2007-03-17 08:03:18 · 7 answers · asked by paula r 1 in Business & Finance ➔ Renting & Real Estate
Honestly, you shouldn't even try right now. Your credit is horrible and any lender who would give you a loan is going to give you the worst terms possible.
Contact www.naca.com they are a non-profit housing advocacy group that does it's own fixed rate mortgage lending. They work with you to get your credit on track.
2007-03-17 08:28:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Honestly? You probably can't, at least not without a completely outrageous interest rate. Your best bet would be to spend the next year getting your score up and then try again.
To start with, make sure that you're making at least the minimum payment on every credit card you have, every month. If you have a lot of debt, once you've made the minimum payments, apply any extra cash you have to whichever card charges the highest interest rate. You can also call the credit card companies and request a lower interest rate, or possibly even get a new card with a low rate and transfer the balance to it.
Since you know your score, I assume you've gotten a credit report recently; it should have a list of factors affecting your score. Once you resolve some of them, your score should increase.
2007-03-17 08:09:22 · answer #2 · answered by William S 3 · 1⤊ 0⤋
You can apply for a sub-prime loan, as someone else mentioned.
However, I will say that the sub-prime market has recently tightened up their standards due to the scrutiny from Congress about their "predatory" lending practices. In other words, Congress thinks they are lending money to people who can't possibly pay it back and that's an unfair situation.
You're flat out unlikely to get a loan that way. And that's probably in your best interest (literally -- as the interest rates charged to someone in your position would be more akin to those levied by a loanshark.)
If this is your first home purchase, you might try looking into FHA loans (through the US Dept. of Housing and Urban Development.) Check out their web site: http://www.fha.gov
2007-03-17 08:10:40 · answer #3 · answered by ISOintelligentlife 4 · 0⤊ 0⤋
i might pay all ur credit charges off. as quickly as I get any invoice I pay it precise away. If u purchase domicile its alot of preasure and whilst u have a foul credit its extra stable to purchase a house and the expenses r larger. Having stable credit makes it extra undemanding getting a house. pay off ur debt and the minimum is 20% i might have a year rate reductions after u positioned a 20% down fee on the domicile in basic terms for back up. If u get a private loan make certain its one that suites u, b/c there are the loans that r risky. U do no longer wana circulate in foreclosure. Miami, Lasvegas have a intense fee in foreclosure b/c people assume they might take care of it. Its extra effectual whilst u comprehend ur waiting to purchase a house so are economic device does not get harm. Theres consistently gonna b time to purchase a house. stable good fortune and b in charge
2016-10-02 07:07:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You may try sub-prime lending or perhaps two other options:
1. Lease Option - that is a lease to own scenario
2. Seller Financing - that is where the seller provides either full or partial financing.
Good luck to you!
2007-03-17 08:54:28 · answer #5 · answered by Art 4 · 0⤊ 0⤋
Apply for a sub prime loan.
2007-03-17 08:06:40 · answer #6 · answered by Akbar B 6 · 0⤊ 0⤋
Honey, you wouldn't qualify for a cup of coffee.
That is about as low as it goes, you need to seriously clean it up.
2007-03-17 09:28:51 · answer #7 · answered by Anonymous · 2⤊ 0⤋