I have bad credit. I cannot get 100% Financing because of my debt ratio is above the recommended limit. Can anyone help? Loan sharks welcome!
2007-05-02 03:21:39 · 8 answers · asked by tigerzero6152000 1 in Business & Finance ➔ Personal Finance
Another option is for the seller to "carry back" a small second mortgage and leave the original deal in place. It can be amortized over say 10 years, but due in 2. The lending institution "usually" does not have a problem with this, because their exposure has not changed.
2007-05-02 03:35:54 · answer #1 · answered by mibanker 3 · 0⤊ 0⤋
Have you been reading about the foreclosures going on recently? You might be able to find someone to give you the loan. However, if you are as bad off as you describe, then in about 2 years (maybe less) you will face foreclosure.
The companies that make loans to people with bad credit, little or no down payment, and too much debt are the ones who will give you a loan when you cannot afford it. There are all sorts of problems you can run into. Unreasonable adjustable rate mortgages, negative amortization, outlandish interest rates, enormous pay back times such as a 50 year loan and other bad financial terms would be what you would get. That is talking about the legal people. There are lots of scammers out there who would be more than willing to take as much money as you have to get you into a house that you will be foreclosed on in less than a year.
What you need to do is get you financial house in order before you go to buy a house. Pay off debt, save up a larger down payment, get an emergency fund started. It may take you a few years, but that is much better than jumping into the fray and really having your credit and finances destroyed by a foreclosure.
2007-05-02 10:30:48 · answer #2 · answered by A.Mercer 7 · 2⤊ 0⤋
It may not be in your best interest to buy a house now.
You say you need an additional $6000 for the down payment and you are asking for recommendations for getting it. But do you realize that a mortgage is a monthly obligation after you buy a house? If you debt ratio is currently too high before you have even bought a house, it will be even higher afterwards!! How will you manage then?
There is nothing wrong with renting. Take the time to save more and improve your credit.
2007-05-02 10:35:13 · answer #3 · answered by TW 1 · 0⤊ 0⤋
When a person actually writes "Loan Sharks Welcome" it means that you have a huge case of HOUSE FEVER!
Calm down!!! There are at least 50,000 other houses in the surrounding area for you to choose from.
My recommendation is to go get a 2nd or 3rd job and earn another $6K in the next few months and THEN purchase a house.
2007-05-02 11:22:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
loan sharks welcome?
that's why you have bad credit. you already know your debt ratio is above the recommended limit, yet you are looking out for more.
live within your means. how about not getting a house for now? wait it out until your credit is better. i know it's tempting. but discipline, my friend. that's the secret.
2007-05-02 10:26:45 · answer #5 · answered by Misty 2 · 1⤊ 0⤋
Wait until you clear up your credit and have more money saved for a down payment.
You can't always get what you want when you want it. That's how you end up in bankruptcy or foreclosure or with a high debt ratio.
2007-05-02 11:59:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
my recommendation is to see if they will drop the price, wait until you that that amount saved and then buy a house or try to get someone to co-sign for you.
in the meantime, get your credit report, check it and PAY YOUR BILLS ON TIME!
2007-05-02 10:25:53 · answer #7 · answered by island3girl 6 · 2⤊ 0⤋
you dont want a loan shark!
2007-05-02 10:24:40 · answer #8 · answered by toddone03 3 · 1⤊ 0⤋