My husband has fair credit, while mine is horrible (so I suppose both of ours is horrible, now). We are low-income, but looking into building a house. I can apply for a VA loan, but I was wondering if there is such a thing as a loan for low-income ppl...and is it still based on your credit?
2007-01-05 08:34:44 · 4 answers · asked by Suse 4 in Business & Finance ➔ Renting & Real Estate
I live in Alabama. I mean low-income as in we don't make enough money with our incomes. lol. Although, we are also looking into doing as much of the work ourselves with building the house to save money (and we have the knowledge, experience, etc).
2007-01-05 08:49:05 · update #1
Your circumstances are not too bad. It is now January, you could find a sheriff sale house, tax delinquent house, or forclosure house to buy ($2,000 - $5,000). Make sure it is close enough for you to travel to and work on. By Mid Spring or early Summer it should be fixed and sold.
The sale should net you $20,000 ($5,000 cost + $10,000 labor) sale price $35,000. You can take back a mortgage and record it as an asset; it will raise your credit score.
Feel free to contact me.
2007-01-05 09:08:42 · answer #1 · answered by whatevit 5 · 0⤊ 0⤋
Check with a mortgage broker in your area. There are loans through Fannie Mae that make special allowances for low to moderate income borrowers. The broker will know what I am talking about and will have a range of products to offer you. There is still a credit check, but the score can be very low as long as you have other supporting factors to support your case.
Best of luck.
2007-01-05 09:46:53 · answer #2 · answered by David 3 · 0⤊ 0⤋
Where do you live? Each state has different programs for low income home buyers. California gives 3-10% for down payment, and low interest loans. It depends on the county or city though. Find a good mortgage broker to help you figure out what you can do. If it is CA my phone is (619) 379-2063.
2007-01-05 08:42:18 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
Suse,
If you are located in the Pacific Northwest I might be able to help you build a home. I'm a mortgage professional that has a incredible construction loan available. Does your "low income" just mean you are looking to build a super low cost home?
2007-01-05 08:42:21 · answer #4 · answered by camrenalexis2 2 · 0⤊ 0⤋