Credit repair help please?

Credit and mortgage advice Forums Consumer Credit Credit Repair Credit repair help please?

This topic contains 6 replies, has 2 voices, and was last updated by  Anonymous 8 years, 4 months ago.

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  • #205214


    How can these guys sell this for so cheap, when everywhere else its ?35.00?

  • #430994


    In the UK lenders are very slowly increasing % loans and it is now possible to borrow up to 90% with a few high st lenders.(eg RBS) However rates with low deposits are not particularly attractive. Not all lenders will lend if the property is to be occupied by a dependent relative.
    You do not say if you have a mortgage yourself. If you have your earnings must cover both mortgages. If you do not have a mortgage, or even if you do, you could remortgage your own house to raise a larger deposit & qualify for lower rates. To get best advice speak to an independent mortgage adviser.

  • #430995


    Yes, with both conventional and FHA. The FHA will allow for 96.5% LTV or 3.5% down payment.

    FHA rates are at an all time low.

  • #430996


    Did you get some type of loan for the purchase of your home from the county or city, so you did not have to come out of pocket for any money what so ever? I think the program is called down payment assistance.

    The program you are speaking of indicates that you must pay back a portion of the money if you sell the house before a certain time and the longer you stay in the house the less you have to pay.

    It appears as if yours indicate that you must stay in your house a total of seven years or more before you would not have to pay any of the first time home buyers money back.

    Check you contract or loan docs you signed and see how much you have to pay back living in the house for the time you have lived there and sell it at this time.

    You might consider renting the property to comply with the contract you signed.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  • #430997


    Depends upon the program. Every single first time buyer program out there is different. Within the county where I work, there are at least a dozen from various cities – and one program administered by the county for some cities that don’t have their own as well as for unincorporated area. The rules on all of these vary.

    Now it looks like you probably bought into a restricted housing program, which typically don’t have any exceptions. Death, Divorce, whatever it is, it doesn’t matter. The city is trying to maintain a pool of housing for low income folks. Not only do you most often have a restricted sales price, you also usually have to sell to someone approved by the program. However, the only way to be certain is to talk to the program’s administrators and ask.

  • #430998


    Here’s what I would do. If the house is livable rent it out(be choosy about tenants) use the property as security on a new home loan. By having this rental it will change your income and possibly give you a boost in the loan approval department of a perspective lendor. Hopefully, both you and your wife have been employed at the same jobs for a few years and have stable documented income. I would also review your loan documents from your mortgage company and find out if there are other ways of selling or transfering your loan to another mortgage company. There are a lot of mortgage lendors out there that compete to get business. You can probably find one that will have competitive prices and interest rates.

  • #430999


    why dont you just rent it out while you live in your new house. when the seven years are up you can sell it an it would be worth more money

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