My hubby and I have bad credit... we are getting it fixed but will take some time... landlord is selling house and we have 3 months to get out and dont wnat to rent again... we have 2 small kids and would like them to have a place to call theres... any idea or help would be nice... Thanks
2007-12-17 09:53:24 · 5 answers · asked by mlscsp2 1 in Business & Finance ➔ Renting & Real Estate
Your first step should be to talk with a mortgage broker and let him see just how bad your credit is. He may have access to loans that would work for you?
Next watch for investors who are "flipping" homes. They often will sell to folks poor credit if you have jobs and a steady income. You can also look in the newspaper for lease/option deals. You get in as a renter, but if your performance is good you can end up buying the home.
With these two methods it will cost more, but you will have a home.
In my opinion real estate values will continue trending down for at least the next two years. It might be best to spend two years renting and building a solid credit history. Then buy when prices will be lower?
I wish you all the best and a very Merry Christmas!
2007-12-17 10:02:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Without knowing the specifics, I can say yes, there are programs that allow people with less than sterling credit to purchase. FHA for example has no FICO requirement, only that at the time of close, all bad debt is either paid or current. Don't count on it, but In some cases if you can purchase a home where the people are motivated and have the equity, they have been known to help pay some debts so that at close of escrow you would qualify.
2007-12-17 10:07:58 · answer #2 · answered by Robert T 2 · 0⤊ 0⤋
Semi bad credit? Will it be easy to get fixed?
One way you could do it while your credit is being fixed.
Ask the landlord if they would be willing to do a lease option to buy. You would lease the home with $25,000. Down you get all of the tax credit for the lease (check with your local tax adviser)
And see how much the rental part will be used for the down payment. Now if in 2 years you do not purchase the home then you would lose the $25,000. down payment. In the mean time you can get your credit fixed.
2007-12-17 10:05:07 · answer #3 · answered by Big Deal Maker 7 · 0⤊ 0⤋
You need to talk with a lender in your area and let that person review your situation. Some loans are not based on credit score but rather your employment history and ability to pay.
A qualified mortgage broker will be able to thoroughly explain what programs you can qualify for.
Good luck!
2007-12-17 11:21:43 · answer #4 · answered by godged 7 · 0⤊ 0⤋
yes, go online and do a search for bad credit home loans...and good luck....
2007-12-17 10:50:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋