First Time Buyer Self Employed 580 Credit What Do I Need To Make A Deal Happen?

First Time buyer with a 580 credit score self employed

20k cash



What do I need to make a deal happen?





What can I afford etc etc keeping in mind closing costs etc



Comments(6)

  • roberth15th November, 2006

    with a 580 FICO you would just qualify for 100% financing for a single family home owner occupied, the rate would not be that great but you could get it done. Your monthly income will also play into how much of a loan you will quailfy for.
    Good Luck,
    Robert
    [addsig]

  • flyhomes18th November, 2006

    Try to forget closing cost put as much money into the equity.

    Ask for a discount on asking price in the form of seller pay all closing. Most deals nation wide lower asking price 5-8% stated by board of realtors. And being that closing cost run 3-4% bingo! Remember all deals are flexable in some degree.

  • sickofcallctrwork19th November, 2006

    7real estate,

    Have you thought about purchasing a property via tax sale?

  • ashwin20th November, 2006

    atlanta is a good market to buy at very favorable terms, or discounted price. with that kind of cash down some may be available even with partly owner financed

  • tmk1525th November, 2006

    as for how u get around owner occupied...simple say you will live there and then as soon as the loan passes call and change your mail to go back to where u really live...they cant prove it up front that u arent planning on living there and then u just say u changed ur mind...if ure gettin my drift

  • finniganps25th November, 2006

    Quote:
    On 2006-11-25 12:23, tmk15 wrote:
    as for how u get around owner occupied...simple say you will live there and then as soon as the loan passes call and change your mail to go back to where u really live...they cant prove it up front that u arent planning on living there and then u just say u changed ur mind...if ure gettin my drift


    This advice is called "loan fraud". I hope they catch you if you go this route.

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