how much money down do i need to buy a 35000 home?

Asked by Raul Rojas, Dallas, TX Sun Feb 5, 2012

if my credit score isn 500

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6
Bruce Lynn, Agent, Coppell, TX
Mon Feb 6, 2012
Probably all of it. Rare these days we can find a lender to lend less than $50,000 and probably will need over 600 credit score.
0 votes
Keith & Kins…, Agent, Verona, WI
Mon Feb 6, 2012
I agree in with all the previous answers. It's tough (if not impossible) to get a traditional mortgage on a $35,000 home with a 500 credit score. However, I'll offer an alternative idea... If it's an individual seller (not a bank owned foreclosure), and this seller has the property paid for, you could ask the seller to finance it. The seller would be the one holding your mortgage, and you would make payments to the seller. Just a thought.

Just a word of caution, if you can work a deal like this, make sure you go through a traditional closing. You'll still want a title search, title insurance, etc. to make sure the home is free and clear of any liens, and the title is transferred to your name.
0 votes
Albert Elhage, Agent, Austin, TX
Mon Feb 6, 2012
The amount will most likely not attract any lenders. Having said that, I advise you to check with a mortgage officer for more assurance.
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Mon Feb 6, 2012
Your credit score must be at least 640 to get a FHA loan or pretty much any loan now and then because the loan amount is under $50,000 you will probably not find any lenders to help you. Banks don't make any money on loans in that amount. Find a local lender and have them pre-qual you. It is free and they can give you pointers on getting your fico score higher.

GOOD LUCK.

Kenny
0 votes
Kevin D. Bro…, , Dallas, TX
Sun Feb 5, 2012
The first answer was correct, a 500 credit score may make it tough to get a loan. But the only way to find out, is to speak with a professional. I am a Realtor here in Dallas, and would love to help you figure out what needs to be done, everyone's situation is different. Give me a call 972.379.8931
0 votes
Irene Guanill, Agent, Bronx, NY
Sun Feb 5, 2012
Because of your credit score it may be difficult for you to get a loan. First step is to pull your credit report and find out why your credit score is what it is. Once you have isolated the problems correct them. If you have outstanding debt create a plan to pay down the debt by using a simple money management plan. You can find one already created for you on Microsoft Excel or you can create one in Microsoft excel. IF you are not familiar email me and I created a template and I will share it with you to start you on the right path to fixing your own credit.
0 votes
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