 My credit score is very bad, can i get a home loan in california? |
| Me and my wife was thinking of purchasing a home. My credit score is very bad @ 570. I'm not even sure if i can qualify for any loan at all. I was very bad before, max my credit card, didn'... |
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 Im havin a hard time payin house payment. has anyone ever traded their home? |
| i knew someone who had done this along time ago. my house is large and so is the yard. i still need 4 bedrooms and alot smaller yard.... |
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 Should I rent my house to a tenant claiming Housing Benefit in Surrey? |
| Hello, we have recently brought a 4 bedroom house. We are planning to rent it ASAP, so that we dont have to keep paying mortgages from our own pocket. We already have another house where i live in. S... |
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 What happens if I break my apartment lease because I just bought a house? My lease is up Apr. 30th.? |
| We have had nothing but problems here, and they will not work with me, but we have put up with no heat and apartment flooding. They are saying it will go to court, do I have to show and will it go on ... |
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 Renter's insurance, is it worth it? |
| I keep on getting these ads from Geico on the renter's insurance packages that they offer. I am renting right now and has one roommate. I've gotten mixed opinions on the renter's ... |
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 How To Start doing real estate? |
| I need information as to how to start saling real estate, any information will be greatly ... |
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 I have a three day notice to pay up or vacate the premisses and it was not procesed through the court? |
| this paper that was given to me was not from the courts. It appears to be a form a stationary store.... |
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 Why is our Realtor against us putting an Offer On A House, with a Contingency Agreement (to sell our house)? |
| Our Realtor is NOT refusing to take the offer, she just doesn't suggest it. And, our house is NOT currently on the market. We live in a highly desirable area (our next door neighbor had an O... |
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 What can i buy now..? |
| What can i buy now and in a few years will be worth somthing. Or what can you buy and how long will it take for i to be worth somthing.... |
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 My house in danger..? |
| I live in Texas. I got this shocking letter telling me that my home will be bull dozed because the land on which it stands isn't mine. But I payed for the land too, and I'm paying all my ... |
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 We have an inheritance of approximately 12 million dollars, How much should we spend on a house? |
| I don't have a large income (>$50,000) so I have to take that into consideration. Would $2,000,000 be too much, or can I spend a little more?... |
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| Can i leave my rented house half way through a 6 month tenancy agreement? |
| Me and my girlfriend moved into a rented property at the end of may 2008 and then after 6 months we signed a new lease for another 6 months, but this time the landlord had increased the rent from £55... |
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 If our house got foreclosed on would we be responsible for the difference the bank sold it for and what we owe? |
| we filed chapter 7 bankruptcy about 2 years ago and got to keep our house. Unfortunately we are finding out with all the problems its having over the last few years we would of been better of to let ... |
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 Lease expired but won't take name off lease? |
| So my boyfriend and I got an apartment together and later broke up and I moved out. I had signed the lease so my name is on it. Well now the lease as expired over a month ago. I call them today to ... |
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 How do I add my name on my brother-in-law's house title? |
| My bro-in-law & I have purchased the house for 6 years now. However, the house is under his name. Now, I want to add my name under the title, what should I do? If I add my name to the title, is ... |
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 Can a landlord charge the renter for a plumber's repairs to fix a leaky sink? |
My son rents an old house with 2 other roommates. Yesterday they received a bill from the landlord for $100.00 to repair a leak under the kitchen sink. Who is reponsible for that repair?
A... |
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 We just moved in to a new apartment, we signed the lease saying we had a cat now the landlord came today and? |
| We moved in last Sunday, we signed the lease saying we had a cat. He only told us we dont accept dogs. He came this morning and said I noticed you have a cat, we said yeah we signed it in the lease, ... |
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 Realtor issue - help? |
| ok, so i found this condo that is currently bank owned, but the listing doesnt say who the bank is. i called the agent on saturday, got voice mail saying he only returns calls between 12-1 and 5-6, ... |
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Jensine G | Is there any way to buy a house with low income and no credit? |
It will be our first home. |
 |
 
mrdankeschoen
|
YES! You can buy a home.
My first question - You say you have no credit. Do you mean you have checked your credit report and have no score, or You don't have any credit cards or other debt?
There are options for all sorts of credit situations to buy a home. Some may not be as attractive as others. Here are a few guidelines.
1. Income - Lenders will want to make sure you can make the payments and that you haven't been too financially stretched.
Fannie Mae recommends your Housing Payment be no more than 28% of your gross income. Many lenders today will allow that number to go to 55% under special circumstances.
2. Down Payment - If you have a large down payment many lenders can make exceptions. The more skin you have in the game the more willing they are to lend to you.
3. Credit - The lower your score, the greater the risk. Check your credit and find out what your score is. There may be things that can be done to improve your credit over a short period of time, pay down some bills. Other items may take 12-18 months, building a solid payment history.
100% financing options start for credit scores in the high 500s
You may qualify for Government, State or City assistance once your credit gets to the low 600s.
For more information on how credit works visit Fair Isaac's site (They created the credit score) www.myFICO.com
Obtaining Credit
Every year, financial institutions lend billions of dollars to consumers. The decisions to loan money or extend credit are based on the individual’s assets, income and credit history. A person with damaged credit, or someone who has never had credit, may face difficulty getting a loan or credit card. Fortunately there are options to consumers in such situations:
•Open a checking and savings account
•Apply for a retailer’s charge card
•Purchase on lay-a-way
•Apply for a secured credit card
•Obtain a student loan if college-bound
•Ask a close friend or relative to co-sign for a loan.
Term loans or Note Loans (auto, mortgage or personal) are weighted more heavily in your credit score. These are loans that have the same monthly payment and pay off over a set period of time.
There may be options to use non-traditional credit as well. This can be rent payments, utility bills or other monthly payments.
If you have any questions feel free to contact me.
~Danke Schoen
Nathan Ellis
MrDankeSchoen@yahoo.com
925-250-6067 |
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Dr. Love
 |
Check with the local government in which you want to buy a home. Luckily if your are low-income, many first-time homebuyer programs available thorugh your local government are only available to your income group. The program can be downpayment assistance or second loans to lower your monthly payment. They also offer credit counseling and homebuyer courses as part of their programs. Also, check with the state that you live in to see if they have a mortgage credit certificate program which can lower your taxes as a tax credit. You can then adjust your withholding so that you could afford a mortgage. Don't sign up for private programs. They will charge you money for information that the local goverment can provide and then will turn you over to a sub-prime lender that will charge a large interest rate and then you'll end up foresclosing down the road. Check with your local goverment (city, county, township, etc.). Note that they may refer you to a non-profit and this is o.k. Be careful, however, with non-profits that are not working with the local government. Some turn out to be poverty pimps. |
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AP
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LOOK UP FORCLOSED HOMES |
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fmrnyguy
 |
visit or call your local housing authority. They have programs you'd be interested in, and they'll help with credit restoration or counceling. |
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flowerspirit2000
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RENT TO OWN |
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thebulktiny
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You could see if the Owner will finance and hold the paper for a few years. Usually this is on a ballon system. It all depends on the house and how well the market is moving. When the market is slow you will find more people willing to do this. Also some older people who are moving on may hold the mortgage for you . Your real estate broker will know which ones will and which ones wont. Usually these are people who have rented the houses and want to get out.
You may also want to consider a HUD house or a repo. They are usually a little more work involved, but the price is a lot lower. It alll depends on how much of the work you can do yourself and how much you have to contract out. And how much work needs to be done to make it livable. |
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Brutus
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It's called sweat equity. Go to http://www.grants.gov/Index to see what you can qualify for. |
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Price is what you pay for value.
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Good time to buy?
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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te'
 |
YES YOU CAN BUY SECTION 8 HOUSES ARE JOIN THE HUD PROGRAM . LOCATIONS DO VARY AND THESE HOUSES ARE FIXER UPPERS. |
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lindsay s
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Rent to own.. or there are special programs for first time home buyers! Work on your credit and have good credit scores before going to buy!! I would talk to a few mortgage places before settling on one! Loan officers like to rip people off so do your homework for sure before you jump into something!! |
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Matt J
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Yes, but make sure you can afford it. You can get a mortgage.
www.diversifiedlender.com |
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retiredslashescaped1
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Though it may not still be legal in all states, there are usually slum lords who will sell you a house on contract for a downpayment. If you can't make the payments, the slum lord gets to keep the downpayment, and can then sell it again. He or she in fact hopes you default as soon as possible.
These are not great houses.
I suggest you do'nt but continue to rent, and go to the community college and get schooling so your income raises and you can afford a better place. |
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lspalletta
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Have you spoke to a mortgage person that has checked your credit yet? e-mail me and I will try to help you.
Lori |
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