So..my credit is crap...credit card companies laugh when i apply..i do have a visa but only because i am a student and the limit is only$500.I don't really have any assets..a car thats worth a couple grand. My question is..if i have a down payment..and the cost of the house is ridiculously cheap.(like $30,000).would i be able to obtain a mortgage?
2007-08-23 10:49:08 · 9 answers · asked by TheDeeds 3 in Business & Finance ➔ Renting & Real Estate
oh yeah..im looking at a nice house with some land..it's in Northern Saskatchewan...so everythings dirt cheap
2007-08-23 11:10:59 · update #1
In reading your question, I got a sense of something that I've come across before...
Something tells me your credit is not as bad as you think it is. Working in the mortgage industry, I get to see lots of credit reports. Some are good, some are bad. But there is a small group of people who think one late payment three years ago ruined their credit for good. These are the people who have not seen truly bad credit and have convinced themselves that theirs must be awful. Truly bad credit is collectors at the door, cars being repoed off the driveway, and garnishments being taken from your paycheck. There is, however, a big difference between that and not having much credit or credit card companies turning you down for whatever reason. (Low income maybe?)
Go to consumer credit counseling and talk to them. Ordinarily, we think of them as being the people who help you sort out your bills. But they do more than that. They will let you know where you stand credit-wise and help you decide whether owning a home is right for you right now.
And remember, just because the house is cheap doesn't mean it will be inexpensive to live there! There are other costs involved that you won't have if you rent. CCC can help you walk through those expenses, too.
Good luck!
2007-08-23 11:06:37 · answer #1 · answered by CJKatl 4 · 0⤊ 0⤋
Most places are going to want a FICO of at least 660 before they even look at you. Since the sub-prime fallout lenders are alot stricter on the people they will loan money too.
Try a credit repair service to help with rapairing all that damage.
Good Luck
2007-08-23 10:57:34 · answer #2 · answered by ♥ Emily ♥ 5 · 0⤊ 0⤋
Perhaps, but the interest rate would be outrageous. Instead, work on cleaning up your credit. Commiting to a large loan now doesn't sound like a good idea. First, prove to yourself and the lending community that you can take responsibility for your debts. You'll be much better off for it, in the long run.
2007-08-23 10:59:11 · answer #3 · answered by Cheryl G 7 · 0⤊ 1⤋
Probably not. Pay your bills on time and work on improving your credit. The first thing banks look at is your credit score. It has to be above 600 and even then you will be getting an absorbant rate.
2007-08-23 10:55:45 · answer #4 · answered by Cristobal 2 · 0⤊ 0⤋
Now a days credit score is not big matter to get a loan..Due to arrival of large number of banks
2007-08-23 14:35:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i suggest you pay off debts, work on your credit score and save some money .. what you think is cheap right now might be a lot cheaper by next year ..
2007-08-23 10:59:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
$30K ? Sounds like a trailer in a rental park . . .
Are you talking an actual house with land ?
>
2007-08-23 11:03:30 · answer #7 · answered by kate 7 · 0⤊ 0⤋
IF your down payment is more than 20% then maybe.
2007-08-23 11:00:07 · answer #8 · answered by professorc 7 · 0⤊ 0⤋
fha loans are a good way to go.
2007-08-23 11:17:34 · answer #9 · answered by BigDre10 1 · 0⤊ 0⤋