for a very cheap house or mobile home with poor credit?
2007-01-15 01:41:39 · 7 answers · asked by bassetluv 4 in Business & Finance ➔ Renting & Real Estate
It depends on your employment history and your current wage. there are additional things such as debt financing to eliminate bad credit
2007-01-15 01:47:39 · answer #1 · answered by Halos answer 2 · 0⤊ 0⤋
Call or talk to a mortgage broker. It is their JOB to find a loan for you. They do not get paid (don't pay ANY upfront) unless they find you a loan. IF you talk with several mortgage brokers and they all tell you NO WAY - you probably have terrible credit.
In the US, if you have above 500 credit you can get a loan. However, you will need a good (aka stable) job and some downpayment money.
I think you'll have a better chance buying a home.
In general I don't think it could be any easier to get a loan. That being said - there are still people who cannot (and therefore, I feel should not) get a loan. Just b/c you want a loan does not mean you are in a position to pay for one.
It is true, the worse your credit the higher your rate.
Let me know what state you live in and your credit score, job situation and whether you have any money and I can give you an idea of your chances in about 2 seconds.
Regards,
Joe...
2007-01-15 22:22:41 · answer #2 · answered by Joe K 3 · 0⤊ 0⤋
Your chances of getting a home loan is a good as anyone else's.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will then run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.
In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
I this has been of some use to you, good luck
"FIGHT ON"
2007-01-19 03:28:39 · answer #3 · answered by Skip 6 · 0⤊ 0⤋
Alot of places look at things other than your credit, they also consider how long you have been on your job and how much debt you have compared to how much income you have (debt to income ratio) but if you haven't been on your job for very long you may look too unstable to get a mortgage. You could shop around if you get turned down by the first place don't let it discourage you because some places do things differently. If you do get turned down you might ask what you can do to improve your chances, also if you get approved your more likely to get a very high interest rate because of your bad credit which means your payment will be higher.
2007-01-15 09:50:48 · answer #4 · answered by samilynn04 2 · 0⤊ 0⤋
It can happen - but your interest rates will probably be quite high. Most realtors and lenders will not want to deal with you because your bad credit makes their jobs a lot harder.
What's your definition of poor credit? Every situation is different. Talk to a realtor. Many of them will take the time to sit down with you and see what's possible.
2007-01-15 09:48:26 · answer #5 · answered by liddabet 6 · 0⤊ 0⤋
You can get help from the goverment
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
2007-01-18 00:04:14 · answer #6 · answered by It's about the Spirit 2 · 0⤊ 0⤋
Not enough details. Sorry
2007-01-15 09:45:35 · answer #7 · answered by Anonymous · 0⤊ 0⤋