2007-03-23 15:21:07 · 8 answers · asked by misque77 2 in Business & Finance ➔ Renting & Real Estate
A few months ago, there would have been plenty of takers, including us on any subprime loans but you may have heard that lenders are pulling back because of foreclosures. It is not impossible, but it will be more difficult.
When you say bad - exactly how bad? Below 500 FICO score or below 600 or slightly above?
How much is the home you want to purchase? Also note that 100% financing is going to prove difficult. You are in essense saying to the lender that you want to assume no risk even though you don't have a track record of good debt management.
2007-03-23 15:30:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Trying to buy a house with bad credit and no money down will be next to impossible. Try to either restore your credit or coming up with a down payment of some sort to improve your chances of getting the loan.
2007-03-24 00:13:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would suggest you get your credit under control, and try to save up a down payment. Most banks are going to say no to you if you have that bad of credit. If your credit was good, you could get a sub-prime loan or a no money down loan, but you have to have exquisite credit to pull that off. DONT file for bankruptcy, and try to get your credit back on track.
2007-03-23 22:30:37 · answer #3 · answered by Brad 4 · 1⤊ 0⤋
It's hard but not impossible. I will be honest with you, it can be done but your rate will be high. There is just no way around it. With the sub-prime market the way it is these days no lender wants to take the risk. If you would like some help you can email me. If I'm licensed in your state I will try to get you a home loan.
2007-03-23 23:01:42 · answer #4 · answered by Amber J 2 · 0⤊ 0⤋
Missy,
Honestly and candidly , You should Not buy a home unless you want to live in your car in two years time.
you haven't learned to own or manage your money. you don't have money. houses are more expensive to own and mantain. the other costs will eat you alive.
get an education. buy 'house buying for dummies' , '48 days to work you love' ,
'financial peace revisited' read digest understand and act on the info .
you got a way to go before buying a house that will not be repod.
2007-03-24 00:17:06 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Start working with a realtor. Let them know that you are serious. The realtor will do everything they can to help you get a loan. You are like a captive customer. If he finds a deal for you, he makes money.
2007-03-23 22:35:04 · answer #6 · answered by ttpawpaw 7 · 0⤊ 0⤋
buying a house is a big commitment....why not try to get your financial situation a little more stable before biting off such a challenge?
2007-03-23 22:34:57 · answer #7 · answered by njyogibear 7 · 1⤊ 0⤋
apply for home loan....
2007-03-23 22:33:15 · answer #8 · answered by siva k 2 · 0⤊ 2⤋