Posted on: 17th May, 2009 01:58 am
purchase a small one bedroom home bad credit purchase with no down payment and pay monthly payments or even a small 1 bedroom town home
Hi Dretzbach,
I am not getting your question ?Ask clearly what you want to ask? so that community can answer and solve your query.
I am not getting your question ?Ask clearly what you want to ask? so that community can answer and solve your query.
i am interested in a home-iam disabled and get one check a month-i get s.s. disibility-also my credit is bad-so can i rent a home with option to buy
Hi!
Welcome to forums!
To dretzbach,
With a bad credit, you won't be able to get a mortgage. Lenders will check your credit report and income before approving you for a loan. You should remember that in order to get a FHA loan, the required credit score is 620 whereas you would require 700-720 credit score to get a conventional loan. You can improve your credit score first and then look out for loans. Check out the given page to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
To cal lagstrom,
With a bad credit it would be difficult for you to buy a property as none of the lenders would approve you for the loan. As far as I know, you can rent a home with an option to buy.
Sussane
Welcome to forums!
To dretzbach,
With a bad credit, you won't be able to get a mortgage. Lenders will check your credit report and income before approving you for a loan. You should remember that in order to get a FHA loan, the required credit score is 620 whereas you would require 700-720 credit score to get a conventional loan. You can improve your credit score first and then look out for loans. Check out the given page to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
To cal lagstrom,
With a bad credit it would be difficult for you to buy a property as none of the lenders would approve you for the loan. As far as I know, you can rent a home with an option to buy.
Sussane
Callagstorm youneed specify, when you say bad credit whats your definition. So details on your current credit score.
If your score is 620 or above then probably you can look FHA for financing the loan.
But FHA needs atleast 3.5% down payment and an upgrade MIP(PMI) of 1.75%. Also you wll need to pay MIP every month beased on the loan amount. This will stay until you pay off 20% of the principal.
But no one doing 100% finance in this market. Not even the 80/20. Probably we may never see these kinds of loans in the near future.
If your score is 620 or above then probably you can look FHA for financing the loan.
But FHA needs atleast 3.5% down payment and an upgrade MIP(PMI) of 1.75%. Also you wll need to pay MIP every month beased on the loan amount. This will stay until you pay off 20% of the principal.
But no one doing 100% finance in this market. Not even the 80/20. Probably we may never see these kinds of loans in the near future.