Profile picture for ktorr

I have a low credit score and want to purchase a 24k house. I have 10k in my 401k. will be my home.

 First I want to be honest my credit score is in the 475 area. I have bad credit due to bankruptcy. About nine years ago I lost my job and was working temp jobs for awhile. Therefore, I had to remodify my mortgage, however still lacking the income I fell behind on my mortgage. Eventually I began working two permanent jobs which I still have. I have been employed on both jobs now for eight years. However I did have to file for bankruptcy which has now been discharged just recently. However it came to late I am presently in a deed for lieu process inorder to stop a foreclosure. My question is that I found a 25k house for sell and I have 10k that I can use for a downpayment is there anyway that 15k can be borrow to secure the house.  This house will be my residence and with the low loan I will be able to repair my credit.  The neighborhood is safe and the house is nice for the price.  VA holds the property.
  • July 25 2010 - Indianapolis
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Best Answer

Profile picture for ABBAUSA

VA has a finance plan on some of their property so see if that is available.

Also you need a bank loan or credit union loan, the amount is close to 50% which can be done as the property as part collateral.

Forget a mortgage, try your bank and try your credit union.

Good Luck!

James Callas - Realtor®
  • July 25 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ChandaB
Just as James said, you are likely better off trying to get a personal loan...It's likely going to be difficult to get a lender to approve a mortgage for 15 or even 20K thousand.  There are some out there, but they are few and far between.  The the lowest amount most lenders I know will go is 50K. 
  • July 26 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.