how can i get a 30 k home purchase loan with bad credit?

Question

i have 30 % to put down but cant find a lender who will loan with bad credit and such a low loan amount, not even hardmoney lenders. i have been on the job for 2 yrs. active duty military. does anyone know of any lenders who will loan under these circumstances?

Answer 1

Yes my cousin Veto. Give me your address, and I'll send him right over.... Oh and don't mind the other guys with him, like my cousin always says....It's Just Business....

Answer 2

Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.

Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.

You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:

http://www.axalda.info/bad-credit-mortgage.html

Answer 3

In your situation it might be best to stay away from lenders. Get newspapers, drive the neighborhood, and ask around for FSBO's. (These are people who are trying to sell their home themselves). Approach them putting some money down and taking over their loan or doing a lease-purchase deal. If you take over their loan make sure you talk to an attorney and make sure the contract is set up so that the lender cant call the loan due if you take it over. (There are lots of ways to do this but it varies State by State).

If you decide to do a "lease purchase," you could put some of your cash down and agree to purchase the property in say, 1 to 5 years. During this time clean up your credit and then at the end of the option period you will be able to get a loan.

Another thing you can do is get the Foreclosure lists in your city. Use some of your $10k to get the loan caught up and with the seller's permission take over their loan. Your bad credit shouldn't matter because if their home goes to sale, it would be worse for their credit than you taking it over. You might even show a little compassion and help them with moving costs or other incentives.

I would stay away from e-loan or some of those websites that promise you 4 offers. They might send you 4 offers but once they look at your credit, their story might change.

One final note, it might be tough to get a loan for 30K. I live in Colorado, and I have seen quite a few HUD condo's and townhomes for less that 50K. (one 2-bedroom Townhome was $19,500). But most lenders won't touch those because they don't make enough money on them. There out lenders out there that will do them but you have be prepared to make a lot of phone calls and get the loan commitment up front and in writing.

Answer 4

There is no such thing as credit that bad. A 30 year loan for $30,000 at 10% would have payments of $263/month. you can't rent a studio apartment for that. At MINIMUM wage it is less than 25% of your income. Unless you have filed bankruptcy in the last too years, your facts CAN'T be accurate.

Answer 5

Bro do you watch the news. Seems a sub prime lending mess going on that has led to a tight loan standards.
They cant get backing for your loan. You need to rent.
You should not buy a house without at least 10,000 dollars emergency fund. That would be on top of your down payment.

Answer 6

I would try eloan they have hundreds of lenders competing for customers. You would have better chance with them then walking into a local bank.

Answer 7

$30K does Not sound like a home ,
It sounds like a mobile ( not usually lend-able )
Or just land . . .
There are VA loans for active duty military ,
Did you check them out ?

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