Posted on: 12th Jul, 2010 12:32 pm
Our neighbor had a tewo yr old mobile home in a park in Iowa and they had family members living there since they have both past away.
They are willing to let us take over payment but our credit is bad can we take over this note if need be through another lender without a great downpayment
They are willing to let us take over payment but our credit is bad can we take over this note if need be through another lender without a great downpayment
Hi kimofiowa,
Though you can offer a great down payment, you have a bad credit. This will go against you when you plan to apply for the mortgage. I would suggest you to improve your credit score first and then apply for a loan. Take a look at the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks,
Jerry
Though you can offer a great down payment, you have a bad credit. This will go against you when you plan to apply for the mortgage. I would suggest you to improve your credit score first and then apply for a loan. Take a look at the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks,
Jerry
You might consider working out a lease to own deal with owners of the property. You can use a mortgage amortization table to see how much of the payment would be applied to the principle or in this case your down payment. Along with some extra fees, security deposit, and the responsibility for any repairs, this might be an option for you if you're dealing directly with the sellers.