I?m looking to purchase a highrise condominium in downtown Houston next September.
I have what is considered deplorable credit by 99% of rating services, but good enough that I was able to finance a new car through a major lender this past summer. By then I should have well over $10k put away.
The average cost of the condos I?ve had my eye on are anywhere from $85-130k and I estimate that I could talk them down $5-10k if they really want to sell quickly.
My question is, even with the terrible credit, will I be able to easily find someone who will grant me the loan with reasonable terms? While I?ll have enough for 10% down, I still worry about closing costs and would like to still have something in the bank when it?s all said and done.
580 is what I hear is the ?magic number? so to speak, and I?m not too terribly far below that, but like I said, I was approved through a major and very reputable bank this summer for my auto loan and hold two credit cards which I make timely payments on and keep the balances low.
Ok that all sounds good, but I?m pretty set on a condo. I?d like to buy it, build some equity, hopefully pay it off early, and have the option of using it as an ivestment property if I ever decide to move.
As a first time homebuyer do I have to get an FHA?
I have been pre-qualified based on my income. My car loan is actually at a very good rate considering my credit score. (around 10%?high, but very good for someone with my score)
Source: http://bestfinancesolutions.com/credit/credit-cards/mortgage-financing-with-bad-credit/
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