Guest guest Posted April 20, 2002 Report Share Posted April 20, 2002 ONE late credit card payment? Yikes! Rent, buy -- I say do what you have to do to find a place you WANT to live! What a break! Jacquie Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 20, 2002 Report Share Posted April 20, 2002 Sara, go for it! We didnt use my credit either as Jeff had perfect credit and mine not so good. My name isnt on the loan or the house but who cares! It can be easier than finding a rental at times and then you sdont have to worry about the landlord! Jacquie H > We got one of these flyers that say it doesn't matter if you have awful > credit and no down payment, call me and I will sell you a house. > > Normally I just toss them. But had said something about a new > development over by where she lives and wondering if we could get into a > house like that. You know, like through Dominion or MI or whatever. > > So Matt called. He talked to a nice guy who gave him a phone number to call > about a loan. Matt called. They ran a credit check and said no, BUT - get > this - the foreclosure and the repo and the unpaid $500 medical bill aren't > the problem. Those are fine. The problem? We had a late payment in > January on Matt's Sears card. They said if we go a year with no late > payments they will give us a mortgage. > > Matt called the nice guy back and the nice guy gave him another phone > number. Matt called that phone number and talked to another guy and told > him all of the above. He said he has to see the credit report but he's > pretty sure he could get us a loan. He estimated that we could get a house > up to $140,000! > > May I? > > HOLY CRAP!!! > > Well now what??? We haven't been able to find a rental becuase of our > credit, but this place will sell us a house?? (It's actually because of MY > credit, but since I have no income, they didn't put me on the loan > application. All the rentals we've applied for have insisted on both our > names.) > > Wow. > > I don't know what to think. > > -Sara. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 20, 2002 Report Share Posted April 20, 2002 Go for it! B BUYING a house??? We got one of these flyers that say it doesn't matter if you have awful credit and no down payment, call me and I will sell you a house. Normally I just toss them. But had said something about a new development over by where she lives and wondering if we could get into a house like that. You know, like through Dominion or MI or whatever. So Matt called. He talked to a nice guy who gave him a phone number to call about a loan. Matt called. They ran a credit check and said no, BUT - get this - the foreclosure and the repo and the unpaid $500 medical bill aren't the problem. Those are fine. The problem? We had a late payment in January on Matt's Sears card. They said if we go a year with no late payments they will give us a mortgage. Matt called the nice guy back and the nice guy gave him another phone number. Matt called that phone number and talked to another guy and told him all of the above. He said he has to see the credit report but he's pretty sure he could get us a loan. He estimated that we could get a house up to $140,000! May I? HOLY CRAP!!! Well now what??? We haven't been able to find a rental becuase of our credit, but this place will sell us a house?? (It's actually because of MY credit, but since I have no income, they didn't put me on the loan application. All the rentals we've applied for have insisted on both our names.) Wow. I don't know what to think. -Sara. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 20, 2002 Report Share Posted April 20, 2002 Sounds like you don't have really bad credit to me. Go for it -- watch the interest rate. If your credit rating isn't that bad you may be eligible for a lower one than they're offering. Sissi Kids' Page http://www.isoa.net/~nitetrax/dillon.htm Boone's Art http://www.isoa.net/~nitetrax/bart.htm BUYING a house??? > We got one of these flyers that say it doesn't matter if you have awful > credit and no down payment, call me and I will sell you a house. > > Normally I just toss them. But had said something about a new > development over by where she lives and wondering if we could get into a > house like that. You know, like through Dominion or MI or whatever. > > So Matt called. He talked to a nice guy who gave him a phone number to call > about a loan. Matt called. They ran a credit check and said no, BUT - get > this - the foreclosure and the repo and the unpaid $500 medical bill aren't > the problem. Those are fine. The problem? We had a late payment in > January on Matt's Sears card. They said if we go a year with no late > payments they will give us a mortgage. > > Matt called the nice guy back and the nice guy gave him another phone > number. Matt called that phone number and talked to another guy and told > him all of the above. He said he has to see the credit report but he's > pretty sure he could get us a loan. He estimated that we could get a house > up to $140,000! > > May I? > > HOLY CRAP!!! > > Well now what??? We haven't been able to find a rental becuase of our > credit, but this place will sell us a house?? (It's actually because of MY > credit, but since I have no income, they didn't put me on the loan > application. All the rentals we've applied for have insisted on both our > names.) > > Wow. > > I don't know what to think. > > -Sara. > > > > > > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 20, 2002 Report Share Posted April 20, 2002 That might be something to think about. Find out how much your monthly payments would be. Considering your credit, though, be prepared for a high interest rate. You could always refinance at a lower rate after you pay on time for a couple of years. It is always better to pay a morgage and get equity than to pay rent and get nothing. JMO..... Tamara --- The Byks wrote: > We got one of these flyers that say it doesn't > matter if you have awful > credit and no down payment, call me and I will sell > you a house. > > Normally I just toss them. But had said > something about a new > development over by where she lives and wondering if > we could get into a > house like that. You know, like through Dominion or > MI or whatever. > > So Matt called. He talked to a nice guy who gave > him a phone number to call > about a loan. Matt called. They ran a credit check > and said no, BUT - get > this - the foreclosure and the repo and the unpaid > $500 medical bill aren't > the problem. Those are fine. The problem? We had > a late payment in > January on Matt's Sears card. They said if we go a > year with no late > payments they will give us a mortgage. > > Matt called the nice guy back and the nice guy gave > him another phone > number. Matt called that phone number and talked to > another guy and told > him all of the above. He said he has to see the > credit report but he's > pretty sure he could get us a loan. He estimated > that we could get a house > up to $140,000! > > May I? > > HOLY CRAP!!! > > Well now what??? We haven't been able to find a > rental becuase of our > credit, but this place will sell us a house?? (It's > actually because of MY > credit, but since I have no income, they didn't put > me on the loan > application. All the rentals we've applied for have > insisted on both our > names.) > > Wow. > > I don't know what to think. > > -Sara. > > ===== Tamara mom to : Ebony, 4 yrs -- asd, ADHD, bi-polar , 1 year wife to: Terry, love of my life __________________________________________________ Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 20, 2002 Report Share Posted April 20, 2002 >>That might be something to think about. Find out how much your monthly payments would be. Considering your<< We told him our monthly payment range & he gave us the up to 140#. I would not want to go that high if we could help it. Maybe 80-100K. An older home that is structurally sound but needs some cosmetic work would be ideal because of my allergy issues, and by doing the work ourselves we could raise the property value. >>credit, though, be prepared for a high interest rate. You could always refinance at a lower rate after you pay on time for a couple of years. It is always better to pay a morgage and get equity than to pay rent and get nothing. JMO.....<< That's exactly what I've been thinking. Even with a high interest rate, at least that money would be going TOWARD something, and not just keeping a roof over our heads. If we went on the lower end of our price range we can also make some extra payments. I'm afraid, though. I'm afraid of getting in over our heads. I'm afraid of not living in the " right " place but not being able to sell the house to move. Of losing the house again. Of something major going wrong and not having the money to fix it. And I'm afriad to even be thinking about this because I'm going to get all excited and then it's not going to happen and we'll be stuck in this tiny apartment for another year. But at least it will be a clean tiny apartment. -Sara. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 20, 2002 Report Share Posted April 20, 2002 Well....just watch out for that interest rate. Interest rates for mortgages are running 6 1/2 to 7 1/2 right now, I think... don't be surprised if they try to hook you up with a 12 or 15% rate. Good Luck, though!!! Just READ THE FINE PRINT! Penny Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 22, 2002 Report Share Posted April 22, 2002 Sara, Look into it a bit further.....places like this tend to charge you a higher interest rate if you have had bad credit. If they're not, happy house hunting !!! Sue > Quote Link to comment Share on other sites More sharing options...
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