Posted on: 19th Apr, 2009 01:19 pm
I have a $100,000 for a down payment. The house that my husband and I want to purchase is $200,000. We had a repossession on a mobile home that we had bought when we were 18 and 20 years old back in 2000. We paid on this home for 7 years and there were some illnesses and other factors that caused us to go into foreclosure. However my total loan amt. on this mobile home after financing for 15 years was $54,000. Which is extremely high for a trailer. This was repossessed at the end of 2007. We do not have any credit cards. But we owe like $2,000 on two seperate credit cards from 8+ years ago. I do have existing medical bills which are showing on my credit report about $20,000 and I know that I probably owe about $20,000 more even if they are not listed in my credit reports. I really want this home and I will gladly put up half of the homes cost to purchase this house. I will even pay a year or two full years of payments UPFRONT. Just to get approved for this house. I am absolutely terrified that we will not be able to purchase any home that we want because of our credit history and I will be stuck with my only option being TO BUY ANOTHER MANUFACTURED CRAP HOLE because no one will approve us. I do not want that to happen. We cannot find out at least an estimate of how much the HIGHEST INT.rate allowed on a mortgage in WV ia allowable by law. I am utterly confused, please help!
Hi shrewsburyamanda,
It is true that under the present market scenario the credit requirements have now become stringent. You need to have a good credit score to get approved for a loan. What is your credit score like?
However, since you are ready to pay a considerable amount of down payment and one or two years of full payments upfront, chances are there that some lenders may consider offering you a loan. You can go for a no-obligation free consultation with the lenders in this community and see if any of them can offer you a loan. If they think you match their requirements, they will call and offer you a free mortgage quote indicating the interest rate and other details.
It is true that under the present market scenario the credit requirements have now become stringent. You need to have a good credit score to get approved for a loan. What is your credit score like?
However, since you are ready to pay a considerable amount of down payment and one or two years of full payments upfront, chances are there that some lenders may consider offering you a loan. You can go for a no-obligation free consultation with the lenders in this community and see if any of them can offer you a loan. If they think you match their requirements, they will call and offer you a free mortgage quote indicating the interest rate and other details.
amanda, based on your description, it would seem that your credit score will be so low as to prevent you from making the purchase you are hoping to make. if you owe anywhere near as much as you've mentioned, then it will take some time to eliminate those obligations and become qualified.
I Agree with George's comment.
If I were you, I woudl go and clean up my credit first and then think about the rest.
If I were you, I woudl go and clean up my credit first and then think about the rest.
Look for a hard money lender.. they will finance you...relax,quit worrying :wink: