My parents are looking to buy a house, but they don't have good credit to where they can get a loan from someone, and of course can't get someone to co-sign. Does anyone have any suggestions for them?
2007-01-19 13:16:20 · 8 answers · asked by Josh 1 in Business & Finance ➔ Renting & Real Estate
www.countrywide.com
They are one of the nations largest lenders. They have a sub-prime division, that's for people with credit issues.
Best of luck
2007-01-19 13:22:45 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Countrywide buys loans from just about every other company out there. I would say find a trustworthy mortgage broker and find out if they really cant get 100% financing. I bet they could get a 80% traditional loan and find someone who will hold the 20% 2nd at a rate of around 12%, who wouldnt' want 12% interest only return on there money!!! I would..
Its not that countrywide is good/bad its just that if your parents go to countrywide they only get countrywide products and there is so so so so so much more to offer in the world of subprime or alt/a lending!
I agree, a lease option might be a ok way to go. But I'd rather see them get the 8- or 90% loan from the lender and have a owner carried 2nd..
Good luck!
2007-01-19 22:42:01 · answer #2 · answered by camrenalexis2 2 · 1⤊ 0⤋
My loan is through Countrywide. My credit wasn't all that great either, but my city had a first time home buyer loan that paid part of the balance and the payment on that loan is deferred for 15 years. If I live in the same house for 15 years the loan is forgiven. I live in a small town 45000 people but my payment for a 3br 2ba house is only 500 per month thanks to Countrywide and my city program.
2007-01-19 22:05:52 · answer #3 · answered by wrjones559_1999 3 · 0⤊ 0⤋
It's possible to buy from someone advertising 'owner will finance,' but this can also create a huge financial disaster, too. Note: 'for sale by owner' is NOT the same as 'owner financing.' It is also possible to do a 'lease option,' land contract, or rent 'with option to buy,' etc., but my feeling is that those carry more risk than owner financing. The Countrywide suggestion is good, and a reputable lender will be less likely to create problems than an owner financing the purchase. Good luck!
2007-01-19 21:30:18 · answer #4 · answered by Anonymous · 2⤊ 0⤋
I can pull of 100% financing for poor credit ratings down to a mid score of 510 in most cases depending on where the property is located, and how much your parents make. If you have any questions, feel free to contact me at blakerobinson@experiencedlenders.com
2007-01-19 22:47:54 · answer #5 · answered by Anonymous · 1⤊ 0⤋
NationPoint.com
This company has assisted me in locating a First Time Homebuyers Purchase Loan. I don't have terrible credit, come to find out, but it is not great. Also, my rates are fairly good, in such a competitive market.
Of course, you would want to speak with a loan officer. My Loan Officer is:
Anthony D'Avanzo
Senior Loan Officer
Main:(800)770-4277 ext. 7580
Fax:(949)829-7880
anthony.davanzo@nationpoint.com
2007-01-19 21:29:55 · answer #6 · answered by ToniSB 4 · 0⤊ 2⤋
form a partnership with someone who has great credit and have the partnership purchase the home.
Regards
2007-01-19 21:30:28 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Please contact me, I will be able to assist them. I work for the company below. Try the sites below as well.
DON'T USE COUNTRYWIDE!
2007-01-19 21:37:45 · answer #8 · answered by citronge69 4 · 0⤊ 2⤋