Posted on: 16th May, 2011 09:56 am
HI.we would like to purchase ahome for 29,900 on the east side of youngstown, oh. are credit is not good, we bringhome 54k a year, on disability. can we e financed?
Angela, I deleted your other post because it was essentially the same as this one.
"Not good" is difficult for anyone to discuss - your opinion will likely differ from someone else's. Let's break it down like this. If your score is 660 and below, then that's not considered "good" credit; it's not so bad, but probably in the "fair" category. Below 620 or 630 is where you'll begin to get into more difficult territory when it comes to borrowing.
That being said, there are still lenders who can do business with someone whose score is that low. Your specific questions ought to be directed to someone who can review your credit and make that determination.
What is a more difficult hurdle for you to overcome is the home's price. At $29900, you'll find that virtually every lender will turn their back on you. I suggest you seek out a local, community-type, lender who might be willing to make such a small loan. A credit union is often a decent source for such a loan.
Depending on other obligations you may have (auto loan, credit cards, etc.) your income may or may not be sufficient. I'd have to think, though, that for the price of this home that your income would be high enough.
It's the other challenges that have to be met in order for you to be a candidate for a loan to purchase that home.
"Not good" is difficult for anyone to discuss - your opinion will likely differ from someone else's. Let's break it down like this. If your score is 660 and below, then that's not considered "good" credit; it's not so bad, but probably in the "fair" category. Below 620 or 630 is where you'll begin to get into more difficult territory when it comes to borrowing.
That being said, there are still lenders who can do business with someone whose score is that low. Your specific questions ought to be directed to someone who can review your credit and make that determination.
What is a more difficult hurdle for you to overcome is the home's price. At $29900, you'll find that virtually every lender will turn their back on you. I suggest you seek out a local, community-type, lender who might be willing to make such a small loan. A credit union is often a decent source for such a loan.
Depending on other obligations you may have (auto loan, credit cards, etc.) your income may or may not be sufficient. I'd have to think, though, that for the price of this home that your income would be high enough.
It's the other challenges that have to be met in order for you to be a candidate for a loan to purchase that home.