 Stupid decisions? |
| My parents are involved in a situation where they need money to pay house bills (amount on house is higher per month). So anyways, it started out where my dad let's his friend (trust) sign a ... |
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 Help me with Lanlord trouble? |
| my apartment manager just called me and said corporate just called her and said they havent received my rent for october. so they expect me to pay again but thats bullsh.t heres the messed up part i ... |
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 Roomate never signed lease, paid rent, but now is moving out? |
| When we signed our lease agreement prior to moving into new apartment, each person (there are 5 of us) went and met seperatly with the landlord and gave security deposit payments and to sign the ... |
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 Am I crazy to want to move out when I'm only 18??? |
| I was originally planning on moving out as soon as I graduated high school, but decided to stay and go college...now with 1st semester and this year coming to an end, I'm downright miserable.<... |
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 Can a landlord rent a house and have it for sale at the same time? |
I currently rent a house, but as soon as i moved in, the landlord put it on the market for sale. So, i have to have various people trapsing round my house all the time.
Can the landlord ... |
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 Is a fence considered a permanent fixture and can the owner take it during a short sale? |
| It's a short sale and the fence is iron with a rolling gate. They want to take the fence with them when they leave.... |
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 How do i decrease my debt to income ratio? |
| I am trying to buy a house and i was told the debt/income ration must be no more than 40% i am at 42%. the only thing i owe is a $25 credit car payment, $393 for a car payment. I make $2626 per month.... |
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| Should we buy a house or wait??? |
My husband and I have been waiting 2 years to buy our first home. It has taken so long because our credit was too low. Now it is just enough to get us approved...
BUT my husband just put in ... |
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 Loan that my inlaws took out for us which we are struggling to pay back help!!!? |
| my inlaws took out a big loan for us a couple of years ago,we are now struggling to pay it back big time,it is against there house so we have to pay them every month,we cannot get a loan so pay them ... |
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 I have a Housing Question...SERIOUS replies only, pls!? |
| A friend of mine rents a flat from a hsng assn (part of a house). A new tenant moved in and is a suspected drug dealer. She often comes home to find "hoodies" on her doortstep. She is ... |
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 Can you detect a level of blackmail in this communication? |
| Brief outline - had major problems with letting agent - took months to get tenant out of house - agency have lied about allowing me access to view house when tenant was in - have implied I've ... |
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 Should I buy a flat or rent? |
| I live in the London and have to move out my parents this year. I earn 22k a year and I have 15'000 loan owing (no credit cards or overdrafts). Do I buy or rent?... |
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 Can landlords make a person vacate a property in 2 weeks for no reason after being tenants for 14 months? |
| My husband, daughter, and I moved into this house a year ago, June 7, 2007. First the hot water heater was not working properly. It took the landlord a couple of weeks to fix. Then the toilet was ... |
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 Apartment question? |
| My neice found an apartment she liked. She submitted her application and was approved. She paid the security deposit fees and will be going in office saturday to read over lease and sign. The office ... |
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 How can I remove my partner from owning the house? |
| I have been with my abusing bffor 8 years now and we own a house together. If I can persuade my bf is willing to sign, how do I get his name taken off the joint mortgage and house ownership? O... |
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Susan E | Is it possible to buy a house with poor/bad credit? |
Bad things happen to good people, a friend of mine is wanting to but a house for him and his family instead of renting and throwing way money every month. Please don't say "clean up their credit" because they (like a lot of people) are having a hard time right now. I would like to advise them on what they can do because I don't have a clue.
Additional Details
I forgot to add that he has the DD14 for a VA loan and has been on his same job for twenty years, does this make any difference? |
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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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Mean Mr. Clean
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Absolutely.
However, expect a higher interest rate and also higher monthly payments.
Home loans are very secure, so banks often don;t have too much of a hard time accepting the property as collateral as long as a significant (above 10 percent) down payment is made. They are more secure than car loans and CC loans which are virtually given away to anyone who can sign.
However, the mortgage can not go over a certain percentage amount of the income, also there is the issue of down payment.....for if you have bad credit, banks will certainly want significantly more down on the property.
Remember, banks want to lend money! Home loans are more secure than credit cards. |
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Cookie On My Mind
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You can, but you'll have an outrageously high interest rate, which will probably also be an adjustable rate. Better off renting until their credit is better, even if it does take a few years.
This is why there's so many foreclosures lately - people going out with poor credit and taking these high risk loans out, only to find out late they can't afford it. |
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bronco1_80
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The best way about it is to save up some money for a down payment. There are ways for them to get financed but it will usually result in an ARM (adjustable rate mortgage). With ARM's you may start of with a fair payment but within a year or two the payment can become way too large which has resulted in a lot of foreclosures. If you can bring some cash to the table you can increase your chances of getting a better interest rate and typically a fixed interest rate. |
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foxyfall
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As long as you get approved for the loan. You will have to pay a higher interest rate. That means a bigger payment each month. |
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Eden
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Lol, i knew that brokers would solicite you with this question. Yes its true there is a such thing as 100% financing and 1st time buyer programs. blah blah. I know because my husband is a mortgage broker. More ifo on your friends situation would be needed to make such a decision. what one person considers bad credit could mean two things. either they think they have bad credit and they are actually somewhat Ok and then there is the person who says they have bed credit and they have worse than bad credit. Be very careful with the some brokers, not all are good. They will tell you sure with low scores we can still get you in a program. Then they end up pulling credit one to many times and your scores drop lower. a good mortgage broker will try and get every possible question to determain wether you are a good canadate before pulling credit. now that-thats out of the way i would like to tell you that there is a problem right now with subprime lending. Which means for your friend that if he or she has low scores the chrances of them getting a loan is very slim. If they have income that is not stated (meaning they get a paycheck and not self employed). If they have at least 2 months worth of a mortgage payment in the bank. Can show they payed their rent for at least 1 to 2 years. can show that they have been at their job or same career for 2 years or more. Then they have a better chance than most with bad credit. I have also been seeing alot of mortgage companys that want you to have at least 6 months worth of mortgage payments in the bank and by the way they refer to it as reserves. I wish you the best of luck. I will tell you to go with a broker because in this case they can get you a deal that a A paper mortgage company can;t do like GMAC or Country Wide. Just be careful and good luck |
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Marshall
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Get a FHA loan. With a FHA loan, it doesnt matter upon your credit score. It all matters if your paying your recent bills on time. If not, then good luck trying to find a loan for a home unless its some ridiculous interest rate.
Better yet, ask them if they will do a land contract. Put 10% down on the home and pay 500 bucks a month. After a year or two after your credit is better then get a loan on the property and pay it to them and you make the payments as if it was a mortgage. |
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Shelby S
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ABSOLUTELY!!!!
Check out
http://www.mm-review.com/money/2.html
They have some of the best credit help sites. I used the 3rd link to get my home loan.
Check them out.
Best of luck!!!! |
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gjkishere
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If they've got a really good deal or can provide a good down payment they can buy a house.
All the mortgage companies care about is whether you'll be worth suing if you stop making payments, so if the house is worth more than what they'll owe, it's a deal they should look into. |
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explosurenet
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credit is the big thing but there are other ways, they can inquire with a realestate agent about lease options, this is like a lease but after 2 years they have the option to buy the home and use the equity in the home as the down payment and most lenders will view as a refinance while they get the actual purchase loan. that way they have time toi fix their credit and live in the home that they will own. please note always pay lease with a check and on time as the lender wioll view all this. |
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mateomortgage.com
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Yes it is possible to buy a home with poor or bad credit. Lenders will do loan for people with bad credit but you will pay a higher interest rate on the loan because the lender will consider the loan a higher risk because of the credit. Depending on how bad the credit is a VA loan may be an option. VA loans do not require a specific credit score to qualify they do though require the lender to review the overall credit situation. If your friend can proof that the credit issues were because of a reason beyond their control and can write a strong credit letter to support the reason, some VA lenders may do the loan and your friend can get a good interest rate. Contact some local lenders in your area and inquire if they do VA loans. |
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Akbar B
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They have to apply for a sub prime loan and yes, it is possible to get a home loan but they will end up paying a little more in interest. |
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drblott
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find a seller that wants to take back the paper. ( sell with monthly installments) There are some out there that want a monthly income without the hassles of being a landlord.
I did it.
The risk is low to the seller as they get the house back you you default. Expect the interest to be a point or two higher.
On the good side there are no closing costs or loan fees. |
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turg143
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I know you did not want to hear it but it really comes down to one thing, clean up your credit. Sorry, it's the sad truth, a house is a big investment, banks will only lend you if you have a good credit. |
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stephen l
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Yes; I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck. |
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folklore
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If they're having a "hard time" now - how are they going to pay for a house. If they have 20% down it might be easier to buy a house, but don't think they do if they are having finacial problems. Is there a family member that would use their home as additional collateral or cosign for them? That might help. Also, they may want to contact their local financial institution to see if there are any grants they'd be eligible for. Good luck. |
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ron d
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Yes, you may not get 100% financing, but yes you can...
With scores under 500 FICO you still can get a loan. |
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shoVel
 |
http://www.banksource.biz/
This company will get you approved with a good rate. |
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