What would be the best option to buy with very bad credit.? Good income but very bad credit.
We have good income and want help with owning a home . Is there owners willing to lease with an option to own in a yr or two maybe? We are throwing our money away when we should be buying. Our credit is bad . A manufactured home would be ok if it was in the Buckingham rd area with a lot of property with it. Maybe a lease option there. Any help please. Thanks
(0) | asked by: Bill C | share | 32 months ago | Report
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Finding a local mortgage broker expert can assist. Be sure to compare apples to apples such as fees, APR, points etc. if you decide to shop around. It is best to meet mortgage broker face to face and get in writing. Be sure to mention what type of home and what county you will be looking for as it may have impact on mortgage. Best Wishes for a smooth transaction. P.S. It may be helpful to look up mortgage terminology to be familiar with prior to meeting with mortgage broker.
Sometimes strict underwriting guidelines make it difficult for people in your situation. But there are many options available to a wide variety of people. When you work with a skilled mortgage originator, they should be able to tell you of the options available to you. Some are more knowledgeable than others, so make sure you find the right person. Whatever you do, make sure you begin work on improving your credit, as this can significantly affect your personal financial profile and will affect multiple areas of your life. Find a reputable mortgage originator and make an appointment with them to meet them face-to-face as that will give you the best chance to explain your situation and allow for concise communication. If you need help finding a mortgage originator, a REALTOR® will be able to help you find one.
Sometimes builders can finance buyers with lower credit scores through their own banks. Usually on a rent to own situation you are paying higher interest and money in addition to the rent to go towards the actual mortgage.
Hello - I happen to be a local Realtor here in Lee County for over 15 yrs and can advise you on this matter. Get in contact with me in the near future!
Hi Bill. Consult with a mortgage lender/ Realtor in your area. A realtor in your area can connect you to a mortgage lender. A mortgage lender has insights and or solutions that might help in your situation. There are ways to increase your credit score over the course of a year or two. Should you have other questions fee free to reach out.
Try contacting a loan officer to guide you with this process.
Good evening! I would go after seller financing and approach the seller by showing him your income. You may be able to explain your circumstances easier to a human than a bank. You also may want to get a secured credit card and start rebuilding your credit immediately. You can start a secured credit card with as little as 200-500 dollars. Just start using it slowly. Contact a loan officer and get some free repair credit tip from them as well. Good luck to you.
Good afternoon Bill, I just came across your question. its been a long time and am not sure if you already purchased a home. If you are still looking and have not purchased yet. Contact up. we can help you. By now you should have tried to repair your credit. But with good income we should be able to get you and your family into a new home. Call or email us if you are interested. Thanks.
Hopefully someone gave you the proper advise and you have repaired your credit! I am sure if you have been successful by now and you are ready to purchase. If so please do contact me.
That is a great question and I deal with this issue all the time. Most people think that their credit score is too low to purchase a house but it is usually not the case. There are many programs out there that are made to help people in your situation, you just need to know which ones can benefit you for your specific need. You can go the owner financing route as well but there is more risk. I will be more than glad to elaborate more just let me know.
It depends on how bad your credit is and what is negatively affecting your credit score. There are many ways to raise your credit score and some programs that allow financing with poor credit. Many buyers believe they can not get qualified for a home loan but are pleasantly surprised when they speak with an actual lender.
I don't know what state you live in but there are different programs like this one for different states. they provides responsible households a transparent path to homeownership through its Lease with a Right to Purchase Program. The program provides three to five years* of rent certainty with an initial financial commitment of just one year. *In Texas, the maximum total lease term is 3 years Let me know if you would like more info in these particular state.
There are great programs in Florida,Texas and Colorado that provides responsible households a transparent path to homeownership through its Lease with a Right to Purchase Program. The program provides three to five years* of rent certainty with an initial financial commitment of just one year. *In Texas, the maximum total lease term is 3 years let me know if you would like to talk. I can give you more information.
What you need to do is repair your credit - there are companies out there that can assist you with this process.
answer by Anonymous
Im trying to buy a house in Guayama PR, but my credit is bad. I just sign on with Lexington Law to help clean my credit and made an agreement with Allied Services for my student loans with the Obama hardship program, just made my first payment. I want to retire for health issues. and my question is do you help people with bad credit?
I would love to help you with your issues. I have helped many clients meet their needs. Why do you want to do a lease option? Home prices are going up now. Capture that appreciation. I am working with a client who has never had a job and has no credit. but he does have cash for a nice down payment such as 20 or 30%. The Owner will carry for 3 years at 6%. In the mean time, clean up your credit so that you can refinance at a lower interest rate in 2 years. You have the keys to your financial future. Call me when you get to Las Vegas, NV and do not waste your money on the slots.
Lease options and owner financing where the loan balloons in two to three year are great options for you. They will allow you to move towards home ownership while simultaneously working on improving your credit. Please let me know if you would like me to email you a list of properties open to owner financing.
You can work with a lender who has a program to restore your credit. Do not go to a consumer credit organization. Call around for a Lender who has a Credit Restoration program or a recommendation.
Lease option is the most obvious answer BUT be careful, first new regulations prohibit in some circumstances, these type of transactions and protect yourself, by using a reputable real estate attorney or Realtor who is knowledgeable in that particular area. Also-you may be surprised what you can accomplish "correcting" the inaccurate information to the 3 trades. Although credit score requirements vary along with debt to income-some lenders will finance as low as 580. Good luck.
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