quit kidding yourself. you don't need a house.I wantto buy a house, i have bad credit, but my family has grown %26amp; i really need a house. any advice iam n dc?
You need to work to get your credit score higher and come up with a big down payment. Right now banks are in trouble and are not lending to people they consider risky.I wantto buy a house, i have bad credit, but my family has grown %26amp; i really need a house. any advice iam n dc?
first you need two or more income coming to the house, second a credit score of 580 or higher, third atleast 5% down payment for the house. now if your credit is bad try to put at least 20 % down to show mortage company u r serious buyer.you also need extra money for inspection,closing fees, and lawyer. i would suggest u look for house that are cheap and are foreclosing. so ur mortage would not be so high. i hope this helps.
for me, i have poor credit due to some really bad mistakes when i was younger. in order for hubby %26amp; i to buy a house, we'll have to come up with a MUCH larger down payment, and have to pay a higher interest rate. but i think that we're going to try rent to own for a house.
see if your bank or credit union will work with you. there are people with a credit score of 450 that get homes, so don't give up! there's always SOMETHING you can do.
good luck!
Make an appointment with your banker and bring your last 3 years tax returns and a statement outlining what our present income is and let them do the math ~ they'll tell you what your situation or potential for purchase range could be.
Once the math is done and should be bank turn you down, you could shop for brokers in your area to find another place to mortgage you.
Doing the math first is important
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