I am just wondering, we would like to purchase a house that has come up for sale in our neighborhood. I know that there have to be some type of programs out there because I know plenty of people with way worse credit scores that have been approved for mortgages.
I know that there are first time home buyer programs, but what if you cannot get approved for a loan? The programs that I have seen that help first time home buyers, require that the co-signer also live in the home, so it’s not like someone that we know could co-sign for us.
Any information that you can provide will be helpful, thank you in advance.
So the house we saw is $29,000. It needs work, but we are willing to do the work. We currently own a mobile home that we bought for cash, we have put work into it and could easily get $10,000 for it. We have money for a down payment, but this money should be used for repairs to the house that we would like to purchase. Could we get approved for more than the asking price, and use the extra money for repairs (providing that we put $10,000 down)?
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A lot of people have been approved because they got money down was it 20 or 10 percent, something like that. well gtg laterz
Rich uncle or loan shark!
Fill out a loan application (1003) with a mortgage broker? Even with the government programs you still have to meet certain criteria, ratios, downpayment, etc… With everything that has happened with mortgages, the underwriting criteria is NOT negotiable (both conventional & government sponsored loans). If you get turned down by legitimate sources and programs, and someone offers to do some “creative financing”, you will get yourself in deeper trouble.
Former Mortgage Broker
The best part about a bad credit home loan is that it provides a good opportunity to people who have a poor credit score and makes it possible for them to secure loans and own a house. By making regular payments on time, your credit score can improve which can even help you to choose refinancing schemes with lower monthly repayments. However, on the downside if you have a bad credit rating, you may be required to pay a higher rate of interest as compared to people who have excellent credit ratings.
http://www.worldbestloans.com/homeloans.htm