Well, the honest answer is that you should stop down to a local lender and pitch them your story. Different lenders have different requirements - even under FHA.
But, be careful with FHA loans. The low down payment will require that you pay mortgage insurance. Their MI is very high with both an upfront fee that goes on your loan balance and a high rate of monthly insurance. Their APR is also considerably higher than conventional mortgages even though they advertise a low interest rate.
Before paying off your credit cards, make sure you check with the lender and/or a reputable credit repair company. Sometimes having a credit card with a large amount of credit can be a bad thing since they fear you will go out there and max them as soon as you get the loan.... more
Buying a home with bad credit is normally analyzed on a case by case basis. Your credit may not be as bad as you think so its better to contact is good mortgage broker. They will analyze your case, determine how long it will take to qualify you for a loan and set up on a program to build your credit. This may shock you: "the lower your credit score, the easier it is to fix it".
Or get out there and obtain some creative financing; you can get someone to cosign for you, get a non-conventional loan, portfolio loans or private lender.
You may also go on craigslist to find motivated sellers who are willing to do seller financing or rent to own options. Let me know if you need any assistance or clarification..
"Everyone has a right to own a Home"
The best person to answer your question, address your concerns, and allay your fears is your agent. If you don't have an agent, consult with an attorney to understand the terms and conditions (the writing) contained in your purchase agreement, and whether or not you can receive a refund of your fee.
This is a great site to get information on certain towns/cities! Please contact me if you are looking to relocate to the Concord Area, I would love to help!
Century 21 Towne & Country
Kannapolis is a melting pot. There are a mix of Blacks, Whites, Hispanics, Indians, Asians, etc. You would not feel out of place in any part of Kannapolis. I am a life long resident. I have watched Kannapolis grow from a small no name city, to having a bus system, a baseball team, some of the best hospitals in the area and being nominated and winning an award for being one of America's all time favorite home town cities.
Its location is close enough to Charlotte, the mountains, the beaches (North and South Carolina) just hours away from Atlanta, Charleston and the Triad region of NC (Raleigh, Durham and Chapel Hill. It has access to google fiber and major other companies that are nearby.
Lake Norman, Lake Wylie and the High Rock lake are all within a stone's throw from Kannapolis.
As far as recommendations, the Moose road area would be a good choice for a Caucasian family with two kids. The area is close to Lake fisher, The Intimidators baseball team, Interstate 85, and all other major cities in and around the area.... more
There are several neighborhoods, some have restaurants/gathering places within walking distances. I would be glad to help you find a great home! If you are looking to buy a home, I can help you get pre-qualified as well. For more information, feel free to contact me.
RJR Real Estate Group, Inc.