Is it easy to qualify for a mortgage when buying a HUD home?

Credit and mortgage advice Forums Buying Your Home Is it easy to qualify for a mortgage when buying a HUD home?

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    • #206198
      Anonymous
      Inactive

      With the current lending standards, i’m wondering if the same applies to HUD homes. I live in texas and found a hud home that’s listed for $95,000. My credit score is about a 620 which i know is horrible. Is it possible to qualify for a loan and about how much would our payments be?



    • #432902
      Anonymous
      Inactive

      1% = $ 950, so 8% = $ 7,600 annually. Divide by 12 to get a month’s interest.

    • #432903
      Anonymous
      Inactive

      $ 633.33

    • #432904
      Anonymous
      Inactive

      the interest on a mortgage is not the same every month – close but not the same…
      at the beginning of the mortgage we are paying more for interest and less for principle – as the mortgage matures the amount applied to interest becomes less and the amount applied to the principle increases

    • #432905
      Anonymous
      Inactive

      8/100 * 95000 = 7600

      $ 7600 is annual interest amount.
      for a month, 7600/12 = 633.33

      $ 633.33

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