No Doc, Bad Credit, First time Home Buyer Purchase Mortgage?
I want to buy a single family home in Louisiana for 165,000. I have never filed bankruptcy. But I have a poor credit score, student loans and am self-employed. That's the bad stuff. The good stuff is that I have cash in the bank for a down payment. I could do 20% down but would prefer 10%. I also could get my parents to co-sign but would prefer not to. Is there a way for me to get a mortgage? My plan is to fix the place up and try to sell it. And if it doesn't sell I was going to move in. But it's in a high demand area so I think it will sell. So I'm looking for a mortgage that has no early payment penalties. Any ideas?
Public Comments
- wait a year or 2 and fix your credit - it could mean a couple of 100 dollars a month in payments
- Depending on your exact score it will be difficult to get the loan now-a-days. Even with 20% down you are looking at double digit interest rates. Let the bad credit age as you pay it ALL off. Investment property = even higher rates.
- well iam a mortgage broker and from what it looks like u need to talk to some locally that can help u structure your deal u might have to take a lower ltv based on your credit but it is always best to have money to put down to make the deal go a little smoother lenders like to see reserves in the bank . talk to your local mortgage broker so they can shop u a good deal and tell them not to run your credit that could hurt you loan to value even more
- Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation. Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership. You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off: http://www.axalda.info/bad-credit-mortgage.html
