Posted on: 17th Aug, 2010 11:24 am
We have a 622 and 597 credit score respectfully. We are looking at owner finacing on a $169,000 home with $30,000 down. the problem is they want to charge 8.75% and 4 points. Is this reasonable given the credit? There is a judgement and voluntary repossesion from a trailor, that was classfied as a mortgage. Can anyone give some advice on this?
Hi jirelan,
As it is an owner financing deal, it will depend upon the owner as to what type of rates and terms he would charge you. You can negotiate with the seller in order to get the rates reduced.
If you find that you cannot afford the rates, you can apply for a FHA loan. You might be able to qualify for the loan with the scores that you've mentioned.
Thanks
As it is an owner financing deal, it will depend upon the owner as to what type of rates and terms he would charge you. You can negotiate with the seller in order to get the rates reduced.
If you find that you cannot afford the rates, you can apply for a FHA loan. You might be able to qualify for the loan with the scores that you've mentioned.
Thanks