Posted on: 17th Aug, 2010 11:23 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?
Run away..is the house worth it to you to pay such an exorbitant rate? Obviously the owner wishes to have some protection against a possible default, and figures that's why to jack up the rate and points. But have you tried elsewhere? You need to.