Posted on: 23rd May, 2007 03:53 pm
I am wanting to buy a NEW home for short term with intent to sell its worth $320,000 but will sell to me for personal reasons and loss for $240,000 I am only 20 but know the area and its market well I want to Live in the residence and finish the basement and add some nice moldings everywhere its 4000sq ft but I need to find the best type of loan for what I want to do I have 3 People to lease for the next 2 Years and I want to pay as little as possible my estimated Fico score is only about 635-665 any Ideas?
Are you able to verify your income? Do you have reserves? If you do and your income is ok then you may be able to get a conforming loan.
Yes J_dubinc , as Cedric said tell us a few other things about your financial condition. Your income, other monthly debts, amount of down payment you would be able to make...
Miller
Miller
Yes Cedric, I agree with you. One has to think about his financial situation - income and liabilities and how much he can actually afford to pay on a monthly basis for the home loan. And, if there are sufficient amount of reserves then that really helps in case the person is unable to make the payment once or twice. It gives the impression to the lender that the person is not a high risk borrower provided he has a moderate credit score apart from sufficient income and reserves.
Hope this helps...
Samantha
Hope this helps...
Samantha
As several before me have already alluded, you haven't provided enough information for anyone to give you a clear response/direction.
Depending on your situation, you could qualify for:
a. Conventional loan program (assuming that there are no major cost to cure issues that effect functionality/livability).
b. Rehab to Perm loan program (assuming that there are major cost to cure issues...)
Share more and get more...
Regards,
Scott Miller
Depending on your situation, you could qualify for:
a. Conventional loan program (assuming that there are no major cost to cure issues that effect functionality/livability).
b. Rehab to Perm loan program (assuming that there are major cost to cure issues...)
Share more and get more...
Regards,
Scott Miller