How to finance a home with bad credit?
We just paid off our house and property today. We have approx 45,000.00 in equity in the real estate. Our house is 750sq ft. We have a 8yr old daughter and a 6 yr old son. My credit score is around 400 or so. ALot of people around here are building metal buildings and living in them since they are so cheap. We can have a building built and living in for 20,000.00. Thats an open floor plan but with bathrooms. Where can a person in our situation go to get financed. We understand we will be paying high interest rates. We just paid off our house and property today. We have approx 45,000.00 in equity in the real estate. Our house is 750sq ft. We have a 8yr old daughter and a 6 yr old son. My credit score is around 400 or so. ALot of people around here are building metal buildings and living in them since they are so cheap. We can have a building built and living in for 20,000.00. Thats an open floor plan but with bathrooms. Where can a person in our situation go to get financed. We understand we will be paying high interest rates. We dont want to buy from an individual or lease to own. With that much equity, where can you go to borrow against your equity to build a new place to live?
Public Comments
- Try looking into Owner/Seller Financing, where the person owning the home acts like the bank. OR, you could try to locate a Lease with Option to Buy. Good luck!
- suggest you visit daveramsey.com to learn what the bankers don't want you to know before your next purchase. suggest you rent next 3yrs, pay off bills, save ,learn to own your money not it you, do your homework about the building and property restrictions, save your money. if you got 45k in equity u should not need a loan for the shell and property. then build out the inside on CASH and sweat equity so you can be loan slave free . your kids can learn to share - it isn't child curelity, yet
- Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!
- might have a look at what they have to offer http://www.wesayes.com
