| Question |
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Any information on single parent home loans. Or where to apply or with whom?
I have 3 children and bad credit from DIVORCE. So I would like to buy a home but I don't have enough credit at a bank to do so. Any help would be great. Thanks
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| By
Jeanetta S |
Posted on
03/02/08 Total Answers
5 |
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| Answers- |
| First clean up the credit then try for the home loan. You could meet with a good Broker an see if there are options but why go into a home then lose it becasue something from the past bite you in the behind. |
| Answer by :
Pam On Date
2008-03-02 14:32:30 |
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| It took me several years to repair my credit from my divorce. Find a mortgage broker that you can trust and have them work with you on cleaning up your credit. It may take some time, but if they're an honest broker, they will be willing to work with you, if you are honest with them.
For now, try to find a rental property and make sure you pay with a check, not cash or MO, to show the mortgage company that you can pay your rent on time, every month. You will need 12 months or more of cancelled checks to show that you can do it.
I hope this helps. Life does get better after divocre, I promise! |
| Answer by :
jjdriskel On Date
2008-03-02 14:41:57 |
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| given todays house mortgage market - u'll do better renting.
houses are 2 times expensive than renting in reality .
u need to focus on ur debt issues more than increasing the debt hanging around ur neck.
understand a house doesn't make a home.
visit library to read understand apply info in
'house buying for dummies'
'48 days to work u love' d.miller
'total money make over' d.ramsey
good info on going forward. with out expensive lessons. |
| Answer by :
robert w On Date
2008-03-02 14:46:47 |
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| If the notion suits you, try looking for a house to lease option. Make it a 2 year term to give yourself time to fix your credit. A good landlord/investor will work with you to find a good mortgage broker to get you a loan to be able to buy the house at the end of the term. Don't wait until two months before the end of the term to decide to fix your credit. You'll be out of the house and wasted all of your house purchase money. |
| Answer by :
Koenig On Date
2008-03-02 15:00:40 |
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| A home loan, or mortgage, is most simply described as a loan taken out so that you can purchase a home. Here we’ll explain the very basics of home loans so that you can at least have a basic knowledge of mortgages and how they work.To obtain a home loan you will<!--need to be at least 18 years old and have the income required to be able to easily afford the loan payments. While many mortgages are placed on existing homes, you can obtain a home loan based on units, condominiums, new construction or land packages.
http://best-loans.awardspace.com/homeloans.htm
http://mortgages-finance.awardspace.com/
Regardless of what you need, there is most certainly a home loan option to match your case.Home loans are usually taken out for 15 or 30-year terms and your monthly-->payment will be based on the principal and interest rate. You may also find that some lenders require that your mortgage payment also include property taxes, insurance, etc. The interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans. |
| Answer by :
Heather On Date
2008-03-02 17:39:58 |
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