Help!! - Posted by Denise

Posted by Denise on February 19, 2002 at 15:54:03:

Thanks Kristine…maybe it’s not hopeless. Denise

Help!! - Posted by Denise

Posted by Denise on February 18, 2002 at 22:18:59:

Last year I got a 15,000.00 pay cut while I was 3 month pregnant with my second child. My perfect credit is now KILLED because I couldn’t afford to pay any of my credit card bills. Now, I can’t get a loan to buy a house. We have very little money down and bad credit. Our rent has been payed on time forever. I could consolidate but I don’t know how quikly this will help me to buy. Is there any way to finance with bad credit considering it all came after a pay cut??

Re: Help!! - Posted by Kristine-CA

Posted by Kristine-CA on February 19, 2002 at 11:07:30:

Denise: you can buy a home with bad credit and little money down. But often times you can’t be as picky about the terms or the price, because that is where investors make money and they are the ones you need to work with. Call the ads in your local papers that say “We buy houses” and ask if they have anything available now and if they will keep your name if anything comes up.

You can also find property that you can get into for very little money down or nothing down. Start reading this board and study up on vacant/abandoned properties. Also read and ask questions about subject-to deals, because this is where there are many attractive deals where you get the deed and make payments on the existing loan. Sometimes existing financing on a property is very attractive and the seller really needs to get out.

There is a lot of reading to do on this board. And there are more detailed courses and books once you find something you want to focus on.

Hope this helps. Sincerely, Kristine