...how I could go about getting a home with poor credit. I am thinking that my only option is to rent a home. How can I find a decent place to live with poor credit? How can I find a home with little or no money down and reasonable payments? I am afraid that I am asking for too much. Is this possible? Help!Please give me your advice about...?
Look into FHA programs. There are also many first time homebuyer programs that can help you out. to qualify for some first time home buyer programs you have to earn i think between 30,000 and 35,000 a year and have a minimum of 600 fico score. below that score its gonna be hard to get financing. Or you could try one of the most common ways and get a co-borrower.Please give me your advice about...?
Renting a luxury apartment is bad.
Renting the cheapest apartment you can suffer through, while saving for a house, is good.
You need to organize your budget, to squeeze out every dime.
Then, I have 4 goals I want you to meet.
1) NO OTHER DEBTS (including car notes, student loans, and credit cards)
2) DOWN PAYMENT (20% - cash in the bank)
3) EMERGENCY FUND (6 months expenses - more cash in the bank)
4) FIND AN AFFORDABLE HOUSE (2 year's salary. If rates continue to stay this low, you can stretch this to 2 1/6. You want a 15 year fixed rate with payments no more than 1/4 of your take-home pay.)
If you meet these four goals, the 'poor credit' will take care of itself.
When you have poor credit, you are either going to pay more to borrow money with fewer options or you might not get approved for a loan at all.
With these additional costs in mind, you really have to think long and hard about wether or not buying a house is going to be worth it for you in the long run.
you could find a rent to own home or owner finance home (basically the same thing). you just pay monthly rent on the home for so many years, then after that time frame is up (usually 20-30 yrs) the house is legally yours. some agents put the house in your name at the beginning of the contract and some do it at the end of the contract time frame. whatever they prefer. you might spend a little more, but hey, atleast it will be yours.
I will advise you to seek for a loan(little loan)to get yourself an apartment.i will refer you to a loan firm,whose director is my very good friend just tell my George Brown sent you to him.you can reach at allenrobertloanfirm@yahoo.co.uk.The directors name is Robert Allen.
I'm not sure if you can... I tried the same thing and I just ended up renting... renting is ok... and you can work on your credit while renting a cheaper home and same up some money... that is what I am doing.
Look into ';rent with option to buy'; arrangements.
Buy a piece of crap house or rent.
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