How hard to get load for @100,000 (real estate) and I am on soc. sec. and have bad credit. What should I look for??????I plan to see it through and make all the rite decision/payments etc.
2007-04-23 07:02:47 · 5 answers · asked by arb 2 in Business & Finance ➔ Renting & Real Estate
If you have bad credit this will be difficult.
2007-04-23 07:07:20 · answer #1 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
Okay, let's do a reality check: You promise you'll make all the payments, but your credit and credit score tell the story of the last several times you made that promise. You see, your bad credit tells the world that you don't follow through on that promise. "I plan to see it through" are just words, and you have proven that you don't stand up to your word. And, by the way, applying for any loan implies you plan to see it through. If you incurred debt previously without intending to "see it through" then you basically stole money. Don't bother buying a house. The government will be giving you room and board for the next seven to ten years. So you see, everyone knows that when you make a promise to repay, you're just saying what you think they want to hear in order to get the money you want now. You're not making a promise. You're scamming for money.
When the lender underwrites the loan, the lender examines how likely the borrower is to follow through on the promise. How can you make people believe that you will do as you promise? You can start by making good on your already existing debt. You see, when you shop for a mortgage but you still owe lots of other people money, that tells the lender that what you want now is important, not what you promised previously. So the lender knows that the minute you set your sights on something else, its debt will become unimportant to you. Your words cannot prove to people that you will change, rather, you must show people that you have changed. Get your financial house in order, then you will be in a position to buy a real house.
Go to financial counseling. Write down a budget. Call the people you owe and ask them for help. The answer can be found in taking care of the debt you currently have and then planning to purchase a home, not in piling on more debt.
2007-04-23 15:06:58 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
I am in this same position! I am trying to get a loan for a home, but no mortgage company will help because I have bad credit. I can make ALL of the payments on time too. What you can try to do is find a home that is "For Sale By Owner" and work it out with them. That is what I'm doing. Or maybe try "Rent-to-Own". It's very hard when the credit's not good..(I'm in the same boat)
2007-04-23 14:15:35 · answer #3 · answered by JuJu C 2 · 0⤊ 0⤋
You may want to take some time to repair your credit before you get going. If you do obtain a loan, the terms may be cost prohibitive. It depends how bad your credit actually is.
2007-04-23 14:20:52 · answer #4 · answered by godged 7 · 0⤊ 0⤋
Hi, I'm not sure what state you are in, but i'm a mortgage broker in Texas, and would be able to help you out. Please send me an email to my yahoo address with your contact info, and we can discuss further! Don't worry, there is hope! :-)
Tonya
2007-04-23 14:26:47 · answer #5 · answered by Tonya F 1 · 0⤊ 0⤋