Answers (4)
- Dan, "the_country_hick"
- Contributions:4827
One other thing you may not have thought about. Section 8 housing (subsidized) may be the solution for you. If you talk to your local housing authority (dept. of human services or city hall should give directions) you may find you are eligible. It is not a purchase, but it is defined by income and need.
- Dan, "the_country_hick"
- Contributions:4827
Just to let you know. F.H.A. loans require 3.5% of the purchase price be put down. You will need more money to cover closing costs you will have to pay for. 640 is the minimum fico score acceptable by most lenders now.
The best thing for you to do is not get used to where and how you are living. Become uncomfortable with your lifestyle. Once you do that you can and will do whatever you need to to improve you credit rating and to build up a down payment. This will not be easy. You are going to have to tell the kids they can not have that (all kinds of things). You will not be able to ahve any extravagances in your life at all. Cable tv, lose it. Nice toys for the kids, sorry can not afford it. Computer access, dialup if that much. I am saying define the bare essentials you need to live. Food, clothes, transportation to work (not a brand new car), and so on.
If it is not necessary it can be done without. Living this way for quite some time while paying off your debts should allow you to buy a house in the future. It is a painful choice you have to make. Will you sacrifice much of today in order to gain something tomorrow? If you will this can happen, if not, forget it.
To see how this could work look at the blog below.
"How do I get a down payment to buy a house? The ideas below worked well for me. They could help you also."
This covers the basic things you should be doing now even if you can not buy for a year, or 2, or 3, or more. Your situation will not improve on its own. You have to make it happen.
"I want to buy a house. It will be at least one year before I am ready to buy. What should I do now to prepare myself?"
You obviously made some very serious financial mistakes in the past. It is to late to change that. You can make good moves financially from now on. One good move would be to talk to a local lender who also works with credit repair. They can give you some good ideas to follow to improve your credit score. Sometimes what you think would help really hurts your score. They know what works.
The best thing for you to do is not get used to where and how you are living. Become uncomfortable with your lifestyle. Once you do that you can and will do whatever you need to to improve you credit rating and to build up a down payment. This will not be easy. You are going to have to tell the kids they can not have that (all kinds of things). You will not be able to ahve any extravagances in your life at all. Cable tv, lose it. Nice toys for the kids, sorry can not afford it. Computer access, dialup if that much. I am saying define the bare essentials you need to live. Food, clothes, transportation to work (not a brand new car), and so on.
If it is not necessary it can be done without. Living this way for quite some time while paying off your debts should allow you to buy a house in the future. It is a painful choice you have to make. Will you sacrifice much of today in order to gain something tomorrow? If you will this can happen, if not, forget it.
To see how this could work look at the blog below.
"How do I get a down payment to buy a house? The ideas below worked well for me. They could help you also."
This covers the basic things you should be doing now even if you can not buy for a year, or 2, or 3, or more. Your situation will not improve on its own. You have to make it happen.
"I want to buy a house. It will be at least one year before I am ready to buy. What should I do now to prepare myself?"
You obviously made some very serious financial mistakes in the past. It is to late to change that. You can make good moves financially from now on. One good move would be to talk to a local lender who also works with credit repair. They can give you some good ideas to follow to improve your credit score. Sometimes what you think would help really hurts your score. They know what works.
- Deborah Garvin, "DeborahGarvin"
- Contributions:449
I agree that owner carry is probably your best option. "Little down" basically rules out hard money. Though they are far and few between, there are reputable credit restoration companies available. My referral partner is across the nation...contact me if you want contact information.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:368
If you need immediately, then I'd recommend looking for somebody willing to do Seller Financing or Hard Money loan (you'll need about 40% down payment). Otherwise, you'll need to work on your scores. The Lender will view the middle fico score from the lower of each borrower.
527credit score for spouse and 567 for self, income 45000 in 2010- little down payment- any hope?
Credit scores of 554-565-567 and 587, husbands score is 527, we have little to put down but gross 45000 a year. We are working to improve our credit scores and currently have 2-3 collectors reporting back on "shared" accounts. However we need a home loan even if the intrest is high... our son is 7 and daughter is 4- they share a tiny bedroom in our 2br apartment and a $900-$1200 a month 3br apt is not aquirable. Is there any hope?
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