Need help on how to buy house...
- Thread starter beardo
- Start date
medicalmaryjane
Well-Known Member
go to a less than reputable mortgage broker and take oout a sketchy loan with high rates HAHA, jk. don't do that. seriously though, with bad credit, in this kind of market, since the fall of the banking system in this country, that may be your only option. find a good realtor who can help you, they may know how to get you a loan. do you have a downpayment saved? if not, you're probably not in the position to buy unfortunately. hate to say it but just being realistic.
beardo
Well-Known Member
Do you think I can find a sketchy lender to charge me a high intrest rate? I know it used to be like that but now I think it's harder. How much do you think you need for a down payment? What about finding someone who's losing their home and taking over their payments? is that possible?
medicalmaryjane
Well-Known Member
There are still sketchy loans out there. You would think they would be gone but they aren't, too much money to be made in bad loans. that's what the entire real estate market was inflated on. Most peopple put 20% down but 10 is doable. I think some do nothing down too, there are programs for first time buyers. look for programs in your state for first time buyers. you may get lucky. were you ever in the military or anything? vets can get loans but they get hit with a tax on the total i believe. it's kind of a rip but hey, the US ripping off its people? nothing new there.
i doubt you would want to take over payments (it probably wouldn't make sense as they put money into the home but it probably only wwent to interest and they probably bought the home while the market was inflated and you woulld end up paying 300k for a home worth 150k). you'd be taking over someone elses bad deal.
i doubt you would want to take over payments (it probably wouldn't make sense as they put money into the home but it probably only wwent to interest and they probably bought the home while the market was inflated and you woulld end up paying 300k for a home worth 150k). you'd be taking over someone elses bad deal.
incognegro999
Well-Known Member
save up some money and move to florida. you can a buy a foreclosed condo/house for half of what a nice new car would cost.
Slojo69
Well-Known Member
Unfortunately with the way things are now, banks aren't handing out loans at all. You almost need to have the whole amount of the house in yer bank account and have to of had it in there for at least 6 months. Just went through this whole BS a little bit ago and due to being behind on child support they said no. To get qualified i need to pay off the 15 grand of Child support, put another 10 grand into my bank and leave it in there and have no monthly debt as in credit cards, car payments etc etc. Its rediculous.
beardo
Well-Known Member
That's what I've been hearing, why does it have to be such a hassle? Its just the rich people making sure they stay that way and we stay broke.
TigerClock
Well-Known Member
We are in the process of looking right now lender said we need a minium credit score of 640 and there stuck on that...no idea what my wofe cred score is but mine is 580 and they wouldnt sell me a house even though we have alot of cash saved to put down..so im just gonna let my wife buy it since her cred is better and makes more money.....try look for rent to own or if your married put it in your wifes name.
YungMune
Well-Known Member
you can rent to own, but thats a rip off. Best thing to do is try to repair your credit, it will take awhile but eventually you will have descent credit enough to get a loan for a small descent house. Credit is the most important thing you need when your young, weather you want to start a business, make money or buy a house.
Serapis
Well-Known Member
Actually, no it isn't... we tried the other way... used to be anyone could get a house loan. To bad you weren't shopping for one before the collapse...
HighLowGrow
Well-Known Member
Find someone that is selling a home on their own that is paid off. They may carry the loan for you. That's how my dad bought his cabin. He just writes the check to the seller.
-HLG
-HLG
see4
Well-Known Member
Look into "Lease to Own" financing. Some sellers are desperate to get out, but dont want to short sell or foreclose, so this is a viable option for them. And a good one for people with not so good credit. Google that...