Does anyone know where I can buy a house or modular home in North carolina or other areas with bad credit?
Modular Home Questions January 21st, 2010I am trying to buy a house. I considered the rent to own or lease option but I was told by a friend that it was a waste of money. I am looking at houses or either modular homes. I really could use some useful info. I have been renting for two years and It is time for me to get my own.
January 21st, 2010 at 12:59 pm
charlotte has a lot of nice areas at affordable prices. question is how much are you looking to spend?
FHA is a no score requirement program that allows you to have a 400 score BUT you cant have any credit lates in the last 12months.
Another thing is that Nehemiah/Ameridream will end October 31st. FHA/HUD has banned the use of these down payment assistance programs…..
FHA only requires 2.25% down…..and you can have the seller pay the closing costs
January 21st, 2010 at 12:59 pm
It really depends on how bad your credit is. Do you know your credit score? If it’s below 520, I wouldn’t waste my time. But if your score is over 520, you could possibly be approved for an FHA loan and get down payment assistance through the Nehemiah program. I’ve known MANY people who’ve bought their houses this way.
January 21st, 2010 at 12:59 pm
Bought a house in Fayetteville with an FHA.
Took out a loan on my 401K for my down payment.
see a mortage specialist at the bank. If you aren’t qualified, they will let you know what to do so you can be!
Good luck!
January 21st, 2010 at 12:59 pm
Do you have a job? It sounds peculiar that you want info on a possible home anywhere in North Carolina when there are 100 counties to choose from. So if you find an affordable place in Franklin County, would you move there?
Lease option always sounds like a good idea, however, here’s how it works: the owner/Seller expects you to pay a few thousand down for the option of purchasing, usually within a one year time frame. After that year, you STILL have to qualify for a loan. If you don’t qualify, and your year is up, you lose the thousands. If you change your mind, you lose the thousands!
Yes, there is at least one lender who may try to help you, however, it’s more important you have the stability to make it work.
January 21st, 2010 at 12:59 pm
Try Durham, Downtown Raleigh, Oxford, Johnston County.
Do you have a job? Do you plan to commute? Fayetteville is an affordable area. Modular Home? May not be what you really want. Search for pre-fab. Good Luck.
January 21st, 2010 at 12:59 pm
It would be easier and cheaper to simply fix your credit first. If you cant afford to fix your credit (pay off the outstanding creditors, etc), you probably are going to have a hard time paying the loan and the taxes, ESPECIALLY with bad credit and the high interest that a bad credit loan comes with. The nice thing about rent-to-own is, that you get to find out what is wrong with the house BEFORE you buy it.