with little or no down payment I currently rent and I would like to own something for it in return I need help does anyone know of a plase that can help me
2007-03-21 15:12:31 · 8 answers · asked by dick 1 in Business & Finance ➔ Renting & Real Estate
Don't be a dick, Dick! With that score, you can barely afford to finance a cardboard box to live in! Gotta pay your bills on time!
2007-03-21 15:21:51 · answer #1 · answered by Norm Peterson 5 · 3⤊ 3⤋
That's relatively low and the sub-prime market has imploded (if you have heard anything at all from wall street lately).
It is not, however, enough information to know whether or not you can get a mortgage.
You need to determine if you can afford the payments. Many sources of reasonable percentage of take-home pay to housing exist -- easy to find on the internet.
If you can afford the payment find a mortgage company that will do manual underwriting to review your financial situation specifically and not solely based on your FICO.
If you can afford the payments and that's the way they underwrite you can get a mortgage through such a broker.
If you can't afford the payments, don't have a down payment, don't make you current payments on time then you should improve your financial house, make your payments on time for at least 6 months, then run at it again in the same way -- through a manual underwriting situation.
2007-03-21 22:24:44 · answer #2 · answered by Rnr39 2 · 1⤊ 1⤋
No down payment and a score that low - the last thing you should be doing is trying to buy a house! Owning is a whole different world then renting. The utilities are higher, the repairs are all yours to make and their is no guarantee that your property will increase in value before you sell. You are a prime candidate for forecloser before you even start.
You need to focus on getting debts paid off, paying your bills on time (set up your bill payments on auto deduct if you are bad about paying on time) and start saving so that when you are financially secure you have the down payment and savings set aside to own a home.
2007-03-22 11:02:19 · answer #3 · answered by Jennifer W 1 · 0⤊ 1⤋
About the only thing that you can get credit for is having the guts to ask this question. By the rules you cannot get an advance for the postage to mail in the application.
But never say never.
The interest rate for a score of 750 would be about 5.25%
The interest rate for a score of 650 would be about 6.50%
The interest rate for a score of 500 would be about 7.75%
The interest rate for a score of 467 would be about 9.25%
I have to laugh when I tell you the rest of this. To qualify for the 9.25% interest you need to have your financial life on the upswing.
No late pays for at least 90 days.
No over limits for at least 120 days.
No denial of credit for at least 120 days.
If you have a good history (haha lol) as outlined above, you could try. Don't expect a new toaster though.
2007-03-21 22:52:50 · answer #4 · answered by ttpawpaw 7 · 1⤊ 1⤋
I don't know if you watch the news, but sub prime lending seems to be a thing of the past. No offense, but that score is sub, sub prime. I would work on getting your score up. If you could get a loan, it will be like 15-20% interest.
2007-03-21 22:23:06 · answer #5 · answered by frankie b 5 · 1⤊ 1⤋
probably not with that kind of a score in the 500's is really poor credit and you are lower than that you are too much of a risk to a potential lender
2007-03-21 22:41:30 · answer #6 · answered by Anonymous · 1⤊ 1⤋
not likely.
Almost every bank I have ever dealt with requires a minimum of 500, and even then they aren't likely to do the loan.
If your credit is that bad, you may need to reconsider why you should even get more debt.
2007-03-21 22:21:52 · answer #7 · answered by Wango138 3 · 2⤊ 1⤋
Your best bet is FHA loan. they are not score driven. you can also use alternative trade lines. phone bill, doctor bill, etc. you should be able to get it done this way email me I will tell more. good luck
2007-03-22 00:10:57 · answer #8 · answered by amstarlender 2 · 0⤊ 1⤋