2007-11-12 11:08:27 · 11 answers · asked by Diane L 1 in Business & Finance ➔ Credit
Depending on what you consider "horrible". It will take about 2 - 3 years because first you have to get your credit straightened out. Make sure you are paying everything on time. You may want to consider talking to your bank regarding mortgage options and what you need to do exactly to achieve that goal of owning a home. From the research I have found, land contracts will cost dearly in the long run. Spoke to someone awhile ago regarding a landcontract home. Thought the guy was asking WAY to much so I decided not to do it. Checked on the house a couple weeks later.....foreclosure signs. There is a lot of research to do but everyone is going to request a credit check. Lease with Option is not a bad idea however depending on the owner of the property, they may require you to put atleast 10% of the purchase price down. When the lease expires and you change your mind about purchasing the home, you will more than likely lose that original down payment. Then you are out of a home and the down payment. You can go to freecreditreport.com and get a copy of your credit report and start getting it cleaned up. If it is old stuff, send a letter to the company and have it removed atleast it will improve your credit score a little bit. Again, this may take a couple years so depending on your current situation you may want to wait and clear up your credit so you can get the best mortgage rates out there and not be stuck in a high interest ARM. Hope this helps and GOOD LUCK to you.
2007-11-12 11:35:06 · answer #1 · answered by MeShelle 2 · 0⤊ 0⤋
Rent with option to buy. There are a lot of houses on the currently slow market that are not selling and people are looking at all the options. A lease arrangement is a win for both parties and sometimes you can take over the loan, which is what I'm going to do.
Kids and I were in a desperate situation (bad divorce) and have no other way to go. The downside about taking over a home loan is you're paying for a house that probably isn't even worth the original selling price.
But the market changes, so if you're planning on staying put for at least five years, you may be all right.
God, I hope so!
Best of luck!
2007-11-12 11:22:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, but you must have at least 20% to put down and you will have a high interest rate and an ARM for at least the first two years! I've been through this one before after an ID theft and Bankruptcy! I got my credit score up from 486 to 729 in a little over a year!
You will have to clean up your credit in the meantime though and make credit report repairs. Get a free copy of your credit report and look this over first. If you find errors, and I'm sure you will, then enroll in a credit monitoring service and challenge the negatives in your report.
Read all of my website. I wrote this site because I thought others could benefit from my experiences. There is a lot of info I'm sure you can use and it is too much to post here.
Horrible can be different things to different creditors. You would benefit from my site, especially the "how credit scoring works" section. You really need to find out what your score is.
Get a free credit report from Annual Credit Report . Com and look it over. If your ready to challenge your credit report, enroll in a credit monitoring service like Equifax 3 in 1! You will need to check your credit often and watch your progress.
Option One mortgage from H+R Block is one of the most common sources of funding for those with bad credit who WANT to CHANGE their lives and clean things up.
2007-11-12 13:50:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Absolutely. I just got my mortgage 30 year fixed at 6.1%. I was less than 2 years out of a bankruptcy and had credit card debt and student loan debt. I got a loan that was special for first time home buyers, it is also a specific loan that has to do with purchasing a house further away from the major city. Don't listen to these people, my mortgage broker was awesome, and I did not get screwed into taking an arm loan. If you want the mortgage brokers name, let me know.
2007-11-12 12:27:05 · answer #4 · answered by jwilliams22mn 2 · 0⤊ 0⤋
Unlikely. That's what is behind the entire sub-prime fiasco.
lenders were making loans to those who simply could not handle those loans.
It'll be a long time until lenders will be making loans to those who do not have outstanding credit records.
Meanwhile, save as much as you possibly can for an eventual down payment.
2007-11-12 12:23:54 · answer #5 · answered by TedEx 7 · 0⤊ 0⤋
Land Contract
2007-11-12 11:15:49 · answer #6 · answered by Fred M 3 · 0⤊ 0⤋
Not really. If it's horrible, even a cosigner with good credit isn't likely to help, and no seller in his right mind would sell you a house on land contract.
2007-11-12 11:36:59 · answer #7 · answered by Judy 7 · 0⤊ 1⤋
It is not difficult to get your mortgage approved even with bad credit rating. The key is to choose a right lender who deals especially in bad credit mortgages. There are lenders known as Subprime mortgage lenders have various programs that cater only to the homebuyers whose credit rating is bad. Do not go to your traditional mortgage lenders or banks, which are more likely to turn you down.
http://pay-your-debts.com/category/Bad-Credit-Mortgage-Loan-Tips.html
2007-11-12 13:03:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
1.get a cosignor on the loan.
2. pay in cash.
2007-11-12 14:49:58 · answer #9 · answered by !!! 7 · 0⤊ 0⤋
Almost impossible these days.
2007-11-12 11:19:03 · answer #10 · answered by Anonymous · 0⤊ 0⤋