2007-05-12 13:34:02 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I don't know what your income is but you may qualify for first time buyer programs in your area. Some help with down payment assistance and closing cost. The programs are usually for those with no so perfect credit.
2007-05-12 14:35:33 · answer #1 · answered by Good News 3 · 0⤊ 0⤋
The marke right now seems to have tighten up and most lenders have restrained themselves from giving out loans to people who do not match their credit worthiness criteria.
Yes, you can finance a home, but it all depends on how much money you are going to put down for the home.
Most lenders, banks and mortgage institutions require you to have a 680 score or above to consider giving 100% finance.
The more money you put down the the less your credit score has to be to finance the remainder. I hope this help you, I am a Realtor and will be more than happy to answer any other questions you might have, just email me at uatafoya@yahoo.com.
2007-05-12 20:48:51 · answer #2 · answered by uatafoya 2 · 0⤊ 0⤋
Make an appointment with a financing institution, go in and discuss your situation with them. Ask them what you can do to improve your score, then follow through. Of course, you will want to show your appreciation for the help they give you by financing through that institution, so do your homework first.
2007-05-12 20:43:59 · answer #3 · answered by azohawk 3 · 0⤊ 0⤋
You might get a lender that could help, but expect a very high interest rates and some extra points, meaning it might cause you a lot of money added to your loan. It also depends on what reasons your score is as low as what you have. That' s why it's always good to prequalify first, before you dream on + you have to shop around too to hear a lot of opinions..
2007-05-12 20:47:07 · answer #4 · answered by earth angel 4 · 0⤊ 0⤋
Rachel - it is *very* possible for you to get a home loan.
I would recommend that you do what you can to raise your score (i.e. pay down revolving/credit card debt, close unnecessary accounts, correct any errors on your credit report, etc) before applying for your loan.
When you are ready to apply for your loan, go to your primary financial institution. If you've been with them for awhile, and your account has been in good standing, they will probably be able to take care of you. If they can't, please ask them to provide a reference to a reputable lender that might be able to assist you.
2007-05-12 20:58:51 · answer #5 · answered by Babs 4 · 0⤊ 0⤋
Yes it is possible. A low credit score by itself does not automaticallt stop you. They look at individual records. Missing a payment is much worse than being late.
2007-05-12 20:49:52 · answer #6 · answered by ttpawpaw 7 · 0⤊ 0⤋