home buying with less than perfect credit.

Discussion in 'The Lounge' started by iam20fan, Jun 21, 2008.

  1. is there any special programs people with less than pefect credit? i am getting tired of paying 600/month rent when i can put that 600 towards something i can call mine. i am looking at a budget of 45,000$ for a home. it's just me and my cat. i dont need nothing fancy. just 2 bedrooms ,a yard, garage any maybe a basement. looking in the moraine west carroltton area
  2. just my exp,...try a land contract....i know i'll get blasted for that!!! BUT its how i went!!! 7% FIXED 20 yrs got 10 more!!!worked for me with no credit....no bad credit...just havent had any loans or credit cards in 18yrs....keep in mind you will then have taxes,insurance,maint....all that goes with it!!!!i'm not proud so....$47.000=$3000 down $341/mo 20 years.....

  3. 341 sounds good.will the federal goverment help me out being a 1st time home buyer? and with the market the way it is?
  4. 2talltim

    2talltim Bubby wanna be

    look for a fixer upper and do the work yourself the more equity you have the less they worry about your credit score...my buddy bought one with a high interest fixed it up one year later refinanced for 1/3 the original rate with the equity added in
  5. Lewzer

    Lewzer Powderfinger

    Check out a FHA loan. Low down payment but you'll have to get PMI (insurance).
  6. If you had credit problems in the past but those issues have been resolved, you might be pleasantly surpised. When I bought my first home I found out the banks check your credit history for the past two years only. I would consult with a reputable mortgage company or bank and go through the pre-approval process. They will tell you what your options are, and whether or not you need to fix anything to qualify.