My credit also has several late payments to work against me. I am in a debt management program as of about 6 months ago with 28 months to go. Do I have to keep renting at 400 a month or do I stand a chance at getting my condo at possibly a lower monthly payment?
2007-12-20 08:29:35 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I'm enrolled in a debt management program to get my credit card debt paid down. It'll take about two more years to get paid off. Of course if I can buy for the same price of renting then we all know thats the way to go. I'll be able to come up with $2-3,000 cash, that I could use for a down payment or towards closing cost. I'm also going to check and see if I apply for any first time home buyers grants or anything special. Thanks for all the replys.
2007-12-20 10:53:21 · update #1
If you have 20% down plus closing costs you have a chance. Remember the cost of the loan does not include taxes, insurance and upkeep. If you are looking at 5% down as in FHA then you will also have to add PMI increasing your costs even more.
2007-12-20 09:04:03 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
depending on your income, and debt to income. otherwise if those are ok i'd say u need about 10-20% down depending on the lender plus your closing cost all up front and you wil have a higher rate then if you wait till your credit score goes up above 620-640. if i was you i would fix my credit first be responsible with money and bills then procced to even more responsibility.
2007-12-20 10:28:58 · answer #2 · answered by sweet_cowgirl19 3 · 0⤊ 0⤋
what you need to do now is work on learning some financial responsibility. you need to get hold of your credit report and pay attention to the dates your negative items come off. learn to manage your debit account and pay the overdraft protection fee. stay away from your plastic and lock them in a drawer. take them out only for increases when you qualify. learn to save, budget and pay your bills on time.
2007-12-20 08:33:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Where the hell do you live where you can buy a 50K condo?! I need to move there - you can't buy a driveway for that around here.
2007-12-20 08:32:46 · answer #4 · answered by Satisfied Mind 3 · 1⤊ 0⤋
How much cash do you have?
2007-12-20 09:36:17 · answer #5 · answered by William H 5 · 0⤊ 0⤋