bad credit government home loans
I want to buy my first home and have a credit problem, can anyone give some advise?
Hello,
I’m 23 years old and i found a home and it’s around $70,000 in North Carolina, and i have never owned one in the past but i think it is time for me to won now with my new family.
I need to get a loan for this hud home that i want to buy but i’m worried about my credit, my credit score is 551 and YES I KNOW THAT IS BAD FOR MY AGE BUT I NEED TO GET A LOAN AND NOT PAY ANYMORE RENT. especially when i can have a mortgage payment for the same amount IF NOT LESS.
iS THERE ANYONE THE CAN GIVE ME SOME ADVISE OR SOMEWHERE IN NORTH CAROLINA WHERE I CAN GET A LOAN.
NO SPAM PLEASE I JUST WANT TO TRY TO DO THIS TO TAKE ADVANTAGE OF THE $8000.00 MONEY FROM THE U.S GOVERNMENT
You have extremely limited options especially with a credit score that low. But not to worry, there’s always an option out there. For one, you should look into doing a lease/purchase option. Find a real estate investor in your area (you might want to check www.craigslist.com for starters) that does lease options. A lease option is where you lease a house, typically for a year, with a portion of your monthly payment going towards the purchase price of the house or sometimes even the down payment. You’ll then have 12 months to improve your credit, build up your cash reserves,create more job stability (lenders look for at least 24 months in the same line of work) and to find a lender that’ll loan you the money to purchase the house that you are leasing. If you can’t find a real estate investor that’ll do that, try talking to the seller of a house you’d like to buy and see if they’ll consider a lease/purchase option. Easier said than done, but it’s an alternative! Just make sure you do some research on your own on lease/purchase options, and the laws of the state that you buy in. Good Luck!
BTW – If you haven’t found a house and financing, you might as well forget about the $8k FTHB tax credit – you won’t make the 11/30/09 deadline. Don’t despair though, congress will more than likely pass something similar in the near future…..if they’re smart!!!
