Where can I find a lender to give us a 320,000 loan to but this amazing house but we have bad credit but my husband makes 35hr and has been a welder for over 26yrs. Why we have bad don’t ask,ADHA? or whatever.The thing is we are renting this house and the opportunity to buy it is now.The owner can”t carry the contract because of the type of loan she has on the house according to her Realtor. Dose anyone know where we can get a loan for 320,000? we can put down 5,000-10,000 or pay off our debt which is under 10,000.I need this NOW and paying off the debt as soon as we get our money in at the end of this month is possible but will it be the best to try to get a loan ASAP.The house is on the market but our lease is till July 31st.But the house can sell now.Somebody Help Please?????I need names and phone numbers of companies that can help first time home buyers with bad credit.I’m in Bellingham,WA
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You might be able to get an FHA loan if you can come up 3.5% down payment ($11,200) and ask the seller to pay your closing costs. I think that the lowest FICO score for that you would need is 580. FHA will allow the seller to pay up to 3% of the selling price of the buyers closing costs.
That is the very lowest requirements for any loan available today.
If some of the sharks on this site come in and offer you a loan…..don’t pay them any money until the escrow is closed. If they ask you for any up-front fees run away quickly. Mosl likely its a scam.
I don’t think there are any.
$35 / hour x 40 hours (standard week) = $1,400 / week = $72,800 / year.
Maximum amount of funds per month available for the loan is as follows:
28% of $72,800 = $20,400 / year = $1,700 / month available for the house payment (principal, interest, property taxes and insurance)
We will assume for the time being that some financial institution will loan you what you need to purchase the house. Let’s look at the rest of the information:
Sale price = $320,000
You have: $10,000 – That covers the closing costs (i.e., transaction costs for loan fees, escrow fees, etc.), so you’ll have to borrow the whole $320,000.
Let’s be ridiculously generous and assume you can obtain financing at 5% for 30 years. That means, the principal & interest portion of the payment is ….. $1,717.83.
Property taxes = 1.25% of sale price ($4,000 / year) or $333.33 / month
Mortgage insurance (because you didn’t put 20% down). Let’s be generous and assume PMI rates haven’t gone up in years. 0.50% x $320,000 = $133.33 / month.
Now let’s add it all up:
$1,717.83 + $333.33 + $133.33 = $2,184.50
{buzzer sounds} – Oh, sorry folks. You lose. Thanks for stopping by.
Next contestant please.
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620 is now the magic number for even FHA. Very few investors are buying loans under 620, no exceptions. Get your credit taken care of, then try to buy something cheaper. Check out the FHA loan limit for your county.
You are serious? Sorry, but it isn’t going to happen unless the owner is willing and able to carry the loan. Work on getting your credit repaired, then try again after a couple years.
And by the way, you’ll most likely need more than that for a down payment even with decent credit.
It is a mistake until your credit score is higher.
You don’t get a credit score of less than 600 by paying your bills on time.
You’ll pay out the nose in interest rates IF you find one willing to take on a very, very high-risk loan.
creditreport.undonet.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.