ViRedd
New Member
Hmmm ... the lenders have really tightened up on the credit requirements. A year ago ... no problem, but now? The best way would be to find a seller who has the house all paid for and who would be willing to carry the mortgage for you. Seniors are the best bet because many of them don't need the money and were planning on putting the proceeds from the sale into the bank to suppliment their retirement. If you have a small down and offer them a reasonable interest rate it could work ... I've picked up some nice rental properties this way. You can work out an interest only, five year note ... or a five or ten year note amortized over 30 years to keep the payments low. Of course, the note will be due in five years, or ten years, but by that time, in all probablities, the home will have gained enough appreciation to where you can qualify for and obtain conventional financing. And by the way, this is a perfect market to find seller financing as most sellers are having problems finding a buyer. Just imagine a woman in her upper 80's and the kids want to place her in a "home" or move her into their home. The house is paid for, and along you and your wife come with the small down, offering her terms. You'd have to convince the kids that you are on the up and up though as most relatives are cautious and want to be sure "Mom" is protected.
On second thought, I really don't know how "bad" your credit is, so it may not be such a big issue. If you feel OK about it, PM me and let me know what your Fico scores are. We have an in-house lender and I can bounce the issue off on him. I promise I'll give you the feedback ... and keep everything confidential.
Your growing sounds like my growing. I've just started up again after laying off for the entire summer. Everything I tried to grow burned to a crisp.
Vi
On second thought, I really don't know how "bad" your credit is, so it may not be such a big issue. If you feel OK about it, PM me and let me know what your Fico scores are. We have an in-house lender and I can bounce the issue off on him. I promise I'll give you the feedback ... and keep everything confidential.
Your growing sounds like my growing. I've just started up again after laying off for the entire summer. Everything I tried to grow burned to a crisp.
Vi