Putting A Big Down Payment With Poor Credit

Comments(5)

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  osemeneb27th October, 2004

  Depending on the price of the home, you can have terrible credit and still get up to a 65% or 70% loan. What I would suggest is for you to do a lease option with someone, and try to keep as much $ for yourself to start over. Where do you plan to move to?

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  lichenhailweb27th October, 2004

  more then likely your gonna have to pay off your chapter 13 before most lenders will touch your file. otherwise find a contract for www.deed.good luck

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  jojoflynn27th October, 2004

  We are looking at a home no more than $275,000 - probably in Maine. We will definitely be paying off the ch 13 - which is approximately $19,000.

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  wilsorod29th October, 2004

  If you have a good idea where you will be moving to (Maine) you must know someone there or have some connection to that city. If so, get contact information for the two most widely circulated papers in the area. Post a classified ad as an investor:
  
  "I buy houses fast, No equity, No Problem, Call XXX-XXX-XXXX."
  
  It may take a few weeks of fielding calls from curious (but un-motivated) sellers, but you can usually find an excellent long term lease option opportunity 3-5 years, which will allow you go into the deal with about 5% option money and non of the traditional lender closing fees (a big savings on a $200,000 loan). But be sure that your seller is motivated to sell, this is how you will easily sidestep the credit issue since you will be providing them with some much needed cash! And remember, if you choose to this method, make your option to buy the property the same as the sellers payoff amount or at least the current market value. This allows you to realize equity appreciation in the property (3-5 year lease period) just as if you had a regular mortgage loan.
  
  Hope this helps,
  R. Wilson [ Edited by wilsorod on Date 10/29/2004 ]

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  kenmax29th October, 2004

  as stated the l/o or subject2 are your best bet....km