anyone know anything bout getting a home loan, theres a house for 16,000 thats in decent shape and id like to try for it but my credit aint that great.. anyone know of any place to finance with bad credit
home loan?
- Thread starter blasterman87
- Start date
na i dont have any down, but yeah i searched im gonna make some calls tomorrow i really want the house the payments will be cheaper than the rent i pay now
I've been through this so many times (with bad credit) I could do it my sleep. My wife and I just purchased a similar house: needs work = $12,000. We were paying $500+ rent. This house will be ours is 4 years @ $288 a month. We ended up with a co-signer. Not the best way for most folks - we lucked out.
Most banks/mortgage comp./credit unions won't loan under $20,000!
Credit Unions are you're best option w/ poor credit and the low price.
Collateral is another option - a car/truck paid for with a book value of say $10k maybe?
Rent to own is hassle you don't want. If for any reason you fault - you're screwed - more so than you would be with a bank/lender.
It's a road that I have traveled and it is bumpy - up hill all the way - and with no end in sight. You will stumble on a way to get a house when you least expect it. Look at locally owned and operated banks...go in deposit $500...wait 30 days and ask for a secured loan for $500. All the while the money to cover the loan is in your account. This looks real good and will help you re-establish your credit. Do it again for $1000 - then drop the bomb 3 months later for a mortgage after everything is piad up on time - if not early...
If you really want THIS house. Sell everything you own (except for the Blaster...) and use that money for a down payment. Take the money you'll be saving from paying rent and buy the sh*t back later.
My favorite payment is my house payment. When I look back on the $60,000 I lost in rent over 10 years - I could kick my ass. $60,000 for NOTHING! Negative equity they call it. That's 20 Blasters, a really nice house, college tuition for the kids, 60 weekends on a Cigarette boat, or 2 pairs of excellent breasts (sorry).
Whatever you do, don't give up. Somebody, somewhere wants to loan you the money. It might take 15 banks but you can't stop at the first 2 or 3 that say no.
Too much?
Most banks/mortgage comp./credit unions won't loan under $20,000!
Credit Unions are you're best option w/ poor credit and the low price.
Collateral is another option - a car/truck paid for with a book value of say $10k maybe?
Rent to own is hassle you don't want. If for any reason you fault - you're screwed - more so than you would be with a bank/lender.
It's a road that I have traveled and it is bumpy - up hill all the way - and with no end in sight. You will stumble on a way to get a house when you least expect it. Look at locally owned and operated banks...go in deposit $500...wait 30 days and ask for a secured loan for $500. All the while the money to cover the loan is in your account. This looks real good and will help you re-establish your credit. Do it again for $1000 - then drop the bomb 3 months later for a mortgage after everything is piad up on time - if not early...
If you really want THIS house. Sell everything you own (except for the Blaster...) and use that money for a down payment. Take the money you'll be saving from paying rent and buy the sh*t back later.
My favorite payment is my house payment. When I look back on the $60,000 I lost in rent over 10 years - I could kick my ass. $60,000 for NOTHING! Negative equity they call it. That's 20 Blasters, a really nice house, college tuition for the kids, 60 weekends on a Cigarette boat, or 2 pairs of excellent breasts (sorry).
Whatever you do, don't give up. Somebody, somewhere wants to loan you the money. It might take 15 banks but you can't stop at the first 2 or 3 that say no.
Too much?
im not going the sell everything rout, if id do that..hmm... id sell the pc im on right now and ..um... some tools and that would be it..lol i dont own anything really, but were going to the credit union tomorrow and giving it a try, were gonna try for 20,000 so we will have some bucks left over for houshold items
yep scroung up some cash...if it's 16k walk in with 4k.. 25% down...the banks are going to want to see you have something tied up in the deal.. no down these days is a big red flag, it says to the bank you have nothing in it and would be more likely to default.
another option is say a 1 ~2 year land contract with a balloon. one year you could have 1/3 to 1/2 of the house paid for, make a few improvements to up the appraised value and get your credit in a bit better shape. then the bank will see you hve a significant personal investment plus you will be borrowing less.
another option is say a 1 ~2 year land contract with a balloon. one year you could have 1/3 to 1/2 of the house paid for, make a few improvements to up the appraised value and get your credit in a bit better shape. then the bank will see you hve a significant personal investment plus you will be borrowing less.
Good luck, I hope you can get a loan or work something out. I think banks may be stricter now cause that's how they got in the mess they are in now by just giving financing to anyone.
Yep, things have tightened down quite a bit. I bought my house in May '08, and the government outlawed "no down payment" financing the month before. If you've got good credit like I had, you'll be looking at about 10% down payment. No so good credit and that percentage goes up. Ended up selling my tiburon gt to make the down payment. No car for a little while, but I did have a house. I:I
See what you can negotiate. There's a lot of wiggle room with offers and counteroffers. Get the seller to cover some of the down payment like I did.
Also though, keep looking even though you want this house. I stumbled on my current house while I was stuck on purchasing another. Stay flexible, and read purplesan's post again, good advice.
See what you can negotiate. There's a lot of wiggle room with offers and counteroffers. Get the seller to cover some of the down payment like I did.
Also though, keep looking even though you want this house. I stumbled on my current house while I was stuck on purchasing another. Stay flexible, and read purplesan's post again, good advice.
i am going to tell you be careful though, look into the houses history, you do not want to get into a house that has liens or back taxes, because as soon as you sign the papers for it, those are your responsibilities now, i have seen it happen, and thats the biggest problem people have is they get excited about buying a house and rush into it, just look into it and be patient right now is a good time to buy a house if you have a good paying steady job. do your homework.
good luck dude, there are first time homebuyer programs out there. the wife and i bought our house 3 yrs ago and got a great rate but these days thay are even lower. i dont know what people are talking about a 10% down payment... that would have been $14,000! lol its more like a 1% down payment. but mabey its a different kind of loan???
ahh yeah my mistake. It was a 3% down payment plus closing costs and earnest money. Worked up to a total of around 12k which was about 10% of the house, that's what mixed me up. I was able to negotiate for the seller to cover some of the closing costs and also put a new roof on. It all depends on how bad they want to sell.
i liked the part where he said 60 gs would get you 2 pairs of excellent breasts lol
