First Time Buyer Self Employed 580 Credit What Do I Need To Make A Deal Happen?
First Time buyer with a 580 credit score self employed
20k cash
What do I need to make a deal happen?
What can I afford etc etc keeping in mind closing costs etc
with a 580 FICO you would just qualify for 100% financing for a single family home owner occupied, the rate would not be that great but you could get it done. Your monthly income will also play into how much of a loan you will quailfy for.
Good Luck,
Robert
[addsig]
Try to forget closing cost put as much money into the equity.
Ask for a discount on asking price in the form of seller pay all closing. Most deals nation wide lower asking price 5-8% stated by board of realtors. And being that closing cost run 3-4% bingo! Remember all deals are flexable in some degree.
7real estate,
Have you thought about purchasing a property via tax sale?
atlanta is a good market to buy at very favorable terms, or discounted price. with that kind of cash down some may be available even with partly owner financed
as for how u get around owner occupied...simple say you will live there and then as soon as the loan passes call and change your mail to go back to where u really live...they cant prove it up front that u arent planning on living there and then u just say u changed ur mind...if ure gettin my drift
Quote:
On 2006-11-25 12:23, tmk15 wrote:
as for how u get around owner occupied...simple say you will live there and then as soon as the loan passes call and change your mail to go back to where u really live...they cant prove it up front that u arent planning on living there and then u just say u changed ur mind...if ure gettin my drift
This advice is called "loan fraud". I hope they catch you if you go this route.