You see i wanted to get a loan for a home and than have extra cash at the end to have for fixing, emergency etc. Problem is the credit is lousy...what yall think? thank u
2007-02-13 16:27:00 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
You'll need to ask the seller to write down a higher price and give you the money back (the difference)
But it may be illegal, depending on where you live.
Ask a local real estate agent or mortgage broker :
http://index-go.com/debt-consolidation-refinance-loans-mortgage.asp
http://index-go.com/finance-mortgage-brokers.asp
Good luck !
2007-02-14 04:31:35 · answer #1 · answered by carlos 5 · 0⤊ 0⤋
With bad credit, you pay a higher interest rate than someone with good credit. Even a difference of two-three percentage points can be a huge difference in monthly payments depending on the amount financed. Finance as little as you can and work on getting your credit cleaned up. Then refinance and take out some extra cash.
PS: You will not be able to get a first mortgage for more than the house is appraised for, good credit or bad. There are some companies in some states that will give a second mortgage for more than the house is worth, but they usually charge an even higher interest rate because their risk is higher, again, good credit or bad.
2007-02-13 16:35:45 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
Well define lousy. There are tons of programs like what you talk about, but if you approach a mortgage company saying you have lousy credit you are asking to get screwed.
Get a good idea of exactly what your credit is first. This link will get you a free 7 day trial to a credit reporting service. Print out your scores, then fell free to cancel the service.
http://www.answerslinks.com/creditreport.asp
Once you understand what your score is, then approach a mortgage broker. The following link will submit your information to several brokers who are then selected based upon serving the needs of borrowers with your needs.
http://www.answerslinks.com/mortgage.asp
Yes, what you are talking about can be done, even with awful credit. You just have to arm yourself with the facts first.
2007-02-13 16:33:59 · answer #3 · answered by bcm_s19 2 · 0⤊ 0⤋
Absolutely not. If you default on the loan - the value of the house will be less than what they have loaned you.
Save some money for those things - and THEN go buy a house.
2007-02-13 16:33:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋