Our credit sucks but rental history ok as is job stability. We can only afford at most 600.00 month and have absolutely no money to put down. I owned a home when I married my current spouse but lost it in 2004. So I don't qualify for first time buyer but does my husband? He wasn't on mortgage but we had married.
2007-02-08 01:05:43 · 7 answers · asked by jamie d 1 in Business & Finance ➔ Renting & Real Estate
Is this ad from a mortgage company or the home seller? Many times, home sellers offer to finance the propery themselves (called "owner financing") and you make payments to the seller, not a mortgage company/bank/lender, etc. Owner financing is more commonly offered during a "buyer's market".
Try to find out who is sponsoring this ad and ask more questions before moving forward. Good luck!
2007-02-11 04:03:08 · answer #1 · answered by S C 3 · 0⤊ 0⤋
Yes and no.. anyone will lend you money. You might get exactly the deal they advertise. But it all about the percentage on the interest. Like with credit cards interest rates vary. Where a good credit rating will give you say 4-6% on the loan.. bad credit maybe double or triple that depending on the company.
Check with legit companies first, even check into government FHA loans they are usually no money down too.. before going to those advertised you might find a much better deal.
2007-02-08 09:12:00 · answer #2 · answered by Tapestry6 7 · 1⤊ 0⤋
The catch is the interest rate. If you have bad credit.....a score typically under 620 you can get financed for a home, but the mortgage interest rate will be high. If your husband has never bought a house, he could qualify as a first-time home buyer.
2007-02-08 09:09:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
More than likely not. The 600 might cover the mortgage but not taxes and insurance. Try a bank or reputable mortgage company. They are usually good and able to work with what you can afford.
2007-02-08 09:09:26 · answer #4 · answered by Lew 4 · 1⤊ 0⤋
Read the fine print. Either the interest rate is so high they will put you into negative amortization which means....the payment you pay on your home won't even cover the interest - let alone th principal.
So, in two years when you've made regular payments, you would end up owing more than you originally borrowed.
Just read all the fine print. Another option is for you to purchase on a land contract (rent to own).
2007-02-08 09:09:18 · answer #5 · answered by Miranda M 3 · 2⤊ 0⤋
Probably true but the main thing is they aren't telling you how long you have to pay for and how much the house is worth. The monthly payments could be low but you could still be getting taken to the cleaners.
2007-02-08 09:09:57 · answer #6 · answered by Anonymous · 1⤊ 0⤋
All you can do is inquire,,,,and DON'T sign anything until you have researched it thoroughly!!!
2007-02-08 09:09:41 · answer #7 · answered by Anonymous · 0⤊ 0⤋