We are currently seeking financing for a house we wish to purchase. We are having a hard time with getting financing. Our credit scores are not the best one of us has 637 and 587, but we had a bankruptcy that was discharged about 2 1/2 years ago. We are looking to finance a house with the purchase price of about 145,000 with a down payment of about 18,000. We are looking for a payment if possible around $1000 with the mortgage, taxes and insurance. Is this at all possible?
We are looking to finance a house with the purchase price of about 145,000 with a down payment of about 18,000. We are looking for a payment if possible around $1000 with the mortgage, taxes and insurance. Is this at all possible?
The situation that you describe does not seem impossible at first glance. However, it is dependent on a variety of factors not listed. (i.e. prior mortgage history, income, assets, taxes, insurance, etc.) You should look for a 90% LTV loan. This would make your loan approximately 130,500. A payment of around $1000 could be achieved with an interest only (I/O) type loan.
This, of course, is dependent on what your tax and insurance costs are.
Where is the property?
You could most likely get a payment below your target, again it depends what your taxes and insurance are. Interest only would be the way to go. As Mark said, the main factors in determining you payment are your qualifications (income, payment history, assets, etc).
Thanks for all that have contacted us re the different options that we have. They have all been very useful suggestions.
Have you considered FHA financing (2yr Bk dischrg) plus you can add a 2-1 buydown to the rate allowing you to work your way up to a full house payment… also , FHA depending on the investor will allow down to 580 Fico scores… keeping you out of subprime or Alt-A loan programs with higher rates, fees, and Prepay Penalties.
Cali Grape is right on…FHA is the next best bet after conforming/conventional which you folks don’t seem to currently qualify for at present. Interest only, as mentioned above by others, is the next best bet after FHA. You’ll get this done, based on what I am seeing. Good luck!
Thank you again to all who replied. We were able to secure a loan and actually closed on a house yesterday. Thank you again for all the help.