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    kattygirl's Avatar
    kattygirl Posts: 131, Reputation: 3
    Junior Member
    		  
    #1

    Sep 14, 2007, 12:27 PM
    Anyone know a lender.
    Or a way for me to buy a home with reallly bad credit. I have a home I want that is only 39K and I have 7K to put down on it but am not getting any takers. I have been paying 650 a month in rent and the mortgage would only be 250 so that would free up a lot of money for me but have not been able to get anyone to consider it.
    alkalineangel's Avatar
    alkalineangel Posts: 2,391, Reputation: 323
    Ultra Member
    		  
    #2

    Sep 14, 2007, 12:43 PM
    I don't know how bad your credit is, but try first horizon...

    First Horizon > Business Banking, Home Loans, Mortgage Loans, Home Equity Loans, Financial Services
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Sep 14, 2007, 12:50 PM
    Where are you getting $250 from? A $32K loan for 30 years at 6% would be $378/mth and that doesn't include taxes and insurance.
    Emland's Avatar
    Emland Posts: 2,468, Reputation: 496
    Ultra Member
    		  
    #4

    Sep 14, 2007, 12:54 PM
    My mortgage calculator must be off. I ran 32k at 7% for 30 years and got $212.90
    alkalineangel's Avatar
    alkalineangel Posts: 2,391, Reputation: 323
    Ultra Member
    		  
    #5

    Sep 14, 2007, 12:57 PM
    Hmm... I got 191.. on 32k for 30 years at 6%... before taxes and insurance...
    kattygirl's Avatar
    kattygirl Posts: 131, Reputation: 3
    Junior Member
    		  
    #6

    Sep 14, 2007, 01:15 PM
    I was told by one banker if it went through it would be 7% for 30yrs 250
    alkalineangel's Avatar
    alkalineangel Posts: 2,391, Reputation: 323
    Ultra Member
    		  
    #7

    Sep 14, 2007, 01:21 PM
    Just FYI though, you will actually not be that much lower than 650 after taxes and insurance... I would guess 200 extra for taxes, insurance and PMI...
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #8

    Sep 14, 2007, 01:33 PM
    Hello k:

    Ask the seller to finance you or sell it to you on a contract.

    excon
    kayakinggirl's Avatar
    kayakinggirl Posts: 58, Reputation: 5
    Junior Member
    		  
    #9

    Sep 14, 2007, 02:55 PM
    Try Wachovia, I have bad credit and they financed me.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #10

    Sep 14, 2007, 06:55 PM
    I just grabbed the first online mtge calculator I came to, looks like it was off.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #11

    Sep 14, 2007, 07:56 PM
    Part of the trouble is, if you have listened to any news lately, many of the high risk lenders in the housing market have gone or are going broke because of foreclosures. Many have filed bankrutpcy thierself. And others are trying to get our tax dollars to keep them in business.

    So there are not as many higher risk lenders today as there was a year ago, so it is going to be harder, but if you can prove your trustworthiness, there will still be some lenders
    DianeV Sr Loan Officer's Avatar
    DianeV Sr Loan Officer Posts: 76, Reputation: 9
    Junior Member
    		  
    #12

    Sep 18, 2007, 08:37 PM
    6.5% for 30years is 202.24. 250.00 is feasible depending on property taxes. Delaware is very low. But it's a moot point. You need to fix your credit. If your fiancé has been out of BK for 5 years he should have improved his scores by now.

    With the BK on the credit report and no re-established good credit you are going to have a very hard time.
    fh513's Avatar
    fh513 Posts: 13, Reputation: 0
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    #13

    Oct 5, 2007, 11:11 AM
    Quote Originally Posted by kattygirl
    or a way for me to buy a home with reallly bad credit. I have a home I want that is only 39K and I have 7K to put down on it but am not getting any takers. I have been paying 650 a month in rent and the mortgage would only be 250 so that would free up a lot of money for me but have not been able to get anyone to consider it.
    Have you got a house yet? If not, buzz me.
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