I have recently moved and was a victum to an adj rate mortgage. Now I am renting for the first time in 14 yrs. My family has agreed to purchase a home for myself with it in their name. We have been checking and for them to purchase the home it is %20 down on investment property? There credit is about 695 so a loan is real possible. We are wanting a way to purchase an $80,000 with minumun money down if possible.
A D
Favorite Answer
This could be tricky. Have you spoken w/any lenders? It will be an investment property for your family since they won't be living there.
Did you lose your house to foreclosure? If so, you probably can't be on the title/mortgage loan.
Where are you looking to buy property?
Even a "FSBO" (For Sale By Owner) will probably require a stiff down payment.
How about a VA assumable? I'm not sure the minimum required, but in the past these were assumable with a 1.5% VA funding fee.
Lease to own (contract for deed?)
paynter
the foreclosures is merely the initiating. this may be on your credit comments for the subsequent 7-10 years. solid success getting yet another own loan in this era. additionally, the financial employer will sell the residence and could come when you for the deficiency. in the event that they get a judgment in courtroom, they might lien your different sources, connect with your financial employer money owed, or garnish your wages. the judgment will additionally look on your credit comments, extra nuking your score. ultimately, in some states if that may no longer your prevalent place of residing, in the event that they do no longer circulate when you in courtroom for the deficiency, they might deliver you a 1099 for that quantity after which you get hit with the capital beneficial properties tax on it. getting the image right here? in case you pays, you would be lots greater helpful off merely preserving onto the valuables for thforeseeablele destiny. the marketplace will rebound finally. P.S. no longer all own loan loans are "non-recourse". no count number if or no longer they are or no longer relies upon on the language of your lending contract.
senzualsindhique
try and find someone that will do seller financing or try and borrow money from elsewhere...maybe a bixness credit card or a credit card that no interest or payments for a long period of time. thanks