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catgina | If i have bad credit and want to buy a house and have about 80000.00 cash? |
would they sell to me
Additional Details
i wanted to use as a down pymt on 200,000.00 house credit is clean except for discharged bk . |
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zyberianwarrior
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If your home is 80,000 yes they will sell it to you but remember any cash transactions over $10,000 is reported to the IRS automatically. |
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Kandy M
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First how much is the house? Second depending on how bad your credit is determines your down payment. Are you buying a house you will live in or an investment property? I don't see why you couldn't buy a house up to $400,000 with that deposit, even with bad credit.
The bank will look at it this way. If you buy a $400,000 home with an $80,000 deposit and default (as your credit indicates) and they have to forclose on the property they are likely to make back the full loan amount!
They can put your home with a market value of $400,000 on the market for $320,000. Sell it quickly and lose nothing. Of course if they do that you are out your $80,000 and are less likely to default on the loan. |
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Deliah
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You do not need to worry that you can get a sales contract, of course they will sell to you. Your question should be if I have 80K down will someone finance the rest of the loan. The answer might have been clearer several months ago but creditors are tightening standards now. If your score is horrible you will STILL pay double digit interest rates. If it has improved you will get a rate below 2 figures but still high.
Now how did you get 80K, hidden assets from the BK trustee or sell of your current residence. |
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Gary H
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Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html |
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ibspecialk21
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The best company for what you are trying to is World Class Financial Group. Go to there website for lots of info. www.worldclassfinancialgroup.com They truely are the best, and you can tell by their website. Good luck!! |
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Summer
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How much is the house? 80,000? if it is then you don't need credit. If it's not then why not talk direct to the lender and find out how much you're qualified for. |
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sirmrmagic
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You could show them how serious you are in buying this house by making a large down payment , but its your credit that might get in the way, all you can do is ask and see what happens, if you have the cash amount then I would say they would be very interested in doing business with you...Good Luck... |
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Glen G
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There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad credit<!--These options include Bad Credit Home Loans, Home Equity and Line of Credit (HELOC) Loans and different options for Mortgage Refinancing, making it possible for those with bad credit to realize the dream of owning their own home.You can find more information on Home Loans here,
http://badcredits.awardspace.com/homeloans.htm
They also offer a debt consolidation offer which helps the home owner organize a comprehensive program for controlling their spending. Many consumers with bad credit are grateful for the opportunity to receive a second chance, sort to speak-->Bad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives. |
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Rick B
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Maybe. How much house are you buying and how bad is your credit. It is not a matter of IF they will sell to you, it is a questions of HOW HIGH will your rate be. |
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Sullivan Smith
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If the house costs $80,000 then I don't see why not. Unless it's the bank selling it. |
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Whynot
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Yes. You may have to 'fix' your outstanding charge offs, but I would say sight unseen that most credit problems can be overlooked with that kind of deposit. |
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martin h
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You can buy a house with bad credit. You will probably have to pay 5 percent as a down payment, as opposed to the usual 2 percent. So, if you buy a 300,000 dollar house, you will need about 15,000 I would predict. Also the interest on the mortgage will be sky high. It depends a lot on what town and neighborhood you go to, and what the market is like at the time. |
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Maria2Blue
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Yes a cash buyer is better than a buyer with a loan to a seller eyes.
Where did you get $80,000 cash with horrible credit ??? ;) |
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defeat godliness
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80,000? USD? yes, they will sell to you, that is a sh!t load of cash....buy a house and pay off your credit cards... |
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