I am disabled and only have $1500 per month from social security. I presently live in Northwest Indiana
2007-09-21 12:09:32 · 6 answers · asked by Don S 1 in Business & Finance ➔ Renting & Real Estate
Yes, there are lenders who will take your credit situation and offer you a decent rate.
Depending upon your yearly income (SS or otherwise) you might even qualify for some government down payment assistance programs.
I have several lenders that I work with here in California that could do it. If you like I could put you in touch with them and if they can't do the loan, they would be able to refer you to someone in your area.
2007-09-21 12:18:18 · answer #1 · answered by realestatescott916 1 · 0⤊ 0⤋
These days the credit options for people in your situation are very limited.
Remember, not everyone should be a homeowner. It's expensive... don't forget about maintenance, taxes, and insurance...
Why don't you rent, where someone else takes care of the maintenance??? And work on getting your credit score up and saving some money for a downpayment?
I would be very wary of someone who offered you credit in your current circumstances. I would hate to see you end up in a bad situation (foreclosed on) like all of those other people across the country are in right now (you do realize that the foreclosure rate right now is the same as during the Depression?).
2007-09-21 19:39:54 · answer #2 · answered by xinerevelle 3 · 0⤊ 0⤋
At 18K a year for one you cannot afford a home and the upkeep, and expenses that go with it, it is not only your credit score that comes into the mortgage question but also your income to debt ratio. Sorry but that income will not make you eligible for anything on the market, and with the market today adding down payment and closing costs
2007-09-21 19:21:03 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
100% loans are non-existent now. You will have to figure out a way to save 3% down and find a property that will qualify for FHA.
2007-09-21 21:33:19 · answer #4 · answered by godged 7 · 0⤊ 0⤋
You should try the government assistance program. For example, Section 8.
2007-09-22 00:35:13 · answer #5 · answered by Phil 3 · 0⤊ 0⤋
probably not the mortgage industry is in a bust now and lenders are making it harder to get loans now due to the forcloser increases. But you are welcome to fill out an applcation so we can evaluate your situtation.
2007-09-21 19:26:47 · answer #6 · answered by Anonymous · 0⤊ 1⤋