can i borrow my first mortgage with bad credit?

Question

i want to purchace my first home for a flip investment. my credit is in the low 600's. i make about 35-40k a yr and i want to purchace a home in our next door state for about 30k. i would like to put down 10% do you think it is possible for me to be qualified?

Answer 1

All banks just about offer the same products and loan programs with the different qualifications in each of their programs.

Your interest rate is based on your credit score and how well you have paid your consumer debt over time.

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 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"

Answer 2

Let me get this straight. You have been irresponsible with your money and credit. Yeah, I know. You haven't been. It's not your fault that your credit score is low...

Now, you have a great idea! You're going to get more in debt so that you can flip a house, because you are darn-tooting sure that it's a get-rich-quick scheme.

All you need is someone else to put out the cash. And you can't figure out why people aren't tripping over themselves to lend money to a financially irresponsible low wage earner.

Maybe it's because lenders have business sense and understand a bad investment when they see one. Perhaps you should shift gears, handle the money that you presently have, and save your own money to somewhere down the road purchase a home and flip it when you are in a better position to do it.

Answer 3

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 4

The worse your credit, the higher interest you will pay, but you will probably find someplace to give you a loan. Since this is an investment and not a primary residence, the rate will be even higher. Primary residence loans are considered safer because you have a personal stake in not letting it be foreclosed on.

Answer 5

you gained't get a loan with undesirable credit Your positioned up says all of it fairly a lot about your ideas-set in route of money and your expenses: "We found a house we favor to purchase" "we do not favor to cope with repairing our credit because it is going to take continuously and an afternoon" This shows that you in all likelihood have not discovered a lot even as it is composed of dealing with funds. you want what you want right this moment, and do not favor to schlep by the crap to get to it. you merely favor it the shortcut way. nicely, those short cuts ended round 06/07 the position lenders gave out loans to absolutely everyone with a pulse. Now, you ought to EARN your before to possessing a house or gaining the have self belief of lenders to loan you funds. And, really, it truly is the way it truly is going to be.

Answer 6

Delta Mortgage Services, Inc. My mortgage company offers an exclusive program for investors. Also, we work with credit scores as low as 495 so yours is not as bad as you think. If your interested, you can send your name and number to my email and I can see what I can do for you. : ) [e-mail]

Tinnecha H.
Loan Officer

Answer 7

Where do you live that has homes for 30k? You have my interest.
If you cant get a bank to do it, you could probably find a private lender to.

Answer 8

You will get a mortgage but you will get a higher rate.

Answer 9

You'll have to put a bigger cash down.