2006-12-31 06:38:12 · 14 answers · asked by Velma J 1 in Business & Finance ➔ Renting & Real Estate
It means RUN AWAY AS FAST AS YOU CAN!
2006-12-31 06:54:12 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The real answer means that you don't need to qualify for a loan to purchase this home.
What these ads usually offer is: a lease purchase option, some type of seller financing where the seller will become you lender, the property might have an assumable loan, etc.
See what they offer and then see if you can get a better deal at the bank. Usually the people who respond to these ads do not have credit to obtain bank financing.
Regards
2006-12-31 07:07:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
What weird answers you've been getting! One of them was close: "No Qualification" means that the Lender will accept your "Stated Income" on your loan application, without the usual requirement for verification documents. You would have to have great credit and the house would have to appraise well. You might pay higher interest on the note.
2006-12-31 07:00:38 · answer #3 · answered by hatchland 3 · 0⤊ 0⤋
It most likely means one of two things: either the seller is willing to finance the purchase, and therefore no lender will be involved, and the seller is not going to run a credit check, etc., on the prospective buyer, or the house is not up to FHA inspection standards as completely livable and therefore some form of creative financing (including, but not limited to, seller financing as referenced above) is the way the seller is willing to go.
2006-12-31 06:53:33 · answer #4 · answered by JackN 3 · 0⤊ 0⤋
It means they will accept all types of credit and offers. You will not have to qualify for a loan through conventional means. Which usually means they will get you financed with an exorbitant interest rate or extreme terms of the loan. Be very careful in any such transaction and read any contracts very thoroughly before signing.
2006-12-31 06:45:53 · answer #5 · answered by Badkitty 7 · 1⤊ 1⤋
You must have a record of credit and how much money you make and if you could pay the mortage?????Get out of debt if you have an outstanding balance and get a bank acct and a Must is a good credit report,,,,
2006-12-31 07:17:46 · answer #6 · answered by Gypsy Gal 6 · 0⤊ 0⤋
it means you don,t have the right amont of money to balace the bugit. that is required to pay off the morgage in the time limit they gave you ask the bank to give you a 30 year morgage in stead of 25 years.good luck.
2006-12-31 06:44:56 · answer #7 · answered by i,m here if you need to talk. 6 · 0⤊ 0⤋
It means that the normal things such as tax returns for the last two years, current pay stubs etc. are not needed.
2006-12-31 06:46:21 · answer #8 · answered by BritLdy 5 · 0⤊ 0⤋
Its means you don,t have wait for preappoved loan or you have good credit but be careful before signing the papers
2006-12-31 06:50:03 · answer #9 · answered by pattibcacl 6 · 0⤊ 0⤋
It means you don't have to qualify for a loan through a bank, based on your credit score. BEEE CCAAREEFULLL!!
2006-12-31 06:41:24 · answer #10 · answered by RealEstateGirl 1 · 1⤊ 0⤋
Maybe it means you don't have to be pre-qualified to see the house???
2006-12-31 06:41:13 · answer #11 · answered by mcdaid36 2 · 0⤊ 1⤋