Good credit, bad credit, ok credit.... It seems for some buying a house is so easy, and for others it is a big struggle.
2007-05-13 05:15:39 · 6 answers · asked by chocolate_krys2000 4 in Business & Finance ➔ Renting & Real Estate
The quick answer is YES; however the long answer will ALWAYS be it depends. Many recent home owners are feeling the BRUNT of their creative financing. Unfortunately, the opportunity to own a home is for everyone, YET the feasibility still rests solely upon you, your income, your credit history, the home you are looking to purchase and your ability to find a lender that will ACTUALLY secure a loan that you can manage. The attractive 'perks' of an interest only loan may sound good on the surface; however if interest only loans were really good, everynone would have one. Well, everyone doesn't, in fact no one with strong credit would even consider an interest only loan. Also, if the house you are looking at is way too high, you may want to investigate further as to why. I know that the market deems a certain price; however if your income and ability to pay the loan does not coincide with what the market is doing.. continue renting, I know it is a hassle and some may say a waste.. but the alternative is: Buy a house with a creative loan that you may not be able to afford and then end up with a HUGE DING on your credit that is mortgage related. This mark is a huge hurdle to try and overcome, when you are in a better position to purchase. I know we all want to do our best and believe that if we can just purchase a house, we will always find a way to make it work. I wish that were the case; however it does not always work out that way. Take your time and realize that while you may want to buy now.. make sure you buy when you CAN. I have been a REALTOR and have owned investment property for quite some time; however I have witnessed too many people suffering during a foreclosure because they bought fast and typical home repairs etc. is what took them under. If you think you can do it... I am not discouraging you; however think about what your actual take home is.. then look at what approximate mortgage you could handle.. then look at what your other expenses are.. then look at what surprise expenses may be i.e. your car dies on the highway and cannot be repaired.. then consider on that same day your water heater blows... I know this sounds like I am trying you talk you or scare you out of home purchase.. I AM NOTl; however these are the not-so-fun things that get ignored when the excitement of home purchase comes about.. YET, what I described above happened to me.. days within my closing... Luckily, I was able to negotiate a pretty good deal on a new truck... have construction knowledge and was able to pay for each item in full... BUT... I had actually considered those things happening or something similar prior to purchasing.
Home ownership is wonderful and I hope all that want to are able to.. but make sure you are dealing with a REALTOR and lender that truly will deliver reputable service to you.
Look around where you live.. if there are a lot of homes for sale.. make sure to ask why... many times people are not moving up, they are trying to get out of a creative financing fiasco....
I wish you luck; however purchase with open eyes.
2007-05-13 05:38:53 · answer #1 · answered by 343 Remember 3 · 0⤊ 0⤋
It's been my experience that no credit (never owned a credit card, took out a loan for more than a year, and never owned a CD) can crucify you when you want to buy a house. Bad and okay credit have to pay more to buy a house/condo, because the loan officer or loan company is taking a chance, but good credit is always approved the minute they flash some kind of down payment. I have tried for five years to get out from under leasing a place and because I always paid cash for what I wanted, I was told to either get a secured credit card and build credibility or buy the house outright. It amazes me to be penalized for not buying things with money I don't have.
2007-05-13 05:24:13 · answer #2 · answered by Jess 7 · 0⤊ 0⤋
Yes, It's the American Dream and many financial services companies out there are able to help you achieve this goal. There are many mortgage programs available through Banks, Credit Unions and Government Agenecies to help you. Tap these resources, and go to your local Bank or Credit Union and find out more. Get a FREE Consultation and read about this subject on the Internet just like when you posted this message online. Search www.google.com or www.yahoo.com for more information and GOOD LUCK! :-)
2007-05-13 05:22:50 · answer #3 · answered by JEDI MASTER YODA 4 · 0⤊ 0⤋
foreigners buying property in USA? thank u for the giggles. LOL foreigners own more of he commercial property in the USA than most americans dream about or are willing to admit. yes foreigners can buy private property house condo flat etc. BUT buying in 'cash' is a paper nightmare. contact a realtor in the area where u want to buy and they can help.
2016-05-17 07:27:05 · answer #4 · answered by margareta 4 · 0⤊ 0⤋
it all depends on ur credit history and your trustworthiness...
2007-05-13 05:23:01 · answer #5 · answered by Brittany M 3 · 0⤊ 0⤋
All it takes is money.
2007-05-13 05:22:54 · answer #6 · answered by Michael B 5 · 0⤊ 0⤋