I have bad credit and my landlord/boss wants me to buy the house I’m renting its a duplex with a renter on the opposite side of me? I’m clueless when it comes to stuff like this but would love to learn and be a landlord of my own, would i need money down? could I get the loan for more than what he is asking for the house?
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With bad credit you’ll pay through the nose for a loan. Clean up your credit score first, THEN consider buying.
Due to the current “credit crisis” in the US, your chances are not that good. People that have bad credit fall into the “subprime” category, and this is the main type of borrower that is defaulting so much that is causing mortgage companies to file bankruptcy or post huge losses.
Sorry but you’d definitely need at least some kind of down payment. If you have 20% to put down then fine, you will get a loan, but pay a higher rate. If you have less than 20%, then you will have to shop harder to find a lender willing to lend to you.
Good credit should be a worthy goal to strive for, but unfortunately many people nowdays don’t see it that way.
Its possible if you havn’t had any over 30 day payments in the past 12 months. Ussually medical bills arn’t as bad.
You could get an FHA home loan which usually requires 3% down. Sometimes you can get the seller to pay for that and the closing costs it depends on if he is willing to work with you.
depends on why your credit is bad.
bankruptcy wait time is about 1yr.
foreclosure about 2yrs minimum.
you can have a 350….and still get an FHA mortgage IF YOU HAD NO LATES IN THE LAST 12MONTHS.
FHA requires up to 2.25% down ….other government programs are 0 down, but you will need a 620 to avoid high pmi payments.
You can only get more if you plan on using it to FIX the house…and you will need to provide details to the repairs…..and it has to be approved. FHA rehab 203k
Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing office
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