HELP!!! I Want To Buy A Home!!!!!!!!!!!!!!!!!!!!!!!!!?
by Author on Monday, August 30th, 2010 | 6 Comments
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With a bankruptcy as recent as yours, do not expect to find reasonable, if any, approval for a mortgage loan. A bankruptcy is a major event in your credit history, and generally disqualifies you for at least three years after the bankruptcy.
You can look into ‘rent to own’, but be extremely cautious. There are more scams out there than there are realistic situations. Most involve homeowners facing foreclosure themselves, and asking that you ‘take over payments’. Their mortgages do NOT allow such.
Rent to own or contract for deed sounds like a perfect option for you, but a problem you might face is finding a home, since real estate searches do not disclose if that is an option. You would have to aske each prospective seller.
no you cannot buy right now but why are you in such a hurry? Prices are coming down and not at bottom. Just wait. It is not going back up fast either.
Just be patient.
Just had a close personal friend buying a house and the word was the banks are still scared. Dynamite low interest rates but you need a very sizable down payment and good credit to qualify. Rent to own MAY be an option but do yourself a very big favor and be VERY careful. You can really get ripped on rent-to-own. So spend the money for a lawyer to make sure you have an airtight agreement with the landlord to avoid getting screwed – for instance paying the rent for years only to have the house sold out from under you without you having a thing that will stand up in court. You are right though – now is definitely the time to buy. Interest rates haven’t been this low in over 40 years and it is basically a buyers market. Just be very careful about protecting yourself. Best wishes to you.
Betty you need to talk with lenders about qualifying. It’s possible, some lenders will work with you. It is a good market now. Do you have at least 3.5% to put down? FHA will require that amount.
The fact is that if you aren’t qualified now, you will need to work on repairing your credit and some day you will qualify.
gosh if you don’t have any money don’t buy a home yet! do you know why the economy stinks? the biggest reason is becuase banks loaned money to people to didn’t have any to buy a house and then the people of course couldn’t pay it back!!! please don’t make the economy worse!