both credit scores are under 550. we have it now thru the real estate agent on lease to purchase within 15 months but i am nervous we wont be able to. i've tried just about everything but i am willing to try a lot more. any help or suggestions would be appreciated.
2007-08-19 18:42:24 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
your payments will be high..
anyway...i would suggest first trying your local bank...before trying a big, advertised lending firm...local banks will always give you for less...generally...especially if you are in a small town
2007-08-19 18:51:51 · answer #1 · answered by Sagar K 2 · 0⤊ 1⤋
Talk to them about "re-upping" the lease option. They may increase the rent a bit but at least you won't lose all your option money or rent credit. Also, in 15 months you might be able to get your scores up high enough to qualify, it will depend on how much down you have credited to you and how much additional you can scrape together.
Work on your credit scores first, if you don't know how ask someone, just don't pay any of those scam credit repair companies, they don't do anything you can't do yourself.
Investors might be interested in buying it and lease optioning it back to you again until you are ready so you don't lose what you have put it, it all depends on the numbers.
Good luck. Contact me if you have questions.
2007-08-19 19:11:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, with scores under 550, it's just not going to happen. If you get replies here from people saying they'll get you a loan, they are scammers trying to get a fee from you, then you won't get the loan anyway.
You can try to get your credit cleaned up, but would have a very long way to go to get it up to acceptable levels within 15 months. Maybe not totally impossible, but very unlikely unless there are things on your report that are just mistakes, not actual problems.
Good luck. If you don't get this house, there will be another one down the road after you get your credit cleared up.
2007-08-19 18:57:51 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Only ONE Smart Answer and it was from the person that mentioned Owner Financing, Meaning the Owner will carry your Loan which 99.9% of the time you will end up paying more a month meaning your owner financier will charge you a higher intrest rate since you are a higher risk individual ( not meaning in a bad way ) We all fall on bad times. Anyways you wont have to do any Bank Quialifying. All i could say is ask the Owner if he is willing to Owner Finance No Harm in asking........Good Luck !!!
2007-08-20 19:01:30 · answer #4 · answered by ME T 1 · 0⤊ 0⤋
Of course there is hope! Great answers above. Just remember - when things appear darkest, it's just before there is a break-through. You may want to look at starting your own part-time business on the side. There are one or 2 great business models that don't need a lot of money to start up and run...and potentially could bring you more revenue long-term than a job. Not GQR and not a scam. Stay the course. You can do it!
2016-05-17 21:30:10 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Look for owner financed homes for sale and talk to the owner and make an offer. Get a written contract and make sure you and the seller both understand all the terms...
With a good down you might be able to buy a house with owner financing.
2007-08-19 23:36:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Go to a local Mortage Broker... You need to be carefull how many times you apply because each time you go for a loan it lowers your score and some places wont even approve you just because there is so much activity...
2007-08-19 21:54:34 · answer #7 · answered by A leap in the right direction. 2 · 0⤊ 0⤋
start paying your bills on time = higher credit score = easier time getting a loan. It's a simple equation.
2007-08-21 18:36:22 · answer #8 · answered by flcaoh 2 · 0⤊ 0⤋
your interest rates and monthly payments will be in the thousands. why do you have to buy it so quickly? no company makes you purchase a house so quickly. why can't you get a 15 or 30 year mortgage?
2007-08-19 18:50:26 · answer #9 · answered by Anonymous · 0⤊ 2⤋