04-12-2012 09:50 AM
Hi i like to know if is possible buy a house for 66.000 with 20.000 dollars down payment. I have bad credit aand own a house already in wisconsin. witch im gone put it up for sale.
04-13-2012 09:42 AM
Thank you for posting to our ZIP website! I have forwarded your question to 2 different lenders I work with to see if anything can be done to help you. Will let you know what I find out.
Enjoy your day!
04-13-2012 01:56 PM
Unfortunately, here is the result of my lender contacts: the loan amount would be too low (some lenders do not lend under $50K) and your credit score is too low as well.
Sorry...but remember, this is the answer for today. Once you get your credit score up, your situation will change.
07-01-2012 03:59 PM
You can also look into a lease-purchase, or rent with an option. In either case, be sure to record your interest with the county clerk to protect yourself. In my opinion, the lease-purchase is the best way to go. Be sure that the contract is a simultaneous lease purchase agreement that gives you sufficient time to work on improving your credit score. I would ask for 5 years to the refinance date; however, if they give you less time (standard is 3yrs), be sure to have an escape clause of some sort. I would consult a qualified real estate attorney for help with the contract.
I hope that helps.
07-02-2012 10:07 AM
You are welcome, Maria. With all the small investors jumping into the market, and banks still reluctant to make investment loans, the small investors need buyers as much as people with less than perfect credit, and/or small down payments want houses. It is a win-win.