We did see a realtor but they told us we need to wait until next year to let some of our good credit history mature.
2007-05-27 11:48:02 · 11 answers · asked by Michael C 2 in Business & Finance ➔ Renting & Real Estate
We can afford it, its just that it seems our credit is standing in our way.
2007-05-27 12:11:22 · update #1
Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://tiny.wackyb.net/K2rP/odtl
2007-05-28 12:55:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You may not qualify for 100% financing, however, some lenders may qualify you for 85%. For example:
A Seller may offer a lease option, allowing you to rent for a year and then purchase. A savvy Seller may want you to pay a large option (a few thousand dollars) that would be nonrefundable, just in case you change your mind.
If you find an older house (more than 15 years old), where the Seller has some equity, the Seller may be willing to provide some financing. So if a lender approves you for 85% financing, and the Seller accepts the 15% as a second mortgage (private between you two), then you might be able to work out an arrangement. If the Seller is content with receiving 85%, then they may cancel the second deed without you having to pay it. Otherwise, they'll agree to charge you a certain amount monthly until the next year (or two), at which time you refinance to pay off the 15% that the Seller is still due.
2007-05-27 13:16:35 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
first of all get a credit report, and start making attempts to clear any debt that is found on that report. student loans, consumer credit cards (i.e. homedepot, bestbuy), and auto loans are some of the biggest things that come up, try to get those paid off. Get letters from any agency when you do pay them off to be able to show your mortgage originator because often times they take a few months to register on your credit report. SAVE MONEY for down payments. Money in the bank is what helped my wife and i the most, since we don't make that much income.
2007-05-27 11:58:23 · answer #3 · answered by clean&serene 2 · 0⤊ 0⤋
You can fix your credit.
If you do find someone to lend to you with "very bad credit" the terms should make you run the other way.
I don't recommend most credit repair companies I hear about, basically they are a waste of money, but maybe your Realtor knows of one in your area worth the price. Doesn't hurt to ask.
2007-05-27 13:37:00 · answer #4 · answered by godged 7 · 0⤊ 0⤋
Many people with bad credit can still qualify for FHA loans. It depends on what is on your credit. The most important factor with FHA is to have a perfect rental/mortgage history. If you have collections, and they are all medical, they may not make you pay them off. If you have collections on credit cards, cars,etc. you will. Many brokers will not push FHA because a lot of companies are not approved to do these types of loans.
2007-05-27 16:33:08 · answer #5 · answered by laura D 2 · 0⤊ 0⤋
How bad is your credit? How much money do you have to put down? There are certain factors that play a part in answering your question. As stated previously, you may be able to qualify for an FHA home loan. I will be happy to help you. Visit us online at http://www.divinitymortgagegroup.com or call toll free 877.384.6489. We offer Conventional, Non-Conforming, FHA, and VA Home Loans.
2007-05-28 01:15:47 · answer #6 · answered by Tee 1 · 0⤊ 0⤋
Your resltor is right,if you have bad credit you need to consider if you can afford a house when you have trouble paying your bills now.
I'm not trying to talk bad about you but a house is really expensive.It will cost you about $500 more per month than renting.
Good luck and keep saving money.
2007-05-27 11:56:18 · answer #7 · answered by Cookie 3 · 0⤊ 0⤋
Some lenders focus on credit score, other focus on your current income and as long as you are making enough money to service the loan at a comfortable % of your income, you will be fine. I would look at the poor credit section of www.bestmortgageanswers.info
2007-05-30 08:32:40 · answer #8 · answered by insureman613 3 · 0⤊ 0⤋
speak to your bank and talk to them honestly about wantingto own a home and what your problems with your credit are. Even if they cannot help you now, they will most likely be able to refer you to someone who can, and they will also give you advice on what you need to fix regarding your credit, and what they will look at to determine if you qualify. I also had bad credit, but with my banks help, they got me qualified for $125,000 home. I would be a first time home buyer, single female.... Baaaad credit in the past.
2007-05-27 11:58:37 · answer #9 · answered by Leigh 3 · 0⤊ 0⤋
i have a very good loan product that might work for you.
you can get a very good rate if the house you want to buy is in a certain neighborhoods.
the guidelines are extremely flexible.
you can email me for more information ,
i can get an approval within 2 hours.
aptahia@useprimefinancial.com
2007-05-27 17:08:57 · answer #10 · answered by ptahia 2 · 0⤊ 0⤋