Home Buying in 78251>Question Details

Nancy Borrego, Other/Just Looking in San Antonio, TX

My husband I do not have good credit .Could we still buy a home?

Asked by Nancy Borrego, San Antonio, TX Wed Mar 21, 2012

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11
You may but the only way to tell is to meet with a local and trusted loan officer who can prequailify you at no cost and let you know what you will need to do to be able to buy a home.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Wed Mar 21, 2012
Maybe but if you are having trouble paying the bills you already have buying a home will only make it worse. If the issues from the past get agfressive because you bought a home you could end up losing it. And be careful of credit repair companies, most of them tell people to dispute everything negative in their credit file including the accurate stuff that is negative. That is a crime, lying about anything in order to get a loan is fraud and depending on the location and the type of lender the penalties can be up to 30 years and several million dollars. I hope this info protects you from harm, see more on the link below, good luck,
0 votes Thank Flag Link Fri Jun 29, 2012
Yes, agent Darrell made a good point by saying that "owner financing typically has higher interest rates and may require large down payments....."
The key word in Darrell's statement is the word: "typically" - meaning some owner financing deals DO and some Don't have high interest rates. Most of my properties (as well as other investors I work closely with) have decent interest rates from 3 - 6%. A majority of my deals involve assuming (or taking over payments on the existing mortgage) which is: paying the exact same mortgage payment with the exact same interest rate that the current/original home owner/seller is paying, simply because the existing financing that the original owner/seller already has in place--is simply transferred to the new buyer -- so if the original owner/seller is already paying a decent interest rate due to his/her "decent - excellent" credit rating, then that benefit is simply transferred over to the new "end-buyer" (you).
Also, (and again, most of my properties - as well as other investors that I work with) have down payments that range from 5 -10%...very doable given today's economy and today's strict banking requirements.
And yes, you certainly can take 6 months to work on your credit prior to buying (good recommendation) - And you can also buy now (using owner financing), work on your credit while enjoying living in the home, and then refinance for an even lower interest rate because you've paid down some of the principal balance of the home you've been living in - ontop of having improved your credit standing. Darrell's point (I believe) is that there are some investors (and even regular home owners) out there with owner financing that are gougers - looking to charge astronomical interest rates with over-the-top down payment requirements, so you just have to be diligent in your search (if you do decide to use owner financing). In summary, I'm only saying that ontop of regular conventional financing--you DO have other options.
Have a Blessed day!!
http://www.MyNewTXHome.com - "The Quickest & Easiest way to buy a nice home...without credit!"
0 votes Thank Flag Link Fri Jun 29, 2012
Please understand that owner financing typically has higher interest rates and may require large down payments. And, you'll still have the bad credit issue. I recommend taking six months to work on credit repair and then your options for home ownership will have increased tremendously.
0 votes Thank Flag Link Fri Jun 29, 2012
Sure you can...you can try buying with Owner Financing.
Your down payment moves you in...No banks needed (at
least not upfront). And you can work on your credit issues
while your enjoying living in your new home!

Check out some of our homes here:
http://www.MyNewTXHome.com
210-646-12six9
0 votes Thank Flag Link Thu Jun 28, 2012
You can thank me for this one later...

The best credit clean up guy in the business is: Raymond at 210-495-9700

Jason C Campbell
SAHomeExpert.com
0 votes Thank Flag Link Wed Mar 21, 2012
Lenders have credit scores of approx. 625 + and requires down payment. Recommend to contact a mortgage broker determine how they can assist OR clean your credit

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Mar 21, 2012
0 votes Thank Flag Link Wed Mar 21, 2012
Hi,

Well, good credit is needed to obtain a loan for a home through any lender. Now, you can definitely look for an owner finance possibility; however, the interest rate and down payment may be rather high.

I suggest talking with a lender about what your options are with improving your credit and go from there. If you would like the name of a good lender, feel free to contact me.

Brenda Mullen
Realtor(r), ABR(r), e-Pro
Keller Williams Realty
210-807-0818
brenda.mullen@sbcglobal.net
0 votes Thank Flag Link Wed Mar 21, 2012
Sure , we have a variety of houses that are owner financed gives us a call at (210)607-9779. No banks are involved. See our current inventory at http://www.alamohs.com.
0 votes Thank Flag Link Wed Mar 21, 2012
Find a home that has a lease to own option. It may require a small down payment, but the owner finances and you do not need to worry about going to a bank to obtain a mortgage
0 votes Thank Flag Link Wed Mar 21, 2012
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