OK. I am in WILSON, NC. My FH and I went and looked at a house today, it is a HUD home, list price is 120,000, but with all the repairs I don’t see it being worth that. It may be worth half of that.
Im under 18, he would be the signer on the loan, his credit score is 572, and nothing on his credit score is less than 6 years old.
How would we go about getting that house?
Oh and We have no money for a downpayment sue to some recent, but resolved money management.
PLEASE HELP!! I don’t want to lose this house.
I didn’t RUIN his credit, his MOM did, when he was 18, WITHOUT his permission.
We have NO debt, even the Equerian place says that. Don’t be such downers. Just give advice and help. Not everyone has a downpayment, and i read that there are places where I live that give DPM Assistance.
Will a FHA loan place work with him?
572 not 527, and we aren’t looking to pay full price for the house, it needs REPAIRS!! like a new roof and shit, and Age doesn’t make maturity, just look at YOU!
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Thu, Jul 29, 2010
July 29th, 2010 at 10:29 pm
Sorry..but with a 572 score..no lender will touch him. You will also need a down payment of at least $12,000.00….plus extra money (around $2,000.00) for closing costs.
July 29th, 2010 at 10:29 pm
This is a dream, and dreams are good. But if you want to make it come true, you have to plan and act for your future.
You two need to take charge of your lives in a positive way. This means BUILDING your credit the same way you ruined it, one payment, one month at a time. Pay all bills in full and on time. Don’t run up credit card bills, pay 3-5 times minimums on any existing credit card bills. SAVE for your futures, saving money every week for a down payment..
Rule of Thumb: You can buy a home costing 2 times annual income, NOT more than 3 times annual income. But to get a mortgage, you need a down payment (3.5-5% MINIMUM), good credit, stable employment, sufficient income, adequate down payment and low debt load.
July 29th, 2010 at 10:29 pm
Under 18 – you can’t buy it unless you are an "emancipated minor"
FH with a score of 572 – couldn’t qualify for a loan to buy bubble gum
July 29th, 2010 at 10:29 pm
527 would not get him a $100 loan to buy groceries. You need to grow up. Do some research.
750 is a good score. You have no score.
July 29th, 2010 at 10:29 pm
Sorry to say but it’s not looking good for you. Ever since the economy took its downward spiral and the real estate market changed having no down payment won’t cut it. Lenders have raised their standards and your surely don’t meet those standards. At 572 is a horrible score, your under 18, you have no savings, and you think that the house is terribly over priced. I don’t think it will happen…
oh, and btw I don’t think you will ever get that house for half the price, the most you should ever expect to get off a house is 10,000- 20,000 and that is being generous for that price range.
July 29th, 2010 at 10:29 pm
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July 30th, 2010 at 3:02 pm
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