Financing in Woolwich>Question Details

lstitham1970, Other/Just Looking in Durham, ME

Looking to purchase land/modular in woolwich. My husband and I both have credit scores in the 530 area.. But do not have any big debts but a small

Asked by lstitham1970, Durham, ME Sun Aug 19, 2012

car payment which is usually on time.. How easy will it be to qualify for a loan of about 150,000? In my budgeting I know we can afford a mortgage payment of at most 1200 amonth. Will our credit hold us back?

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Keith Andrews’ answer
Consider a lease option, or lease purchase agreement with a seller. This is also known as a rent to own arrangement and can give you the necessary time to build your credit scores. Higher credit scores generally translate to lower APR's. Just because you have a credit score in the 500's, doesn't mean you won't be able to get a loan. It may just mean you will pay a higher interest rate on it.
0 votes Thank Flag Link Sat Oct 20, 2012
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