I have a bad credit score. I paid all my debt off and have a lot of cash. I make about 4000 dollars a month (after tax).
Knowin that it takes some time to clean a credit record, can buy a house if I put a big down payment without having to take a big interest rate?
2007-03-15 23:49:42 · 4 answers · asked by S A 1 in Business & Finance ➔ Credit
dont think this will help but we recently bought a car, and the finance guy said its easier to get a home loan because they can come take it away easier than a car. Also on anything you buy a big down payment does lower your monthly payments.
2007-03-16 00:43:30 · answer #1 · answered by nightbutterfly69 6 · 0⤊ 0⤋
Yes you can. Save your money until you have a nice big down payment. If you paid off all of your debts, your credit score will show that it is paid. This should raise it quite a bit. Buy a place that you think you will be in for many years. Or, buy a fixer-upper, fix it and sell it for a profit. Or, can keep and rent it out. You have several options with the high income you are making now. Depends on your ability in the do-it-yourself category. Enjoy.
2007-03-16 07:04:26 · answer #2 · answered by peach 6 · 0⤊ 0⤋
Congratulations to the debt-free world. So long as you've got cash, speak to a bank of finance company to see how much are they willing to loan you and this is if you still need to borrow. However, what's the deal about owning a house? Most house owners land up being broke mid-way and still stuck with debts. You just got out of one and entering into another? Hmmmmmmmmm. . .definitely not me!
2007-03-16 06:54:53 · answer #3 · answered by SGElite 7 · 1⤊ 0⤋
It is possilbe to get a reasonable intrest rate with stats like that but you need to have an excellent underwritter for the morgage company to get that.
2007-03-16 06:54:18 · answer #4 · answered by emt_dragon339 5 · 1⤊ 0⤋