buying a home... bad credit and mortgage

[madbomber31]

i'm buying a small home... 800sq ft... 2br- 1bath... nice living room and a big yard for the mutt (which is soon to be plural since)...

i kinda have a decent situation despite horrible credit... i have access to enough cash to pay for the home and pay back the interest for 5 or 6 years then sell the home and make some cash...


or, i could get a down payment of half... then pay a mortgage. but how hard is it to get a mortgage with bad credit? anyone do this sort of thing for a living?

 

[WODIN]

When my wife was in real estate it would boggle my mind the types of clients she got approved for loans. From what I understand you need a realtor who has a very good relationship with a mortgage broker. That's just my skinny on the situation. Also in all seriousness ask Rotten he is in the mort. business.

 

[john937]

Go to equifax and get a credit report with credit score.
The higher your credit score the easier to get a loan with less down.
I beleive it's a credit score of 680 qualifies you for a 5% down loan.
If they find negative items on the report, you will be required to clean them up before the loan takes place.
The more you put down, the easier it is to get a loan.
I would imagine with 50% down they would loan to a turnip.
Buy something you can stay in for 6 years or more.
You;'re paying realtor fees both on buying and selling, so you don't want to pay them often.
800 square feet is fine for an apartment, but kind of small for a house.
you may feel cramped in the long run
I'm in the same boat right now, trying to chose between 2 different 1400 sq ft houses.

 

[kitKat]

Right now it is amazing the loans they are doing now...people with little credit...or bad credit. There are also places that specialize in loans for people with bad credit.