a loan because she is already in a nursing home. I live in Illinois and I am a CNA and my husband is an OTR trucker. Please serious answers only!
2006-12-21 07:43:55 · 9 answers · asked by rainedrop61 4 in Business & Finance ➔ Renting & Real Estate
There is a loan for just about every situation. The only thing is can YOU deal with the stipulations of the loan. There are a few programs I can think of that you MIGHT qualify for such as an FHA program. Programs like those don't really look at your score but at the contents of your credit and reasoning behind the situation that you are in now.
I cannot tell you exactly what you can qualify for because I would need more information. If you would like to pursue this dialogue further please write me at mdesdunes@sicloans.com
2006-12-21 08:02:24 · answer #1 · answered by Michel D 2 · 0⤊ 0⤋
You should see if you can repair your credit a bit and with those jobs, you may qualify to go full doc which will help you get a loan. Do you have any money to use as a down payment? Do you know what your credit score is? Nowadays almost anyone can qualify to buy a home but should they is the question. Do not go in over your head but you should definitely speak with a mortgage broker because most banks will laugh you out the door with subprime credit.
Are you currently renting and if so, do you pay by check each month?
Is the house that you already found to buy, the house you are currently living in?
2006-12-21 09:28:10 · answer #2 · answered by ScottMortgageExpert 2 · 0⤊ 0⤋
Hi ,
The credit is not bad itself ,only because of the Health Bills . So , I don't think it will be a pain in the neck to find a good deal . Also do provide your credit scores and the value of the Home .
And you two have stable jobs in sectors that can't be hit by those stupid things like outsourcing and all . So let me see what the best deal i can find . But I think 90-10 % will be an easy one .Also i can try for more .
If you provide me the details of your case along with the state and location etc then i might be able to find you a good lender .Normally , the rates are now in the higher fives and lower sixes .
Provide the case details to kishaloy_bhowmick@yahoo.com
or call at 480.751.4125 ...
regards...
kish
2006-12-21 17:10:35 · answer #3 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
The first thing you need to know is if you are qualified to purchase a home.
So the first thing you should do is contact a "Mortgage Broker' you may find this animal in your local telephone book.
Tell him you plan to purchase a home get "PRE-APPROVED"
Now this person is gonna want to see lots of documents to prove certain things about you and anyone else trying to buy this home with you.
So to get you started I am gonna give you a few of the things you will need
#1 Fed income taxes for 2 yrs as well as W-2 for the same period
#2 Pay stubs covering one complete month.
#3 6 months from bank statements from all the banks you use to include any 401k plans at your place of employment.
This will get you started during your first interview. Now don't plan on a short trip to the mortgage broker's office or telephone to fill out the application. There are lots of questions as well as lots of forms to sign that are required by state and local authorities. He will even fax them to you. Make sure they are accurate as possible before returning them.
Once he has the documents signed and back in his hands, he will run a credit check thus finding out your credit score. With this credit score he can now tell you what loan programs you are qualified for. The appropriate monthly payment, how much the lender will allow you to borrow to purchase your home as well as tell you about the interest rate of your mortgage.
Once this has been accomplished go to the person that want to sell her house to you. Draw up a contract between the parties on the property and you and your husband. You will need a date, sales price of the house. Put down what you think the house is worth and add this in the contract "or appraised value of the property" If the seller is going to carry a second mortgage this should be in the contract.
NOTE: She can sell the property for less than the appriaised value, but not for more than the appraised value.
Also you would want to put down how much of a down payment you are gonna make if any. If you are gonna make a down pay and secure a loan for the rest then in your contract should be "Buyers will get a new first mortgage of the difference between the sales price and the down payment. Place a date that is agreeable to all parties when they would like to see this transaction close or is over with. Give yourself at least 2-3 weeks. The transaction might or might not close on that date, but this is the target date.You should put in the contract who will pay for the closing cost and how much. Closing cost can be split down the middle or the seller can pay.
Now give this contract to the mortgage broker. He will insure that it gets to the escrow closing officer, who will make the escrow documents off your contract. He will also order the appraiser for you. Allow him to do this because he has several appraisers that are signed upo to work with him. The one you select might not be on his list.
Your mortgage broker might want additional items from you this is normal just find what he needs he is working on your behalf and acting as go between you and the lender.
Shortly thereafter the mortgage broker will call and set up a date for you to sign your loan docs, again plan on being there for a time. This is not hurry up process.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-12-26 09:42:26 · answer #4 · answered by Skip 6 · 0⤊ 0⤋
yes you can have a loan but because you credit is not good you will pay 10% or more of interests that is mean high monthly payment however after 2 years you can refinance with a new loan and if you credit is better your interests it will be lower.
my advice to you is made a contact with a real estate broker
and get ready to sign a tons of paperwork before get the key of your house is not impossible but is difficult
good lucky!!!
2006-12-21 07:57:42 · answer #5 · answered by Arizona A 2 · 0⤊ 0⤋
It depends on your definition of poor credit; if you have a 580 score, you can get 100% financing. Credit Repair may be another option.
2006-12-22 07:00:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Find a lender that does FHA loans. They do not go so hard on medical bills as do conventional lenders.
Good luck.
2006-12-21 18:06:22 · answer #7 · answered by teran_realtor 7 · 0⤊ 0⤋
You should probably stay where you are. Why must you move? Have your agent put you in touch with a "hard money" lender. Sell your house as soon as you can.
2006-12-21 07:49:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes, try an fha loan - find a broker - there are thousands
2006-12-21 07:50:41 · answer #9 · answered by Anonymous · 0⤊ 0⤋