Home Buying in Dayton>Question Details

Shannonhardi…, Home Buyer in Waynesville, OH

Poor credit, but have worked for the same employer for 8 years and have rented a home for the past 4 years. First time buyer in need of a home loan.

Asked by Shannonhardin76, Waynesville, OH Tue Oct 9, 2012

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x’s answer
If you can prove a great to perfect rent payment history for the last 4 years...

I would recommend an investor in the area that will owner finance one of his properties. You will need some money down (maybe $2000 - $4000).

The interest rate will most likely be a point or two higher than a bank loan, but you will be in your own home and making payments on your own house - not throwing money out the window every month to a landlord and making payments on a house that THEY will eventually own! lol

Good luck.
0 votes Thank Flag Link Tue Oct 9, 2012
If you're looking to buy a home with poor credit, then you should have at least 20% downpayment saved to have any real chance to get financing.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Oct 9, 2012
Your best bet is to meet with a local and trusted loan officer who can prequailify you at no cost and after looking at your credit and financials let you know if there is a mortgage program you quailify for. The poorer the credit the more you may need to put down. the only way to tell is to meet a loan officer though.
0 votes Thank Flag Link Tue Oct 9, 2012
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