Like I said my credit is not all that great. I do have a co signer. I want a home that is H.O.A free. I mean with no H.O.A. May be alittle extra money for fixin things that need fixin.
2007-10-10 21:03:42 · 6 answers · asked by Pete F 1 in Business & Finance ➔ Renting & Real Estate
You probably are going to have to make some compromises on what you want. You may need a little down and you may need to pay some closing costs.
You say "not to good credit" (sic) but do not say what it is. If you find a motivated seller, it may be possible in today's market to get what you describe depending on what your credit score actually is. Are you a first time homebuyer? Most states have programs for first time home buyers (usually defined as someone that has not owned a home in 3 to 5 years). If not, you may still be eligible to use FHA with a gift from the seller to cover some closing costs.
If none of the above works, then you need your cosigner. If your cosigner has strong credit, you may still be able to get a home with little down.
You say that you do not want to pay closing costs but you have to realize that the closing costs have to be paid. The only question is whether you pay them out of pocket or finance them. Among the things that you are paying are title insurance, title and document prep and recording, and pre-paid escrow (taxes and insurance). Which of these do you think you should not have to pay? If you do not take it out of your pocket, the simple fact is that you are financing it.
You may be able to do what you suggest above by entering into a land sale contract. This is very difficult to find these days and is also a very risky endeavor for both the seller and the buyer.
Good luck, I hope this helps.
2007-10-10 23:52:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
100% financing for bad credit, you want cash out and no closing costs?
Probably some hard money lenders out there still doing this type of financing, but the rate is going to be steep.
You are asking for a high appraisal so the costs can get wrapped in and have cash out.
You are asking a Seller to be comfortable in taking your offer with these serious issues with today's strcit lending requirements.
good luck
2007-10-10 21:24:37 · answer #2 · answered by Ted 2 · 0⤊ 0⤋
People in jail want out!
No seriously, you MAY find a hard money lender to do your deal but the interest rate you're going to pay will be obscene.
Good luck.
P.S. They call them hard money lenders because:
1. It's hard to get money out of them.
2. Paying them back the money you borrow is even tougher.
2007-10-11 10:32:59 · answer #3 · answered by Terry S 5 · 0⤊ 0⤋
So doesn't everyone...but it will not happen....
Save for 5 years, get your cedit better and get some money in the bank....If you do that then you can purchase a home or condo... It seem you are not very good with money...so pratice budgeting yourself.....
Good luck
2007-10-11 02:27:52 · answer #4 · answered by James 3 · 0⤊ 0⤋
Best of luck to you. Your a very risky borrower.
2007-10-10 21:32:55 · answer #5 · answered by CrazyAces 2 · 2⤊ 0⤋
And I want to make babies with Salma Hayek. Neither is likely to happen any time soon. :( for both of us.
2007-10-10 23:01:22 · answer #6 · answered by Bostonian In MO 7 · 2⤊ 0⤋