Anyone know any companies that will finance young buyers with not alot of credit? Any tips for first time buyers? I'm looking for a home or condo.
2007-01-30 12:39:24 · 7 answers · asked by smithxxx610 1 in Business & Finance ➔ Renting & Real Estate
Try the FHA loans for now...They require little down but carry slightly higher interest rates.
2007-01-30 12:42:29 · answer #1 · answered by feanor 7 · 0⤊ 0⤋
My company is Delta Mortgage Services. We have a FHA loan program, which is first time home buyers program. Its a government program that will help you with closing and down payment cost. I could run your credit and see if you qualify. My email is tlhnewmom@yahoo.com. My number is 561-577-6685, if you don't have long distance I could call you. Let me know if you are interested.
T. Hanna
Loan officer
2007-01-30 20:47:34 · answer #2 · answered by Neesh 2 · 0⤊ 0⤋
Many lenders will lend to individuals with a short credit history. Normally, what will happen is that if you cannot show more than 2 or 3 active credit trade lines then the lender will ask for what is known as "alternative credit" -- examples of this would be cable bills, utility bills, phone bills, etc.
If you ever have any questions, feel free to email me -- davep@ccbloans.com
2007-01-30 22:08:57 · answer #3 · answered by Mortgage Mac 1 · 0⤊ 0⤋
I'm a Mortgage Banker, and can help you, please e-mail me at jvlok@clarionmortgage.com, or call me @ (949) 940-8430, and no you do not need to use FHA financing like most people are suggesting. Rates are higher with this type of financing., and they will do a "silent second mortgage" on the property... E-mail or call, and I will explain
Yes, be careful about buying more house then what you can afford.
2007-01-30 20:44:38 · answer #4 · answered by jhvlok 1 · 0⤊ 0⤋
ZILLOW.COM Will give you the list of house in the area you are looking - selling and their appraisal of values. There are links to lenders. There may be some first time home buyer rates too.
2007-01-30 20:43:52 · answer #5 · answered by justwondering 6 · 0⤊ 1⤋
You want to use FHA financing. It gives you the best rate, with the easiest qualifying and lowest down.
www.hud.gov
read all the sections for buyers.
Best of luck
2007-01-30 20:46:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
my wife and i bought our first home when we were in our early 20s and a short (but not poor) credit history.
we got very nice loan terms from the local branch of a major banking company. you should probably just start calling around to local banks and some online co's to see how much they will loan you.
*** JUST DONT BORROW MORE THAN YOU CAN AFFORD *** THE BANK IS LOOKING OUT FOR ITSELF, NOT YOU
2007-01-30 20:45:20 · answer #7 · answered by Jeff G 2 · 0⤊ 0⤋