ok me and my girlfriend/fiance want to buy a home but i have a score of credit of 470 =( so is there anyway to get a loan for at least a 100,000 for me even though i have not so good credit. what should i do ???? im scared we wanna get a house so bad tired of renting apartments....we are gonna be parents in 4 months ..
2007-07-10 00:21:38 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
With your Credit Score you are not going to obtain a mortgage that is reasonable (The Hard Money mortgage should only be used by Investors to buy and then rehab the property...not for a homeowner...it will bury you!)
In your case I would suggest that you look for a Lease/Option or "Owner Will Carry" home from an investor.
You will have to put some money down as the "Option" money but this will give you the two years to work on your credit and then buy the home using a program that will allow you to treat it as a refinance (there are alot of Lenders offering thses programs).
But you have to work on your credit in order to obtain a good rate when that time comes.
Me2Me2Me3@yahoo.com
2007-07-10 02:20:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Sorry to be blunt, but 470 is wretched from a lenders point of view. You are not ready to get a home right now. Now Im not saying you couldnt make the payments, Im saying you will never make money on the house because even if found someone to approve you, the interest rates would be around 10% or more.
The only way you could possibly do this is by getting a HUGE downpayment of like 30% or more. Some lenders dont even check credit if you get 30% or more down. So that would be your only way of making this worth your while.
2007-07-10 09:56:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Hard Money is probably the only loan you'll be able to get with a 470. You'll need 25-30% down and be willing to pay an interest rate in the 12-14% range most likely. But it can be done.
Hope this helps, SELL2K
2007-07-10 07:30:19 · answer #3 · answered by SELL2K_com 3 · 0⤊ 0⤋
Spend some time cleaning up your credit. buying a house is a big deal and jumping into it is kinda foolish. That is how you got a 470 credit score...jumping into things.
get your bills caught up and make steady payments. Finance furnature and pay it off. This will all get your score up.
You could have your girlfriend buy the house but she needs to be making good money to get a loan big enough fr a nice place.
Move into a nicer apartment complex. Apartments can be nice.
2007-07-10 07:38:21 · answer #4 · answered by Anonymous · 2⤊ 0⤋
You are going to come across some loan officers that will tell you they can get you a loan. Be very careful, alot of folks today are in interest only loans and losing their homes.
You have alot of responsibility coming soon with a baby, but you need to work on cleaning up your credit. If you need some assistance with that, then by all means seek reputable assistance. You can check with your local municipalities, sometime they have referrals they can give you.
Congratulations and Good Luck!
2007-07-10 07:58:14 · answer #5 · answered by Alterfemego 7 · 0⤊ 0⤋
Go to your bank and see what you are pre-qualified for. Most real estate agents won't work with you unless you get that letter first. If it's not in a price range you are looking for try using your girlfriend as the Homeowner and see if you can get a better range. If neither is what you want then I would keep renting and try cleaning up my credit before buying.
2007-07-10 09:49:41 · answer #6 · answered by kkeebler83 2 · 0⤊ 0⤋
A score of 470 isn't "not so good", it's awful. With that you aren't going to get a mortgage from a legitimate lender.
Does your girlfriend have a decent credit score? If so, she might be able to get a loan by herself if she has sufficient income to show that she can pay it off.
2007-07-10 07:31:32 · answer #7 · answered by Judy 7 · 0⤊ 1⤋
They have these websites where you pay to have your name added to some ones credit cards. You pay around 2,000. The company then pays the good credit card holder money to add your name and your credit score goes up over night. I might try this because I have recently paid off all my bills but now I have to abtain more credit cards to show that I can have a good paying history. This might take to long. Good luck.
2007-07-10 11:55:24 · answer #8 · answered by YaYa 2 · 0⤊ 0⤋
Some great suggestions above, I would just add one thing. Check your local county for the housing assistance agency. Every county in the US has one and, for a minimal fee, they will take you through classes on purchasing a home and, more importantly for you, cleaning up your credit. If you cannot find your local housing agency, send me an e-mail and I will help you to find it.
Good luck.
2007-07-10 08:32:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You need to get your credit up.....NOW. There are programs out there to repair your credit that range in price from $20 to $125 (recommended) to $699 to $2500. Check out the free evaluation form at the source website. Good luck.
2007-07-10 15:59:15 · answer #10 · answered by stephen l 2 · 0⤊ 1⤋