help?

iVillage Member
Registered: 08-19-2003
help?
3
Sun, 11-07-2004 - 6:41pm
I saw a house today that I want so badly I can hardly stand it. I had planned to buy in a couple of years, but this house is just perfect for me. The problem is this: I can't imagine anyone loaning me money to buy a house with my credit (score mid-500s) and no down payment. Anyone know of any programs out there for my circumstances? Maybe a first time homeowners thing, something like that? I know I'm reaching, but this house is awesome. It's an old house (like 1870s), and they are asking 89000, but I know it appraised much lower and a potential buyer has backed out for that reason. Any ideas anyone?

gomom99

iVillage Member
Registered: 02-19-2004
In reply to: gomom99
Sun, 11-07-2004 - 10:24pm
If it is appraised at lower than the asking price, and you aren't putting anything down, a mortgage company might not approve a loan for that reason. If you were to default, and they were forced to sell the house, they know they could not recoup the cost of the loan.

I do not know about minimum fico scores for home buying, but I just saw a link to this board on another board, and you might want to check it out:

Real Life Real Estate Board http://messageboards.ivillage.com/n/mb/listsf.asp?webtag=iv-mlrealestate&nav=start

Photobucket

iVillage Member
Registered: 03-28-2003
In reply to: gomom99
Mon, 11-08-2004 - 12:33pm
I know buying a house is the american dream, but buying a house should be a blessing not more stress. A house that is 134 years old has the potential for problems and many of them could be expensive. Buying a house without a down payment or an emergency fund is inviting Murphy to move in as per Dave Ramsey.

Hang in there. With your hard work and good attitude you'll get what you want.

Julie

iVillage Member
Registered: 07-06-2003
In reply to: gomom99
Mon, 11-08-2004 - 3:36pm
"I know I'm reaching, but this house is awesome."

You've got your answer right in your own post. The worst thing is to go ahead and do something you know will ultimately be the wrong move at this point in time.

Even if you were to get a mortgage with no down payment, you'd be paying on a high interest mortgage, probably doing repairs to a very old home however nice it may be and you'll have no contingency fund to deal with problems that will certainly creep up.

IMHO you should stick with the plan to purchase when your credit score has increased and when you have the financial reserves to handle it.

Hang in there, you'll have a home in good time and perhaps get an even better deal than what you see now.

Kassandra

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them