Poor Credit Home

Posted by admin on June 9th, 2009 at 12:00am

Question:
Is there a method of financing a $700,000 poor credit home?
I’d like to purchise this house and property, but I do have bad credit. It would be my first house. How can I get over my poor credit history and finance the house of my dreams?

Answers:
It is doubtful. Compile the following: A balance sheet containing what you have and what you owe, an operating statement for the last 12 months, showing where the funds came from as well as where they went.
Take both of to your local bank and speak to a mortgage officer, and you will be able to learn a lot.

Thank you for making me laugh.
I must guess that you are joking.
Yes there are ways to finance such a poor credit home, but I do have my suspicions that any are illegal.
Keep with your dreams because when you wake up you will see that reality is not so great.

Produce an after-tax cash flow of over six thousand per month and you will be able to get financing. Obviously, with the sub-prime bloat and companies falling out of the mortgage business, as well as jumbos as high as eight percent now you should make it $10000 a month after taxed income.

Your first house, and you’ve decided on one that costs 700 thousand?
And a poor credit home as well? Wow, are you kidding?

It is going to be hard with the credit recession that is going on. Lenders are getting more strict.
Are you certain you will be able to produce the payments?
It would be wise to work on fixing up your credit first.
$700,000 plus interest is a lot of money. If you spend time rebuilding your credit score then you would be able to be approved for a lower rate and you could save money.
Do not be concerned about the home. You will find another one in the future that you like just as much.

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