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Is it possible to get a home loan with....

Posted by on Sep. 28, 2010 at 12:30 PM
  • 26 Replies

15K to put down?  Both DH and I have bad credit.  The house and property is about 130k.


Im trying to move out in the country about 40 min away from where we live now.  SD 11 lives with us and Im wanting to move closer to her mom.  But I need to get a loan for the property and house that is on it.  The house and property combined is 130k.



by on Sep. 28, 2010 at 12:30 PM
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Replies (1-10):
Newtons06
by on Sep. 28, 2010 at 12:32 PM
Maybe, just check with the bank. They are so strict right now though so I'm not really sure.
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marshsmom
by on Sep. 28, 2010 at 12:32 PM

My husband and I had 20K.  We bought our house for 178K, we put 15K down and asked the seller to pay up to 3K of our closing costs.  The remaining 5K that we had went towards the remaining closing costs and new appliances.  We got an FHA loan.  Good luck!

megan479
by on Sep. 28, 2010 at 12:33 PM

depends on the agency, though i would say if u and dh both have bad credit, you'll have a hard time getting a loan right now

nicolleraeanne
by on Sep. 28, 2010 at 12:34 PM
We bought our house with 0 down a year ago. $130k. USDA loan...but we have very good credit so I dunno. Bump.
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BellaBlondie
by on Sep. 28, 2010 at 12:34 PM

You may.....but then again, a LOT of lenders were smacked with the housing market blow up, largely because of loaning money to people who couldn't pay it back.  Your best bet is to ask a mortgage loan officer at the bank, get a pre-approval.  Before you even look at houses, have your financing in place.  That way you know what you can afford,, and can move quickly when you find the right place.

ambermario4ever
by Gold Member on Sep. 28, 2010 at 12:36 PM

it depends on the bank you get the loan from we are looking it to home loans as well and our bank want between 5% and 10% of the cost of the home we buy to be put down so check with your bank but if you have bad credit they may want more cause we have bad credit and can not even get a loan for a car 

Rhyne
by on Sep. 28, 2010 at 12:37 PM
We bought our house for $115k, and put $12,000 down, but our credit is really good. We did get a bill in May saying our Escrow account had ran low so we had to pay $1,500 or our payments would go up $200 a month. I would call up a loan agent and see what they say.
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mayzell
by on Sep. 28, 2010 at 12:37 PM

I agree with bellablondie, i would see how much you could possibly get a loan for first and gett the financing in place.

It is hard to get a loan with less then great credit.

Kodysmommy928
by on Sep. 28, 2010 at 12:38 PM

Right now you will have a hard time getting a home loan with bad credit.

Bknotnobody
by on Sep. 28, 2010 at 12:38 PM

This, don't go house hunting, or even start looking without a preapproval,it will make things easier for you down the road. We did that and my husband has decent credit, because I knew MY credit would actually bring us down, we just went off his.

Quoting BellaBlondie:

You may.....but then again, a LOT of lenders were smacked with the housing market blow up, largely because of loaning money to people who couldn't pay it back.  Your best bet is to ask a mortgage loan officer at the bank, get a pre-approval.  Before you even look at houses, have your financing in place.  That way you know what you can afford,, and can move quickly when you find the right place.


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