whitefay
 |
It is a matter of either getting a mortgage from a mortgage company or a bank. If your credit (and all the people you mentioned) is not good---you will be deemed a poor risk. When the bank or mortgage company loans money out (for a house) they want to make sure that the mortgage will be paid each and every month on time. In addition to the mortgage you will also need home owners insurance and in most states property tax.
My advise---see if there are homes available that have the option "rent--with option to buy".
Or better yet, spend the next couple of years working at improving your credit rating.
This is NOT to say you would definitely not get a mortgage, but the lower your credit score the higher the rate.
Right now it is real tempting to buy with the housing market down--
I know that I spent 5 years saving and getting a good credit rating, so by the time I bought my house it was quite easy. |
|
bostonianinmo
|
Maybe, if you're willing to pay twice as much every month as you would if you kept renting for a few years and cleaned up your credit. Mortgage payments (for most mortgages, there are a few exceptions but you must be credit-worthy) are based upon your credit rating. Rent isn't, though it can affect your ability to get a lease sometimes.
Take some time to clean up your credit and save for a down payment. You'll be glad that you did because the payments will be affordable and you won't have to deal with the bottom-feeders in the B and C paper mortgage industry. |
|
Butterfly heart
|
It's possible but I would work on cleaning your credit up first. If you do get a loan, you'll have a higher interest rate. Start with the smallest debt and pay as much as you can, and work your way to the largest. Each time you pay something off add what you were paying on it to the next one. Getting your credit cleaned up should be #1. |
|
bilbobagsend
 |
it will be ahrd you will have to pay higher premiums etc but it may be possible |
|
charmed4life64
|
yes but its gonnas be tricky . wait till u establish a good credit |
|
Mean Carleen
|
I had bad credit and got my house with NO co-signer. I would not a cosigner on my house anyway. Naturally I had to have a higher interest rate because of the credit rating but ANYTHING is still possible with bad credit but you will pay more. |
|
bugggs
|
Well, if you have a large down payment, some lending institution is bound to take a risk on you (with a high interest rate). Or, maybe you could get lucky enough to find a house on a land contract. Other than that...it's going to be very hard to get a loan for a house. |
|
irishbarfight
 |
You MIGHT be able to get an "FHA" loan. The terms are usually less than favorable (depends on a lot of factors) and the interest rates are usually a bit higher than standard "sub prime" loans..but they CAN be had. Consult a mortgage banker on this, and hopefully he/she can point you in the right direction. |
|
jt_eradicator
|
If you want to ruin your life and loose all of your money, sure! You'll get a loan, won't be able to keep up with the payments, then you'll lose both your house and the big fat depost you invested in it. Go to Oprah.com and look at the Money section with Suze Orman...she has lots of practical advice. She'd probably tell you to hold off while you work on restoring your credit. |
|
springful
 |
There are some places that advertise to help with bad credit. Or maybe you can rent to own. |
|
abangan_lydia
|
i guess u can have another chance to get ur house f u go to ur creditor and promise them to pay it in ur easy installment ways that is affortable to u.
make it also a habit to keep ur promise and never skip to ur monthly amortization so the trust and confident will be back to u. |
|
Uni
|
It is hard to get a mortgage for people with good credit right now. You could get into an owner financing situation (with a legit contract of course)
So yeah you do have options. |
|
SC
|
Yes your rate will just be very high and it will take alot of looking around for a lender but it can be done. |
|
green3ch
|
Check the foreclosure listing in your area. The house you buy could be bought for very little down if you are willing to pick up a foreclosure. Good luck. |
|
Ben H
 |
You probably can't get a house. Try renting a trailer. |
|
I don't care for you much
|
Very unlikely..Your first step would be to try and get a 1st time homebuyers loan..other than that if they shoot you down some states offer assistance for people like you to try and get a house..Look in your cities housing authority but it's nearly impossible to rent an apt with bad credit so well good luck anyways |
|
Phil C
 |
At this time with the housing market looking the way that it is, you either won't be able to or you'll have to settle on a more "cost-effective" house. |
|
stingray
|
maybe |
|
love2help
 |
yes and that means that you have to come up with at least 30% of downpayments.. |
|
fighterfish
|
it's really,really hard.No is when you will realise how vital a good credit rating is! |
|
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
