I want to take advantage of this market, however my credit score is awful. Can I still buy?
2007-09-27 06:23:16 · 4 answers · asked by sue s 1 in Business & Finance ➔ Renting & Real Estate
You can ask the lenders, but don't get your hopes up.
Be careful of offers out of the blue to help your credit, though. You'll probably do best to deal with companies you know and trust, or who at least have offices in your area.
2007-09-27 06:32:17 · answer #1 · answered by Ralfcoder 7 · 0⤊ 0⤋
Definitely NOT with a bank, maybe a mortgage broker BUT you would have HIGH interest rates! Consider a Rent To Own, You agree on a written price with the owner then you pay the owner monthly payments a portion goes towards the purchase price and a portion goes into rent (like 50% 50%) THEN when your credit score is improved you get a mortgage from a bank. It is a win win because the owner gets monthly income and his asking price when you are able to purchase it. Another option would be owner financing. People are only getting about a 5% return on their money right now SO if an owner wanted to sell to you and finance with you you could agree on 8% and then the owner would get a better return.
2016-05-20 00:02:12 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you have enough money for a down payment (10-20%) and closing costs yes. If you are looking for 100% financing then no the sub prime market is shut down completely.
2007-09-27 13:13:40 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
If you have cash you can buy wholesale deals through www.platinumreic.com and they do have some private lenders who would loan on the asset and not your credit.
2007-09-27 06:28:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋