2007-09-02 14:57:06 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
find a desperate builder that will finance you
2007-09-02 15:04:54 · answer #1 · answered by Indiana Jones 6 · 0⤊ 1⤋
YES! But.... and it's a pretty big but.
As I'm sure you are aware the subprime mortgage market has all but disapeared over the past 8-months so that avenue is most certianly out of the question.
Now let me ask you a few questions:
1. Do you have a steady and reliable source of income?
2. When you say "Not so perfect credit" do you mean you have a lot of judgements and collections? If so are you ready and able to pay them off?
3. Have you sat down and worked out a REALISTIC budget as to how moch house you can afford? Most lenders, myself included, will allow you to commit upwards of 50% of your gross income to a housing payment. You see we really don't care about weather or not you can pat for those unnecessary extras like water, gas, electricity, etc. A more realistic commitment would be 35% of your gross income.
If you are ready to answer the above three questions you very well mat qualify for an FHA loan. What is FHA? The Federal Housing Authouity insures what we lenders would otherwise consider "High-Risk" loans based on the ability to repay rather than current FICO score. While your score doesn't matter your credit does. You can't be a total screw-up and expect to be approved, but if you have hit on some hard times and can prove it, FHA doesn't care what your score is.
Here is what you need to do:
This is new construction right? Ask the builder if the development is HUD approved.
Find a local LENDER (not broker or banker) that originates, underwrites and funds FHA loans and get yourself approved.
The nice part about this loan is regardless of credit you are probably looking at a 30-year fixed rate around 7.25% and you only need to put 3% down on the house.
Now not everybody gets approved for an FHA loan. Do your homework, find the right bank, and the best of luck to you!
2007-09-02 15:19:32 · answer #2 · answered by loancareer 3 · 1⤊ 1⤋
It depends on what you mean by "not so perfect," in addition to about a dozen different factors including
Income
Other expenses
Down payment
History of bankruptcy
History of foreclosure
Mortgage/rental history
Assets
etc, etc, etc, etc
As useful as this forum may be - this is not the place to get the answer to such a question. A mortgage broker's office is. They are the ones who will know that questions to ask and who then can do the analysis you need.
The answer to your question is "maybe."
2007-09-02 15:08:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on what you mean by "not so perfect". A perfect score is 850, and hardly anyone has that, If your score is in the mid-700's and up, you might be able to get a mortgage. If it's much lower than that, probably not.
2007-09-02 15:39:06 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
I'd be careful. Many homes are in the middle of being foreclosed on because companies are suckering people into buying houses they really can't afford.
Keep in mind they look at your debt to income ratio as well.
2007-09-02 15:05:51 · answer #5 · answered by SatinDoll1976 3 · 1⤊ 0⤋
yes, but you will pay a higher interest rate and that makes monthly payments higher. be careful about buying a home. there are other expenses other than house payment and can be more each month than your house payment. for ex; insurance, repairs, and it goes on and on. it is expensive to own a house!!
2007-09-02 17:07:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
NO Turn on the news!
2007-09-02 15:00:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Of course you can if you pay cash for it!
2007-09-02 15:17:33 · answer #8 · answered by Anonymous · 0⤊ 0⤋