2007-05-26 09:47:21 · 7 answers · asked by midwife 2 in Business & Finance ➔ Renting & Real Estate
The property was appraised in april 2007 at $113k. asking price is $110k and i have $10k to put down.
2007-05-26 10:03:18 · update #1
FYI, i am already living in the home via owner financing. i have been here for about a year and a half so i have made 17 monthly pymts at $775/each on time every month. I am working on cleaning up my credit, but haven't rechecked my scores yet. i understand i may get high rates and would hope to refinance in probably another year once my credit is much better.
2007-05-26 10:10:06 · update #2
not a one....my fiance is at 538 and we have been trying to buy for 8 months...they can't use mine cause he makes more money than me....you can get approved for 90% of the purchase price but you need to put down 10% of the amount you want to borrow in cash
2007-05-26 09:52:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
With a score that low it's nearly impossible to get a mortgage loan any more. The sub-prime market has been hit hard recently as defaults have sky-rocketed as low teaser rates expired and people's payments payments have gone through the roof.
Due to the massive increases in defaults and bankruptcy of some of the sub-prime lenders as a result, regulators have stepped in and are making it far more difficult with folks with poor credit to get a mortgage. That may sound harsh if you're looking to buy a home, but it's probably in your best interest. Any loan that you would likely find would have high interest rates and you'd be paying far more than the home is worth in the end.
To have any realistic hope at all you need to take the next couple of years and get your score up by at least 100 points. Even 100 points won't get you the best rates but they should be manageable. You'll need to get it up by 130 - 150 points to get into the territory where you'll qualify for the best rates.
2007-05-26 09:58:56 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You are close to 10% down. If you can get to the 10% plus closing costs you might be ok. It will depend on your income. If your income is verifyable and steady you stand a good chance of qualifying.
If you have owner financing now, you are simply doing a refinance not a new purchase, so that will be easier and you can use the existing equity that is in the house.
It may depend on what is on your credit that is causing the score to be 535. If it isn't too bad of a reason that is a good thing.
Best wishes,
Greg S.
2007-05-26 11:30:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would look in the bad credit section od www.bestmortgageanswers.info
There are certainly companies that will lend you as long as you can prove the income, but since it will be a subprime loan, the trick is to look around for the one that values your income best and as such, gives you the best rate.
2007-05-30 07:54:27 · answer #4 · answered by insureman613 3 · 0⤊ 0⤋
Try these Links U will Definetly Get The Answer:
http://www.proloanz.com/
http://www.topamericanmortgage.com/
http://www.mortgagerefinancingatlowrate.com/
http://www.apply4less.com/
2007-05-29 22:13:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you've been paying by check and can show cancelled checks you can do a 90% refi which will make it easier for you. Make sure you have a leace purchase/land contract dated back to when you moved in.
2007-05-26 11:38:07 · answer #6 · answered by Chris Burns 2 · 0⤊ 0⤋
Depends on the loan amount and value of property. There are companies (like mine) that do this.
2007-05-26 09:53:09 · answer #7 · answered by mark a 2 · 0⤊ 1⤋