Financing in Sacramento>Question Details

Svetlana Moz…, Home Buyer in Sacramento, CA

Me and my husband, we both have very bad credit. Curently we rent from my parent's house. We want to buy a

Asked by Svetlana Mozolevskaya, Sacramento, CA Mon Feb 25, 2008

house under $200000. Is it possible?

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Answers

4
Svetlana, you just need to speak to a loan officer and go through the prequalification process. Loan approval is based on four major factors: credit, assets, income/doc type and property type (stick built, condo, manufactured home). If your credit is very week, the other areas will need to compensate for this. In other words, you'll need some sort of a down payment and show proof of additional reserves, along with a strong employment record.....

Without knowing any of your specifics, it's too early to find out what's possible for you.

Jeff
1 vote Thank Flag Link Mon Mar 3, 2008
There are currently 2826 single family houses listed for sale at $200,000 and under in Sacramento, Placer or El Dorado County. Most of these listings are in Sacramento. Of this number: 1930 are under $175,000
There are almost 1200 listings under $150,000.

In addition to the houses There are also 165 halfplexes priced under $200,000 and 536 condominiums priced under $200,000 in these areas.

The three housing types mentioned total over 3300 homes listed for sale that are under $200,000 asking price.

The possibilities for you are good. A mortgage broker can look at your whole financial picture.
Yes credit is important.

We look at income, down payment funds and several other things about you,
in addition to credit score to estimate repayment ability and credit attitude.
1 vote Thank Flag Link Mon Feb 25, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
If your credit is bad, then you need to access your priorities before you really think of buying. If you can;t afford to pay off or at least settle your bad debt, then you can not afford to purchase a home. Remember it's not all about the financing and monthly payment. You have taxes, insurance, PMI, housing upkeep, water sewage garbage...Take your time and don't be in a hurry, your not missing out on anything. Rent a nice house, save your money and put that extra income towards fixing your credit and then re-evaluate in a year.
0 votes Thank Flag Link Wed Apr 30, 2008
How bad is "very bad?" Do you know your FICO scores?
Web Reference: http://www.erinattardi.com
0 votes Thank Flag Link Mon Feb 25, 2008
Erin Stumpf, Real Estate Pro in Sacramento, CA
MVP'08
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