Does anyone work for a mortgage company?

[Bhop]

Im trying to buy a house soon. a cheap fixer-upper. I am a maintance man at my job and have worked several construction jobs before. i am hoping to find a company that will let me pay a down and make payments without having to get a loan from the bank. as i have bad credit. if you know someone that can help or if you can help pls let me know. i need this for my kids, they hate where i live now as its not a good place and its small.

 

[dieseltech09]

Good luck man. Its harder than ever to get into a house right now.

 

[dan45]

Good luck man. Its harder than ever to get into a house right now.

This^^^^^ I have over $25000 equity that I can't touch, partly because of my credit, but still it's frustrating to know the only
way I'll see any of it is to sell my home. Even then I'll lose money the way the market is right now. Good luck man indeed.

 

[Bhop]

i just need a place for my kids, a rent to own would be fine i just need a place for them to play and have there own room. i dont feel comfortable letting them play out here even with me watching them bc there have been too many random shootings around here including one right in front of my apartment

 

[-Pjackso]

For your given limitations, I don't think a mortgage company will be willing to help. ...Although, I recommend you look through the Craigslist real estate ads. There will most likely be for-sale-by-owners, which will be much more likely to work with you.

I don't have any direct experience in the FSBO area, so good luck.

 

[Souperphly]

If you haven't already talked to a broker/agent you might want to, I thought I would be out of luck with my credit but they got us approved.

 

[mr ed]

i just need a place for my kids, a rent to own would be fine i just need a place for them to play and have there own room. i dont feel comfortable letting them play out here even with me watching them bc there have been too many random shootings around here including one right in front of my apartment

be advised 99% of rent to owns are scams.
have you located a certain house yet ?
when you say cheap fixer upper what price and how many square feet?
cheap fixer uppers is what I buy, make'em bootiful and rent'em out.
if you have found one I can advise whether its a good deal or not.
I may know somebody in the mortgage biz, his interest is high like 13%
but no closing/loan costs so it averages out about the same as a bank/mc that
charges all those B.S. fees.

 

[JaredC]

My wife is a realtor in Broken Arrow/Tulsa area for Keller Williams and we own a handful of rental property that we bought as fixer uppers. In your situation and what you are wanting, the best chance youll have is finding a hard money lender. Google it and do some research. The worst thing to do is to buy a fixer upper on bad credit and be uneducated about the process. It works well if you know what youre doing, but you can get in a pickle real quick if you dont. If you decide you want to go the realtor route or even just want some professional advice, give me a shout and Ill pass my wife's info on to you. Good luck.

 

[ZombieHunter]

You are looking at SUPER junkers with bad credit, the only thing anyone would probably loan on, is backwards properties, IE burnt out but foundation is usable, meth house, weathered and left for years unattended.

These homes are not going to be conducive to living in until they have been properly gutted or rebuilt. You need to find just the most disgusting possible house in a decent area that is held privately, negotiate terms and get everything done by a real estate broker, they will usually help with the legitimacy of any concerns down the road if any, and once you get these things and hold title, spend 12 months fixing it up with CASH, if you can do this while paying your payments to private owner/lender you should be able to negotiate a true LOAN once completed to pay off the private seller and then have a fixed rate mortgage.This is something that you have in the contract with private seller, the terms should be 15-20 years with say 4% interest, but you will get that real bank mortgage by creating SWEAT EQUITY.

I know this is how my father started out in the 70's, we dont go to banks anymore we fix them up for pure cash, and own everything outright to begin with, but I do know it is still possible to do it this way, it just takes real imagination, you cannot just slap up a house like the homes built in the era of the area, it needs to be done with energy efficient windows and appliances, and super awesome preferably spray foam insulation, all can be done DIY with enough research and google fu, but the more $ you put into the individual pieces and design of a home, the more it ultimately is worth depending on location, square footage, average income of area, and direct neighbors curb appeal.

 

[Bhop]

thanks for all the info