I have been disabled for 2 years and my husband is the only one working. I do get disablility, but, afraid we can not afford the home we want. Our credit became bad after the purchase of our present home.
2007-05-24 02:24:58 · 6 answers · asked by histlady 1 in Business & Finance ➔ Renting & Real Estate
As a credit Officer, there's credibility problem if the debt increases, since its of almost importance to you, l advice you concetrate at paying gradually the bad credit first before generating another credit card to buy the home you need. The pressure of paying for a new home from your husband's income would be too much. Take time to pay down the first home. It's your home for now. Avoid another credit card. If you so wish, Bank of America would write off your bad credit and merge it to a new credit card by expanding it for you. Thank you.
2007-05-24 03:22:40 · answer #1 · answered by Sylvester i 1 · 0⤊ 0⤋
Well the question becomes why are you looking to buy a second home if you are having trouble in the one you are in now..?
Just wait until your credit situtaion improves. Or until you save up enough for large downpayment. Anything over 20% down almost guarentees you a mortgage.. even with bad credit.
2007-05-24 02:57:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If renting is cheaper unfortunately that is your answer. It will take a few years to get your credit back in order if you had a lot of lates on your mortgage history. If you had a foreclosure it will be a minimum 3 years until you can get good financing.
2007-05-24 04:12:23 · answer #3 · answered by ? 1 · 0⤊ 0⤋
With crappy credit, you're no longer getting a private loan. and you're in all risk no longer getting a lease-to-own or proprietor carry the two. How lease to own works is like this. You enter a settlement for a volume of time, in many situations 2 - 5 years. you place down significant down fee, make your month-to-month money and on the top of the settlement, you get a everyday own loan and pay off the owner. the subject with it is that it very infrequently works out, the customer won't be able to hold out by way of fact they did no longer restoration their credit or won't be able to get the interior maximum loan, customer and broker won't be able to agree on cost, regardless of, there is in basic terms a ridiculously low conversion cost on lease to own contracts. proprietor carry, proprietor financed, lease to own, lease to own, all in actuality a similar. It normally takes a minimum of two years to repair spotty credit, so which you have some paintings earlier than you. proceed to save, pay down your costs and fasten that credit!
2016-10-05 23:12:55 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It won't be easy anymore, since lenders are tightening up criteria for granting mortgages. If your FICO is in the low 600 range, you may have an extremely difficult time finding any lenders who will approve you for a mortgage.
I can only recommend doing your best to repair your FICO score as well as you can, and then start looking for available mortgage funding.
2007-05-24 02:29:31 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
don't buy if you can't afford it.
2007-05-24 02:29:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋