Financing for really horrible credit?

Question

I am looking to relocate back to my home state of Texas. I am looking at a foreclosure in the area I am interested in. I need to find financing for under 60,000 with really horrible credit. Like under 450 fica score kind of credit. Also, I have no money for a down payment. I will be going to work for the family business. I am a single mother who has had to spend all her savings in court battles in Virginia and have been residing with a friend while in limbo.

I just want to go home. I am tired of paying rent and it would take a while to get established if I had to stay with family. Anyone have any suggestions?

Answer 1

Honestly, how could you possibly afford a house payment? You should try to stay with family and work your a$$ off until you can manage on your own.

Answer 2

Intellic..gave you a great Idea but....yeah, it is a Byers Market now, that does not mean,this is a good time for you. I also believe you should wait a time, save up first for a down pmt. With you're Credit history, the Interest would be extremely high and that being so, would at a later time put you most likely again, in the same position you are in now.
By having to high an interest pmt. and should you fall into a hardship, not able to pay the mortgage, because of it, it would be easy for the Lender to take away the Home again.
There is a saying: NEVER PUT GOOD MONEY AFTER BAD MONEY!

Answer 3

Many people prefer to get a home loan with 100% financing or do not want to make any down payment. But if you are thinking about going for this type of loan, refer to these points while considering various mortgage options.

To be eligible or 100% financing on a purchase mortgage loan, it is necessary that your credit score must be minimum 600 or more. If it is in the range of 600-650, you might have to apply for 100% finance through a subprime mortgage lender.

For a credit score more than 650, you can be eligible for the mortgage from most mortgage lending companies online and get the loan approved.

Answer 4

I would suggest going and living with family so you could get up on your feet... right now with your credit score you would be taken advantage of...plus you have no down payment...I suggest living with family until you can build 2000 in a savings and catch up on any bills and then try to move out and rent something for awhile... then after a year or however long it takes keep you FICO handly and then go and see if you can be pre-approved from a lender...You may qualify for 1st time homebuyer, or another program... but it sounds like you need to stand up and get yourself in a better place before going and purchasing a home... As homeownership has alot cost with it...and it'd be alot better if you had some "emergency funds" available if you needed it...

Answer 5

I have a friend that bought a house from someone who was having difficulty selling. Here's what my friend did.
He drew up a purchase contract with his atty for the purchase of a home at $110,000.00 with the seller direct. No bank.
The deal goes like this.
$5000.00 down payment and $1,000.00 per month for 60 month's.
The seller agreed to let my friend live in the home ( like rent but with the full amount applied to the purchase)
The seller deducted from the $60,000.00 the total property taxes as well as the homeowners insurance.
They all agreed that my friend would qualify for a regular mtge at 50 month's and close within the 61st month....but here's the brilliant part of all of this.
My friend qualified for a mtge of $65,000 which was the approximate pay off .
The bank threw the money at him ....why? because his loan to debt ratio was strong.
If you don't understand this formula, print it and discuss it with your friends.....
Find the homowner with #1- a reason to sell #2- almost or no mtge on the property and you've got the formula that no bank will ignore ......in 2012
Now , fast forward....sell the house the month after you close on the purchase and what did you just do ? If you sell it for what you paid for it you walk away from the closing with $45,000.00

Answer 6

You are in a tough spot at the moment. You might have to go stay with you parents and work several jobs to get enough money to pay off you bills and get into a home of your own.
If you can avoid it , don't continue to rent and throw away your money.
If you have credit cards cut them up... but pay them off.

It will take time to get things right, but you can do it.

I hope your family can help you.

Answer 7

life can be tough at times .try to do without credit cards once you get home for a few years anyway. credit cards are bad news for people in your situation

Answer 8

I wish I had some information that would be helpful to you because I am looking to do the same here in Indiana but so far I haven't found any luck so if you get any information then please email me at [e-mail]