Why is buying a home so difficult
Question: Why is buying a home so difficult. My family is a hard working family. We have some bad credit issues in the past brought on by my wife’s unemployment and illnesses. I’ve been working for the same company for 15 years. I’ve been renting for the same. I’ve recently done extremely well in my job, and I’m starting to put some money away (300 to 500 dollars/month), but not nearly enough to live in the area that I work in. I’ve been working on cleaning up my credit, its at 550 and getting better. No one will finance me for more than an 85% loan. That means I initially need 25,000 to 30,000 just to get started. With house pirces in today’s market. 175K to 250K West Palm Beach Florida.
I make 85K+ a year, and I feel like my destiny is to rent forever. None of my family or friends are capable of supporting me in my quest.
Are there any generous people out there anymore, or is there anyone that has some advise that will make this endeavor a little easier?
Need Help…………….
Answer: Try to find a bank who will give you an adjustible mortgage. Most adjustible morgages are not sold on the secondary market, therefore the banks don’t have to conform to fannie mae or freddie mac regulations. I know you don’t want an adjustible mortgage at this time with these low rates, however, with a FICO of 550 i don’t think you have a choice. There are always some lenders possibly in your area, who do B, C and D financing. That lingo for people who have blemished to bad credit. Call a couple of real estate agents in you area and ask them what mortgage companies in your area service bad credit individuals. Now the interest rate is going to be high maybe around 9% if its a fixed rate mortgage. Its worth a shot..good luck. “Liz” Filed under: Bad Credit LoanRelated Posts
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