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Old 02-20-2009, 10:58 AM
 
26 posts, read 59,707 times
Reputation: 21

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Hello, I know I can count on ya'll to help me...My nephew is 20 yrs old and has the chance to buy a home he is renting..He has a job since last year and looks as if he is going to keep it, what he does not have is any credit,I sent him to Suntrust to get a first time buyer loan and to check on the Hud financing. They turned him down.
I do not know what you have to do to get a loan except apply for it, and hope for the best...I don't really want to beg for free advice, but I would really like for him to be able to get this house....Can ya'll point me in the right direction as far as a few good places to try for these loans?
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Old 02-20-2009, 12:08 PM
 
1,250 posts, read 4,783,368 times
Reputation: 821
To be honest, in this current situation it will be nearly impossible for him to get a loan unless he can put up a very large down payment on the house.

He's only 20 years old with no credit. He's seen as too much of a risk for any lender to want to deal with, especially given the rate of foreclosures we're seeing.

The only way he would be able to get a loan is if he can get someone to co-sign who has an impeccable credit history/rating, low debt and a very nice income.
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Old 02-20-2009, 05:00 PM
 
Location: Roanoke, VA
246 posts, read 782,043 times
Reputation: 60
I would co-sign for him, loan him the down payment, and send him to a local credit union or a local bank like Valley or Home Town.

Don't want to co-sign or loan him the down payment? Then don't encourage him, because you'll just be dumping one more foreclosure on the system. (That wasn't meant to be nasty; just matter of fact. )
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