is there a mortgage for me?
Question: Hi! I am looking to see if anyone out there has a source for bad credit mortgages. i am getting desperate! i don’t want to see my family out on the street. i am living in the home that we want to buy, the price is 69,000. i have 14,000 already paid personally to the owner, so i need to get 55,000. I really need some advice here, if you want to know about why the credit situation is as it is, e-mail me and i will disclose. i am running out of time here. thanks a lot for listening
Answer: Have you checked with a mortgage broker? They have all kinds of programs, and one might fit you. Keep in mind that less than good credit means high rates and high, high fees.
Other options include asking the owner to carry the loan, to co-sign, or to set up a 5 year baloon (with 5 years being enough time for your credit file to cool down).
A home equity loan might also work in this case…if you buy the house, you have $69K in equity to borrow against. You have already paid 20% down, so assuming it’ll appraise for 69k, you will qualify for lots of different types of loans. If you don’t qualify, convince the owner to carry a contract for a few years, keeping in mind that if you default you lose it all. A good mortgage house can help you, a bad one will hurt you. Shop around, look for one that does their own underwriting in house. All the advices that other folks posted are very good. Keep checking. If you need another source, please contact me at (503)317-6187. My website is http://www.adliqfund.com. Best of luck too.
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