2007-08-17 09:32:14 · 6 answers · asked by judy f 3 in Business & Finance ➔ Personal Finance
nope every one could buy a condo if they just save money
2007-08-17 09:39:39 · answer #1 · answered by crayonsarecool 3 · 1⤊ 0⤋
It's funny how people will try to turn this into something political. Honestly, your question is very hard to answer because you didn't give details where the condo is, what the market in that area is like, what state it's in. If you're thinking of buying a condo in Topeka, KS for $115,000, you should be able to save that up on your own without too much of a mortgage, but if you go to Bel Air in Los Angeles, you'll probably pay $800,000.
But to answer your question, people with poor credit will find it hard to get financing, unless they make a big salary ($70k a year, or more). I hope this answers your question.
2007-08-17 19:12:15 · answer #2 · answered by Bob Smith 5 · 0⤊ 0⤋
Bad credit histories don't last forever. All is wiped after 7 years, except for bankruptcies.
You'd be surprised what a difference two years can make. If you can trim debt and make all payments on time over two years, even a bad credit history begins to look pretty good.
2007-08-17 16:44:09 · answer #3 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Sure, if they act responsibly with their finances, pay down what they owe, and establish good credit once again.
My fear, though, is that moves made recently by the Federal Reserve and the Democrats in Congress will reward those with bad credit and shady loan officers by allowing them to refinance and let us repeat this whole debacle again.
2007-08-17 16:41:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Only if they improve their credit over time.
2007-08-17 16:41:56 · answer #5 · answered by sortaclarksville 5 · 0⤊ 0⤋
I hope not, and why should they? They've already proven they won't pay their bills so why do banks loan these people money? They've cost people a lot of money.
2007-08-17 16:43:04 · answer #6 · answered by The Scorpion 6 · 0⤊ 0⤋