with credit card debt around 20K? I want to buy a house fix it up flip it sell and with that money pay off my credit card debts cause at this rate it will take years and years to pay it off.
2007-07-01 06:59:39 · 7 answers · asked by burppyy 1 in Business & Finance ➔ Personal Finance
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://www.axalda.info/bad-credit-mortgage.html
2007-07-02 01:41:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I was going to tell you about buying a house with bad credit. Yes that is possible. But what you're talking about is a pipe dream. Prices are going down not up. Unless you are an experienced real estate investor you will almost definitely lose out on a deal like this. Amateur property flippers are a sorry lot. Don't join them. So what if it takes years to pay off your debt. The time will pass anyway. Get an extra job for a while and take a big bite out of the debt in a few months.
2007-07-01 17:26:51 · answer #2 · answered by Big R 6 · 0⤊ 0⤋
You might but you would be better advised to get rid of that debt by just paying it off rather than taking on more debt. That's a LOT of CC debt and you will get destroyed in interest rates on those cards and the loan for a house, if you can get one. Get a part time job, live poor, waste no money at all, and you can pay that off in two years, and then move on from there. Hopefully you've learned never to do that again.
2007-07-01 14:31:22 · answer #3 · answered by The Scorpion 6 · 0⤊ 0⤋
Yea, but your interest rate will be much higher. I would recommend that 20K isn't really all that much. Buckle in for the ride and pick up extra work and skip coffees, movies, take out and get it paid off. Sell your CD collection, anything you can think of to make money. More on the account, less interest, and if you are really dedicated you could probably pay off in one year. As far as the house, you need to take into consideration closing costs, PMI, Insurance, repair - where are your going to get the money for supplies? Credit cards? And when you sell, if you are able to sell in this market,anything required to bring up to code, (are you thinking about what could happen if mice, termites decide to take up residence prior to selling - well that's several hundred dollars in exterminating fees right there, realtor fees and taxes, taxes, taxes throughout the time you own the house. Believe me, houses aren't cheap.
2007-07-01 14:06:48 · answer #4 · answered by Cash 5 · 0⤊ 0⤋
Even if you could get the loan, where is the money going to come from fixing it up? What kind of neighborhood? Are prices there increasing? Don't think it is a good idea until you are better off financially pay down your credit cards first, then you have yoe working capital
2007-07-01 15:37:26 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
Well to me, I wouldn't think u can buy a house with bad credit...Well I mean if it would take years to pay for it..srry
2007-07-01 14:03:18 · answer #6 · answered by orangefairy123456 2 · 0⤊ 0⤋
Caviar dreams and tuna fish credit.
An awful combination.
2007-07-01 15:21:05 · answer #7 · answered by DaMan 5 · 0⤊ 0⤋