2007-05-19 16:45:57 · 15 answers · asked by kbee 2 in Business & Finance ➔ Renting & Real Estate
If you have a lot of cash
2007-05-19 16:47:45 · answer #1 · answered by Stephanie W 4 · 0⤊ 0⤋
It depends on a lot of different factors. Your credit score isn't the only deciding factor about purchasing a home.
There is location, price, income, and plenty of other mind crushing things to think about when purchasing a home.
First time home buyers can usually get 100% financing with putting up no money for closing costs, but the interest rate is usually not fixed, and more often than not, isn't very reasonable.
If you are the only person who is buying the house and you don't have someone to co-sign with you (like a parent and/or significant other with better credit) then your best bet is to work on bringing your credit score up. The easiest way to do this is with a credit card. Now, if your credit score is low b/c of slow or late payments on previous cards, then obviously this isn't a good idea, but if you are someone with low credit b/c of no previous credit, then credit card companies are always eager to give you credit. The best credit card I have come across is a capital one no hassle card. If you don't trust yourself with a credit card, you can always get one from a specific store i.e. hhgregg, best buy, circuit city, etc. so that your purchases are limited to the items in that store or you can get a gas card. It works the same as a credit card and reflects on your credit just the same. If you give yourself a goal, like a year, then use that card every time you get gas for a year and pay it off when the bill comes, you will build credit faster. Then you have a better chance of getting yourself into the home you would want rather than the home you had to settle for b/c you couldn't get financing for the one you wanted.
Another idea is that if you have parents with good credit, and they trust you, they could co-sign for you OR if they list you as an authorized user on any of their credit cards (they don't have to give you the card or even tell you which one) then their credit history automatically becomes your credit history by affiliation (on that specific card) and will increase your credit score. After you purchase the home, they can remove your name without any consequences.
A lending company that has a really good first time home buyers program is Country Wide, you may want to look into them.
Good luck with your house hunting and weigh your options wisely...don't just jump into the first loan you qualify for, shop around!
2007-05-19 23:59:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes but you might be dealing with a shady shyster! Your monthly payments would be massive. Repair you FICO score first with Suze Orman's kit. Otherwise sign up at www.creditsecure.com to monitor your 3 credit reporting agencies daily online and use the outline to fixing all on the reports(which will take a few months). normally, the higher the score the lower the interest rate on anything financed.
2007-05-19 23:56:28 · answer #3 · answered by Kool Breeze 2 · 0⤊ 0⤋
Maybe but you will have a really high interest rate and you will have to put a LARGE amount down I would say at least 20% maybe more. I had to have a credit score of 740 to get my home loan and it was still very difficult. Good luck!
2007-05-19 23:56:32 · answer #4 · answered by Nicolleta 2 · 0⤊ 0⤋
It will be nearly impossible, especially since the housing market has softened a lot and a large number of subprime lenders are having record defaults.
Best to get your credit fixed first, before you think about buying a house. Unless you have a LOT of cash for a down payment. And I mean a LOT. That low score of yours would scare any lender away unless you pay for like half your house up front.
2007-05-19 23:52:08 · answer #5 · answered by jbone907 4 · 0⤊ 0⤋
You need a credit score of at least 600
2007-05-19 23:49:25 · answer #6 · answered by Audi11 3 · 0⤊ 0⤋
If you have ALOT to put down, Maybe But a credit score that low is BAD try to build your credit before appling to any loan companies
2007-05-19 23:50:46 · answer #7 · answered by Trying 1 · 0⤊ 0⤋
Get a copy of your credit report and see if there are any obvious mistakes-then correct them. Try to get your score up to at least 550-600 range and you will have much better luck. There are ways to improve your score rather quickly.
2007-05-20 01:25:27 · answer #8 · answered by Tom J 3 · 0⤊ 0⤋
Yes.
You can also get a home, almost any home really, with a co-signer. That helps a lot and they don't have to make payments on it.
Some folks pay the cosigner for signing on. The cosigner will be liable if you don't make payments on time but if you get someone that trusts you and you pay them to cosign you can solve the problem fast.
Go to the web site below and there are free pdf reports you can download there along with free online photo searches and prices. What I like about this site is that you get it online instantly they don't make you wait for someone to contact you by phone or email.
2007-05-20 00:16:07 · answer #9 · answered by Workfortoday 3 · 0⤊ 0⤋
It could be possible, but you will probably have to pay a higher interest rate then if you had had good credit
2007-05-19 23:50:24 · answer #10 · answered by ruthie 6 · 0⤊ 0⤋
Most likely not. And if a bank gives you a loan it'll be at a crazy interest rate.
BTW, stay away from mortgage brokers like Lendia.
2007-05-19 23:48:33 · answer #11 · answered by amandafofanda66 6 · 0⤊ 0⤋