How does a person purchase a home (in CA) with not great credit....?

Question

there are several family members that would help with co-signing so to speak, but how does that work? Would they essentially buy the house in their name and add us to title, how could we get it in our name also and eventually only? The credit probs are old and have been cleared up- but the number is still bad. Have gotten a credit card recently, and bought a new car- steps in the right direction, but takes time. Have money- want to stop renting. Ideas or suggestions???

Answer 1

My suggestion would be to check out lendingtree.com.

Any lender who may possible extend you a loan will discuss the need for a co-signer. If you obtain a loan with a co-signer, you'll need to title the house as either "tenants in common" or "joint tenants," or something along those lines. It's legal mumbo jumbo and they mean seperate things...and it has nothing to do with the loan, just about the property in the event of death and the transfer or ownership of the property. A real estate agent would be able to discuss this with you more, as would a title company.

Answer 2

If you have rectified the problems then you may be surprised at what you can qualify for. I would get a mortgage quote first to see if you even need a co-signer. The following site has a free mortage quote service. Then you can take the next step based upon what your needs are. Good luck

Answer 3

all is not lost...there are special programs through the government for people with not so great credit..for example FHA...banks want people to take over foreclosures..ask your local bank...
Large downpayments can help over come limited credit...
Keep in mine...credit may not be the only problem...time on job..income...the amount of debts you have now...Don't give up..
sometimes you have to taking smaller steps...build up your credit more and save money and you will finally be able to buy a home..good luck