currently living in my home that is paid for want to move but have low credit score. also want to put 20 per d

Question

I am living in a home that i received after family passed away i want to sell and put 20 percent down for another home, but i have low credit score are there any options..........

Answer 1

there are lenders that just deal with people with low credit scores....thats not a problem....and you are putting something down....thats great...you should have no problem.....

Answer 2

It sounds like you have many other problems than a low credit score. If you sell the home, why only put 20% down on the next house? Shouldn't you have enough cash to buy another house in full or at least 80%? What are you going to do with the rest of the money?

I am going to guess that you are planning on paying down credit card debts or car loans with the rest of the money. If that is the case, you may be better off living in the house and taking out a home equity line of credit to pay for your debt. Then you can work on improving your credit score and buy a home when you can really afford it.

Answer 3

Look for a lender that will use "manual underwriting'. That means instead of simply looking at your FICO score, they actually look at your assets and debts. With the value of the paid for house, unless you have massive debt, or are currently in default, your credit score doesn't matter.

Edit: I agree with the answer above, sell the house and use the money to put 100% down. Then use the 'house payment' to pay off whatever else you owe.

Answer 4

With 20% down you can easily get a mortgage because you have an investment in the home, but it will still be at a higher interest rate, just stay away from the adjustables