I HAVE BEEN WORKING 2 JOBS NOW FOR 2 YEARS TO PAY MY HUSBANDS AND MY BILLS OFF AND ARE NOW READY TO BUY A HOUSE WE MAKE ABOUT 66,000 A YEAR AND OUR CREDIT SCORE IS ABOUT 590 IS THERE ANYONE OUT THERE THAT WILL GIVE US A LOAN AND WITHOUT PAYING 5-10% DOWN?
2007-03-17 14:08:20 · 9 answers · asked by tnscook 1 in Business & Finance ➔ Personal Finance
Check with the various companies that offer housing loans. Given your good credit standing, you may negotiate for terms such as lower interest rates, to include the 5-10% downpayment as one loan lumpsum.
2007-03-17 14:15:10 · answer #1 · answered by SGElite 7 · 0⤊ 0⤋
I used to be a loan officer and I can give you some advice. If you can increase your credit score to 620 you will be in better shape and qualify for a conforming loan.
If you want a house right now with a lower down payment, then one way to do it is to find a house that is worth more than what you are paying for it. The difference in the amount financed and the the amount it is appraised at will be considered by that bank as part of your down payment. This is how banks offer 0 down mortgage loans.
2007-03-17 14:47:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You would probably have to use a sub-prime lender that would charge 8 or 9%. the sub primes have been hit hard by loan defaults lately, So you might be better off buIlding up your credit score, try for 700 and save for a down payment.
2007-03-17 14:41:40 · answer #3 · answered by redd headd 7 · 0⤊ 0⤋
I had the same problem recently when I needed a deposit for my new place and also have bad credit - I used these guys : http://koocmedia.approval4u.hop.clickbank.net ,
nice and easy and I got my loan within a week.
Hope that helps - Good Luck!
2007-03-21 05:45:01 · answer #4 · answered by olidale2001 2 · 0⤊ 0⤋
Your credit score is low but nothing is impossible. Visit http://www.cheap-credit-cards.org/loans and enter your zipcode for a list of providers in your area who might help you.
2007-03-21 02:35:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Try prosper.com - they are very helpful and the best place I have ever found.
If you need money right away try the company below - get some information from them and see what you think. You are going to be paying high interest regardless, but shop around - you will find a place, the question is if they are legit or not!
2007-03-18 06:18:47 · answer #6 · answered by brettR 2 · 0⤊ 0⤋
Call Countrywide......they have a division called Full Spectrum that helps people with bad credit.
2007-03-17 15:15:09 · answer #7 · answered by J. S 2 · 0⤊ 0⤋
yes , at higher interest rates and expect fatter doen payment.
realty company are sleuths in helpinp home buyers like you.
stick with well known agency..not any fast talkers...
2007-03-17 14:20:08 · answer #8 · answered by cork 7 · 0⤊ 0⤋
yes but you will pay more intrest
2007-03-17 14:15:58 · answer #9 · answered by Okeanos 2 · 0⤊ 0⤋