Home Buying in Gulfport>Question Details

Mom, Other/Just Looking in Austin, TX

Even with bad credit could i put a cash down payment and be able to buy the house.

Asked by Mom, Austin, TX Sun Aug 29, 2010

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I have a lovely 3/2 house in pebble creek that i am willing to owner finance. please contact me- phylrock@aol.com
0 votes Thank Flag Link Wed Nov 30, 2011
Credit is the driving force in getting a loan but there are some lenders that have programs that will help you restore your credit in a very short time. These same lenders do not charge for this help. the minimum credit scrore is 620 for a mortgage loan even with a good down payment. Be wary of lenders who say otherwise as there rates may be way out of line and have a lot of other hidden fee,s
0 votes Thank Flag Link Sun Aug 29, 2010
Creative financing through the seller is definitely an option in today's market. A nice down payment from you will help act as an incentive to the seller. Be very careful and make sure you have a buyer's agent or at minimum discussed the complete situation with a neutral agent. Setting and negotiating the terms in creative financing is not one of the easier things to do in real estate. You shouldn't discuss directly with the sellers agent because the seller's agent works to protect the seller's interests and not yours. You don't want the seller's agent to know your situation! My best advice is to discuss this with an agent who is capable to represent you.

Good luck!
0 votes Thank Flag Link Sun Aug 29, 2010
Answer is, it all depends. How bad is your credit? What's your debt to income ratios? Do you have employment and adequent income to make the mortgage payments.? Any recent foreclsoures, bankrupcty or short sale? What price point are the homes you are considering?

In reality your best bet would be to sit down and talk with a mortgage broker or lender and see what type of financing you might quaify for. Chances are at this point you might not be able to but at least you'll know what you'll have to do in order to get the financing you need and that's half the battle.

Just for clarification all most if not all down payments on a house are made in cash.

Good luck.
0 votes Thank Flag Link Sun Aug 29, 2010
Since you're credit challenged, I suggest you speak with someone who can look at your credit and suggest ways to get your credit in order. Go to https://www.naca.com They provide credit counseling as well as assist with your home purchase with interest rates as low as 2% or 3%.

Good luck!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Sun Aug 29, 2010
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