2007-06-05 11:21:34 · 11 answers · asked by T 1 in Business & Finance ➔ Renting & Real Estate
with a huge interest rate that will balloon even higher in a few years. My advice would be to build your credit up first.
2007-06-05 11:24:37 · answer #1 · answered by whoanelly00 5 · 0⤊ 0⤋
Don't look for the easy answer which would be getting a terrible loan with outrageous interest and closing costs. Instead, call the largest bank in your area. They are required by law to set aside some of their loan money for low income people wanting to buy a home in economically disadvantaged areas. These loans are called community lending loans. Ask what steps you would need to take to participate in their program. You will have to work at cleaning up your existing bad debt, go to credit counseling & budgeting classes and other asssorted hoops to jump through. In the long run you will have a house you can afford, with a mortgage that is possible for you pay off and actually own a home in 30 years.
2016-05-17 14:10:05 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you find a house that the owners don't need the payment on in full immediately, see if you can rent-to-buy it. A % of your rent payment goes to pay the mortgage. Get a real estate broker or attorney to help write a proposal for you. The ball is in the seller's court, though, as to the terms they'll accept IF they will sell it this way.
Another way is owner-financed, getting a home loan directly from the owner. They'll charge you a higher interest rate than you might otherwise qualify for from a lending institution.
It's good to meet the owners face-to-face when submitting an offer, to try to impress them that you will be financially responsible. Good luck!
2007-06-05 11:34:31 · answer #3 · answered by nanaverm 3 · 0⤊ 0⤋
Find a "lease with an option to buy". If you can pay your rent for a year or two, they _might_ be willing to carry the note for you, possibly at a higher interest rate, but it's a start.
Often the house will be a "fixer upper", but after you buy, if you can fix it up in addition to paying for it, you'll be ahead of the game, instead of just collecting rent receipts
2007-06-05 11:32:39 · answer #4 · answered by HyperDog 7 · 0⤊ 0⤋
Is your credit bad because of late payments or because of bankruptcy? Many times you can get a loan with bad credit (from subprime lenders), but you will pay high interest rate and closing costs to get your loan. If you pay this loan on time, you can refinance when your credit score improves
2007-06-05 11:27:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You probably can't. The banking regulators have been tightening down on the sub-prime market due to abusive practices over the past few years that have caused an increase of foreclosures in that segment as well as bankruptcies of some of the lenders.
2007-06-05 11:32:41 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Why not buy a house that has good credit?
2007-06-05 11:28:52 · answer #7 · answered by Rusty 4 · 2⤊ 0⤋
20%+ down. Only way now, 700 FICO or lower. The lower the FICO is, the more you got to put down.
2007-06-05 11:33:37 · answer #8 · answered by Mr None Applicable 3 · 0⤊ 0⤋
marry a rich guy.
2007-06-05 11:23:44 · answer #9 · answered by Tones 6 · 3⤊ 0⤋
you cant
2007-06-05 12:02:09 · answer #10 · answered by stevenzepke 1 · 0⤊ 0⤋