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Additional Details
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justingary@sbcglobal... | My husband and I are wanting to buy a home it will be our first.? |
The problem with us buying a home is that his credit is bad, and i am a stay at home mom. He makes 50,000 a year and i am a full time student. Is their any way that we can get 100% financing, because i am not sure if we have enough to put down for a down payment. We have already found a home the price is $114,000. We are really tired of renting and would like to get into somthing to make us richer and not someone else. Any Advice PLEASE. I am about to pull all of my hair out.
Cristy |
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jcann17
 |
There are some "First-Home Owners" loans that help with the coverage, but you really need good credit to 100% cover the loan. Plus, with no down payment, your interest rates will be much higher (and probably flexible instead of fixed, which is horrible!!).
I recommend trying to save at least 8-10% for a downpayment, which will allow you to get a 90% loan with a smaller interest rate. Then when you sell this house, you can take the profit and use it for a downpayment on a new house.
Talk to your bank or mortage loaner first. I know it's hard to save money. |
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Sun and Sand
|
Find a loan company that does manual underwriting instead of just looking at your credit score. Then you will need to show you have payed your rent on time for two years. The 100% financing may still be a problem so you some kind of down payment.
Beware of rushing into buying a home and using all your savings to get into it. If you have no saving to back you up, then when something breaks (and it will) you can't afford to fix it. You house will end up owning you instead of you owning the house.
Good luck |
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Mary Laurita
 |
OMG! We are almost in the same position! I work though, but my credit is short. His is not so good. But the houses here almost don't fall below 200K, which makes it almost impossible for me to get a loan myself. We are sick of renting and we also look for a 100% financing, (we don't have any savings) I do know that you can look into the goverment for FHA loans. Lucky you have found a decent priced home that I am almost sure you can get a loan for. Search for first time buyer loan programs. Good luck! |
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thisis4me
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With the economy being the way it is and the foreclosure rate being so high, the government is trying to do away with the 100% financing loans. They are really trying to avoid financing people with bad credit. Take it from someone who just went through a heartwrenching ordeal, build your credit and your savings up. Stick it out for a little while longer and you will be glad you did. |
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Seano
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There are many loan products available that might work for you, try contacting several Mortgage Companies and where you bank and see what they have to offer. Remember these people work on commission so they will do what they can to get you a loan, but also remember to speak with at least 3 lenders so you can compare rates, terms and costs.
You should get pre-approved before you pick a house out so that you can shop for what you can afford and when you make an offer you don't have to scramble to find financing. If your credit is really bad it may take some time to rebuild it first. |
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Ari
|
With the market in its current condition, it is extremely difficult to get 100% financing. Most lending institutions that were offering No Money Down programs for first time home buyers are no longer doing so, as the trend has shown an increased risk that those borrowers will default on the payments.
With having less than stellar credit, that's three strikes against you from a lending perspective (Wants no money down, is a first time home buyer, non-prime credit). And yes, if you are a student, than you can be on the title for the home, but not the loan. The bank will take the middle credit score of the primary wage earner. Since you do not earn wages, you cannot be on the mortgage.
In actuality, most first time home buyers are subject to even more restrictions these days. I'm not saying that its impossible to find one of these loans, but you're going to have to dig and work hard for it. |
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Library Eyes
 |
their are mortgages out there for first time buyers in your sitiuation
contact several mortgage companies and talk to them
sometimes you can take a short class(3 hours) and qualify for a first time home buyers loan with special conditions
talk to some lenders
sometimes the real estate agent can work an offer that will help you |
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joe m
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you will be fine...what state are you in. I have a friend broker in CA i can refer you to if you would like....jofus1981@gmail.com |
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Shumumway
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It looks like with what your husband makes yearly and the price of the home you are looking at that is not the problem. To over come the credit problem I would look in to state programs that are for first time home buyers.
Start by going to www.hud.gov. Then find a lender in your area that is savvy with your states loan programs. There are also FHA programs for people with credit problems. There is a lot of help out there for people who want to be first time home buyers. So do not fret. |
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heart o' gold
 |
This is largely dependant on where you are and your current level of debt.
I suggest seeing a credit counselor and cleaning up the credit report, it will save you a fortune in the long run because the worse the credit, the higher your interest rate will be and when you are talking about a home purchase, one point of difference means A LOT of money over a 20-30 year loan.
Feel fortunate you can find a house at that price in your area. In my area you couldn't buy an unbuildable lot for $100,000 and to get into a house at all will cost you AT LEAST a half a million. |
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