Posted on: 27th Mar, 2010 05:42 am
I have found a home I like that is selling for $39,000. It is a frame home in a nice established neighborhood. I have determined that this is about as much home as I can afford for not only today but also the years to come as I will soon be out of the job market due to age. The problem seems to be that I have been without a home of my own for the past year and a half so I do not have utility payments, etc. in my name and to make matters worse, I have only purchased what I wanted with cash. With no credit history to show, a smaller loan amount and times as they are (so I keep hearing), I am having a problem finding a solution to obtain a mortgage. I have been told I need to get a gas or other credit card and try again in 6 months to a year, however that means I must now find a rental to live in and that would be a monthly payment for rent that is really outside my comfort zone and not allow me to save for the down payment and closing costs. Is there a lender who will help me or some way to make this happen?
nubee, can you find someone in your family to be a cosigner for you? that might do the job. otherwise, you can shop around with a credit union or a local bank whose qualifying guidelines might be a bit more liberal. you're correct in that it's a very difficult thing to qualify for a mortgage loan when you've got little in the way of credit background. furthermore, the loan amount you'll be seeking is far lower than is profitable for virtually every lender in the country. that doesn't help.
you need alternatives...check with a realtor or lawyer in the area to see if you can get a reference for the peculiar kind of lender who actually gives a hoot about "little folk" like you (small loan, no credit, etc.).
that wasn't meant to demean you in any way, and i trust you recognize that.
you need alternatives...check with a realtor or lawyer in the area to see if you can get a reference for the peculiar kind of lender who actually gives a hoot about "little folk" like you (small loan, no credit, etc.).
that wasn't meant to demean you in any way, and i trust you recognize that.
I feel as if I have talked to every lender in the country -- although I know in reality there are a bajillion more of them that have not heard my pleas. I am sure there is a way to do this, but just haven't found it yet.
Thank you, Niicss. I appreciate your reply.
Thank you also, George, I am wondering if it might be legal and ethical for me to contact the ladies that own the property I am determined to call home. I thought I could offer them $4000 more than the price we settled on for them to carry the note for two years so that I can take that time to charge gas or something on a credit card and establish a credit history. I have been told that they are not willing to do an owner finance, but maybe if I present it correctly they might reconsider. In the meantime, I can put the lipstick and nail polish on the home that it needs (paint and elbow grease are the main reasons the price is so low on it).
I know you were not trying to demean me in any way. I am just one of the little folk who want to better their lives without putting myself in financial peril.
Thank you, Niicss. I appreciate your reply.
Thank you also, George, I am wondering if it might be legal and ethical for me to contact the ladies that own the property I am determined to call home. I thought I could offer them $4000 more than the price we settled on for them to carry the note for two years so that I can take that time to charge gas or something on a credit card and establish a credit history. I have been told that they are not willing to do an owner finance, but maybe if I present it correctly they might reconsider. In the meantime, I can put the lipstick and nail polish on the home that it needs (paint and elbow grease are the main reasons the price is so low on it).
I know you were not trying to demean me in any way. I am just one of the little folk who want to better their lives without putting myself in financial peril.
you may be on to something - it's worth the effort. you might want to check around town with lawyers, accountants and the like to see if there might be a private investor with money to burn, who would be amenable to assisting in the financing. the amount you're seeking is a pittance in the overall scheme of things, and an investor with deep pockets might well be willing to take a chance on such a minimal amount.