Foreclosure in Burbank>Question Details

kokoh8, Other/Just Looking in Burbank, CA

My credit is not great, but I do have a full time job and am current on all bills.

Asked by kokoh8, Burbank, CA Sat May 25, 2013

What are my chances of buying a house under $130

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Your chances are good. Have you spoken to a lender yet to try to get qualified? How much do you plan on putting down as a down payment?
0 votes Thank Flag Link Tue Oct 8, 2013
My suggestion is to fix your credit first. The great interest rates of today that are quoted are for people with good credit so your interest rate would be higher since you may be considered a higher risk. Continue to pay your bills on time. Paying on time consistently is one of the things that raises or lowers your credit. Speak to a lender so that they can help you fix it but this will take time. Also in Burbank, $130,000 is not a realistic number for buying a house or a condo. Minimum for a condo at this point would be around $300+ and homes are much higher. Start saving your money as if you were already paying the mortgage on the type of home you want to purchase and fix your credit. Once you have all of that in place then see what your money can buy.
0 votes Thank Flag Link Sun May 26, 2013
You say that your current on your bills but your credit is not great. Credit is usually a reflection on your bill payment. What happened that created a "not great" situation? Do you know what your actual credit report contains? If not, I would suggest you get a fee copy from https://www.annualcreditreport.com It may not be as bad as you think

If it is bad (below say 600) there are lenders out there that will still help you. In exchange for a good credit score, you will most likely pay higher percentage, extra insurance and/or points (fees) to get a loan. Loan are all risk based. If you have compensating factors such as a large down payment, many assets, etc, then it may help you to qualify. I would suggest trying to work with a broker who works with wholesale lenders and not retail lenders like Chase or BofA as they are not flexible or able to modify their loan programs.

Hope that helps some.
0 votes Thank Flag Link Sat May 25, 2013
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