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Old 06-10-2011, 11:32 AM
 
Location: Garland, TX
81 posts, read 271,596 times
Reputation: 65

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Looking to purchase a home in TX that is in need of some repairs. Seller is asking only $25,000 for it (due to location and repairs needed). I am employed (gross income is about $3000/month), but my credit is poor - Ch7 bankruptcy in 2009, and no re-established credit. I was pre-approved for a $30,000 vehicle loan without a problem (using a specialized lender), but I am having trouble locating a mortgage company that offers sub-prime mtgs. Any recommendations?
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Old 06-13-2011, 05:10 PM
 
Location: New York
2,251 posts, read 4,160,232 times
Reputation: 1607
Quote:
Originally Posted by Moey91 View Post
Looking to purchase a home in TX that is in need of some repairs. Seller is asking only $25,000 for it (due to location and repairs needed). I am employed (gross income is about $3000/month), but my credit is poor - Ch7 bankruptcy in 2009, and no re-established credit. I was pre-approved for a $30,000 vehicle loan without a problem (using a specialized lender), but I am having trouble locating a mortgage company that offers sub-prime mtgs. Any recommendations?
"Rent to Own" by the seller, is one way, another way is to use a family member or someone to take the loan out and you make the payments.

Filing a Chapter 7 two years ago - your credit is pretty much shot, - it is going to on your credit report for another 8 years.

Your primary goal is to re-established credit - that car payment is an installment type of debt. By sending extra each month over a period of six to 8 months, your credit score can be manipulated higher.

Good Luck

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