2007-08-08 11:29:49 · 6 answers · asked by steelerzquest 1 in Business & Finance ➔ Personal Finance
If you go to Big Yellow Tent Mortgage & Finance. It's right next door to Big Yellow Tent Motors. The reason they're in big yellow tents is so they can pull up stakes in the middle of the night and disappear when the law catches up with them.
No, seriously, it might be really hard, and you might have to settle for a higher interest rate, but if you search hard enough, you might find something.
2007-08-08 11:33:42 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It is pretty much possible to finance any thing now a days. BUT...look forward to a high interest rate. There are FHA and HUD programs to help low income, less than fair credit, or no down payment situations. Unfortunately you are looking at a high and I mean high interest rate. This sucks. If you can try to get your credit score at or above a 600. Then go for that mortgage. Also if no money down is your thing go for a 80/20 mortgage. This way you can avoid the PMI (Mortgage insurance for people who put less than 20% down) and avoid points. Do not go fr exactly 100%...it might cost you in the end especially if you decide to sell it.
Good Luck!
2007-08-08 22:15:24 · answer #2 · answered by ANJANETTE C 3 · 0⤊ 0⤋
Possible, yes. Probably, no. IF you have enough income to make the payments comfortably, look for someone that does Manual Underwriting. That is what ALL lenders did before the advent of FICO. It involves actually looking at your credit history and your financial situation. The underwriter then makes an actual decision instead of just finding your FICO score on a chart.
2007-08-08 20:04:41 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
In that situation, you probably shouldn't be buying a house even if you could get a loan. There is a reason that the credit score is low and not having any money down also tells me that there isn't any discipline to save money.
IMHO, all of that adds up to foreclosure.
2007-08-08 19:01:15 · answer #4 · answered by 5_for_fighting 4 · 0⤊ 0⤋
If you have been at a job for a significant time and have a decent income and are not trying to purchase something out of your price range it might be possible. However, the credit market is tightening up so you might find this more difficult. Most lenders require 5% down.
2007-08-08 18:33:35 · answer #5 · answered by Keith 4 · 1⤊ 0⤋
Very doubtful !! It would depend on the amount borrowed and the type of loan. Be prepared to pay points and a high interest rate. Avoid a variable rate if at all possible !!!!!!!!!!! And thats "Mortgage" ..........
2007-08-08 18:40:27 · answer #6 · answered by AZRAEL 5 · 0⤊ 0⤋