Home Buying in 85323>Question Details

Nick Walker, Other/Just Looking in Oregon

Disabled with bad credit.

Asked by Nick Walker, Oregon Wed Dec 22, 2010

I have a fixed income with bad credit. I am disabled and I can't afford the rent where I am moving but could afford a mortgage because the housing prices aren't that bad. Right now I pay $500 a month and all I can find to rent in Redmond, OR is over $600 I am having a hard time getting by as it is right now. The homes I have been looking at with 5% down payment would cost me only $280-$400 a month something I can afford. Is there anything I can do?

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Bad in the past, I paid off most debts I had with a few going to collectors but they have long since stopped trying. It has been about 6 years now since things went bad. My credit score has gone up a bit but it is slow going.
0 votes Thank Flag Link Wed Dec 22, 2010
Dear Nick:

Yes, I know what you mean, often less expensive to buy than to rent. these days. The low interest rates are here for a bit longer. When you say bad, do you mean bad in the past and your credit score is low or it is still bad with ongoing past due payments to creditors?

Feel free to call or write to me and I can put you in touch with a lender that specializes in mortgage loans for people that have been turned down by other lenders.

She may ask if you are a veteran or qualify for disability grants.

May I wish you the best.

Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart Realty
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Wed Dec 22, 2010
Hey Nick,

I'm sorry to hear about your circumstances, but limited income and bad credit, I'm afraid your chances of obtaining financing are somewhere between slim and none. You could always check with a reputable lender to find out for sure what your "bad credit" consists of, but I'd rather be upfront and honest with you. If you want the name of our preferred lender, email me through my profile.

All the best!
0 votes Thank Flag Link Wed Dec 22, 2010
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