S P
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Yes you can, but in most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm |
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Realtor Jim
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There are lenders out there who can work with people with bad credit and they have many creative ways of getting you into a home.
Depending on how bad your credit is, be prepared to pay a high interest rate. Even with bad credit, you should be able to get a loan at less then 12%. What hurts worse then you credit score is a high income to debt ratio. If you have more than 40% of your income going to pay bills like credit cards and car loans, you may have trouble qualifying for a home loan.
You do not necessarily need a high down payment. I have put people with bad credit into homes with very little down. One way to do this is to have the seller contribute a portion of the sale to help you with your down payment and closing costs. I've had sellers contribute up to 6% of the proceeds to the buyer.
Seek out a lender that you can work with. Don't be discouraged by 1 or 2 rejections. Also, when you go to shop for a mortgage, try and do it in a 2 week period. Everyone you go to will pull your credit report. Everytime a 'hit' is scored on your report, you score goes down a little. If you put all the inquiries in a two week period however, it does not affect your score as much as if you stretch it out over a longer period.
I have a couple of lenders in mind for you. E-mail me from my website at www.flwaterhomes. com if you want some more information.
Be careful with a rental/purchase option. There are some unscrupulous types out there who prey on people with bad credit. They'll sock it to ya with rent for a year or two then find some reason not to sell it to you. Go through a reputable realtor who deals with rent to own homes.
Jim Reske, Realtor
ERA Advantage Realty
Port Charlotte, FL |
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glasscityvillian
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you may have to go have to go through credit counceling and get that all straightened out before attempting the home buying strategy if you are low income you could try and contact HUD or Fannie Mae good luck |
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DarlingD
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There are a lot of programs available for folks with not so great credit. You may want to first clear up any accounts you can . Ask a lot of questions, there are programs that folks DO NOT KNOW ABOUT! Seek a mortgage company, instead of a bank, they seem to work with you more. Folks just out of Bankructcy have been qualified as well as folks with just one day on the job. Programs like this are definitely out there, Just ask questions. |
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jcorreahq
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Depends on your credit score, if you FICO score is at least 580 you qualify for 100% financing. I am a mortgage broker who works with over 100 lender nationwide and have a program for all credit situations. Please feel free to contact me Jcorreahq@yahoo.com I would be happy to look at your situation and see what you qualify for, there is no obligation to you and if nothing else you will know where you stand and what you qualify for. |
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kfaulk211
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Get better credit. |
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dlmrgnk
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Pretty tough unless you've got a lot of cash--in which case why do you have poor credit, right? Call Habitat for Humanity. They may be able to teach you money management and help with a first home. |
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Judy1
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With a lot of cash for a big down payment, and/or a very high interest rate. |
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loosenutbehindthecomputer!
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In Illinois...
One more thing... People assume they have poor credit because they had a bad time keeping up with payments at one time or another.
If this point in time has passed and is over 24 months behind you- your scores are back up. Lenders don't look much past 24 months unless you've had a foreclosure. If after a BK you don't re-establish creditors & a payment history with at least a couple large accounts like a home, car or a credit card with a high limit then you may not qualify for best rates & down payments, but it's more likely to be because you didn't provide a stable 24 month history than a BK on your history. Some BK people maintain 600 plus scores because they filed early & did maintain a legal payment plan that lowered or got rid of some debts.
Keep in mind when you inquire about spending money -it lowers your credit scores. When you actually buy something- until you make a couple payments on it (more than 3), your credit will dive -how much depends on the amount of indebtedness you sign up for. A home mortgage could leave you 25 or more points lower.
So before you go judging yourself, let a professional run your credit and see what's on there. What matters, what doesn't- what you can do to fix or help your scores. Then armed with that knowledge- you will know exactly where you stand and WHY!
For those of you with child support payments- keep them up-if you don't care about paying your childs support payments- lenders figure you'll slip more easily on making a payment for a house too. |
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Life after 45
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Find a rent to own, or a no qualifying loan. |
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igi
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some will finance you with higher interest rates |
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Michael
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There are several things you can do.
1. Find someone that has an non qualifiying "assumable mortgage".
2. Put up a huge down payment.
3. Lease/Rent with the option to by with all payments going toward the property.
4. Find a homeowner who will carry the paper on the home.
5. Find a private individual who is liquid and would like a better rate of return than he/she can get from a bank savings account or CD.
6. Have a relative by the place, but you make the mortgage payment, and then split the profit when you sell.
and, several other ways. You just have to be creative and find someone who will go along with your plans. |
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Lynda
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Find a rental with option to purchase. |
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popeye
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California Department of Real Estate: |
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Tony
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try www.gov.org and also try fanie mae goverment loans. Either will help you buy a home as a first time buyer. you will be very surprised as to what you can purchace. With little to zero-No down.or even E-loans ect. They can all help. and will. First step is to call or go online its easier. Ask questions |
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