with Zero Down & No out of pocket expense in a different state -FroM California buying in Texas ? If my current home is not under my name, but rather just my wife's credit .. MY credit is about 560 (low) but I make good mony$55/year.
2007-01-22 06:00:54 · 6 answers · asked by margarito r 1 in Business & Finance ➔ Investing
yes, but a bad idea.
mortgage defaults are skyrocketing because of "0 down" mortgages. I'm in the business of taking property in default off the hands of the banks. Lots of them out there.
Save first, get your credit together, then take a small step.
You'll be glad you did.
2007-01-22 06:03:32 · answer #1 · answered by Ben Aqui 5 · 0⤊ 0⤋
You can qualify for a first time home buyer/no money down but with such a low credit score you'll pay a much higher interest rate.
2007-01-22 14:04:33 · answer #2 · answered by ritif81 1 · 0⤊ 0⤋
That is not good credit at all. I think it will be hard to get a loan for a good interest rate with your credit rating.
2007-01-22 14:03:58 · answer #3 · answered by Rockinrobin 3 · 0⤊ 0⤋
You could always buy "On contract"...
and anyone that breathes can get a mortgage--you might have to pay a higher interest rate that's all.
2007-01-22 14:03:50 · answer #4 · answered by Munya Says: DUH! 7 · 0⤊ 0⤋
your gonna be paying an arm an a leg on that house.
Best thing to do is save some money first
2007-01-22 14:12:37 · answer #5 · answered by Mysterious 4 · 0⤊ 0⤋
No.
2007-01-22 20:42:06 · answer #6 · answered by Anonymous · 0⤊ 1⤋