How can I buy a house with bad credit in Myrtle Beach, South Carolina?
Dec 14, 2009 in
Financial and Loan Tips
melissawishart
My husband and I both have bad credit but we really need to get a house of our own. I need to know how I go about finding someone who will give us a loan or finance us?? This would be my first home purchase. Any information would be greatly appreciated.
My husband and I both have bad credit but we really need to get a house of our own. I need to know how I go about finding someone who will give us a loan or finance us?? This would be my first home purchase. Any information would be greatly appreciated.
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13 comments
engineer50 on December 14, 2009 at 1:00 pm
You’ll have a hard time. Best to work on improving your credit record and building up a down payment first.
duffie_1999 on December 17, 2009 at 11:54 am
In this economic climate you will not be able to get financing. You are bad risks and with the decline in home prices, the disaster of sub prime loans (which is what you are) you are dead in the water. Work on improving your credit…
Darth Shrillary commands you on December 18, 2009 at 4:47 am
There’s nothing different about Myrtle Beach that would make that location more or less relevant… Bad credit is a killer when it comes to home loans, ESPECIALLY now, since banks have dramatically tightened up on their credit requirements after the mortgage meltdown.
iwishiweresomewheretropical on December 21, 2009 at 9:03 am
The first thing to do is clean up your credit!
s and d e on December 21, 2009 at 10:16 pm
yo udon’t want to buy a house if you have bad credit, you’ll end up with a super high interest rate. no body NEEDS a house of their own, but everyone WANTS a house of their own. if you want to get an interest rate you can live with (and face it, if you were living within your means you wouldn’t have bad credit), rent for a couple of years then find a company that does manual underwriting–they will take all the factors into account, not just your credit score and they will give you a workable mortage. don’t get conned by some sub-prime lender just to get into a house. you may think it’s cheaper to own, but it’s not—there are mortage payments, maintenance, property taxes, insurance and incidentals. i mean, if you can’t pay your bills on time what are you going to do when the ac goes out or the septic system overflows?? be smart about a house, don’t get yourself into something you can’t handle. use a couple of years to clean up the credit mess you’ve made.
John H on December 24, 2009 at 1:11 am
You may an get a conventional loan even with your bad credit. However, you will pay higher interest rates and it will help a lot if you have money down. Bad credit will limit you on the loans and the amount of loans you may get. Your best bet would be to get some quotes from the resource below, they may can help in difficult credit situations.
talismb on December 24, 2009 at 8:46 pm
You waited a few too many years…after this housing fiasco I HOPE it’s much harder to get a loan if you have bad credit than it was a couple of years ago…The collapse of the housing market can be blamed on Mortgage brokers who made loans to people who should never have been given a loan…oddly enough they are defaulting on the loan one after another…
I suggest you both increase your credit scores, save up a decent down payment (You will NEVER get a 100% loan at this stage). And ask yourself WHY you NEED a house of your own? Can you afford all that comes with owning your own house (I can tell you as a home owner that my interest/taxes and all other deductions that I can take are still LESS than the standard deduction amount allowed by the IRS, I found this out a couple of years ago after spending 10+ hours doing my taxes…unless you have kids, it isn’t really worth itemizing.)
Keep in mind…when you rent someone else is responsible for repairs and maintnence…when you own your own house…YOU pay for EVERYTHING that could/will go wrong!
godged on December 27, 2009 at 4:06 pm
Don’t go to those in here spamming for business. If they are unethical enough to violate the very simple terms of use here, “no business please,” I consider it a red flag for what else they will do.
Your best option is to fix your credit. Even if you find a loan, what you are going to have to pay for PMI (unless you have 20% down) will likely price you out of purchasing.
Go to a local lender and have them develop a strategy to get you back in track and on the way to home ownership.
Steve B on December 30, 2009 at 10:11 am
I do not believe you are going to find this type of financing in the present day situation.
Now that I have said that let’s give you a couple of things to check out. Locate in you area a financial broker (someone who represents several lending institutions). You can usually find one through a good Realtor as they use financial brokers frequently. If this approach does not work then the best advice would be to try and clean up your credit and increase your scores.
Jayla on January 1, 2010 at 4:42 am
When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few yearscertificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.
Debbie H on January 3, 2010 at 11:28 pm
You could find someone to finance you, but the interest rates would be out of this world. In order to buy a house, you must first repair your credit. This can be done by going through a lawyer or debt counselor and reducing your debt. This system allows you to pay off some of your debt and at the same time repair your credit, making you more eligible for a reasonal finance loan/rate charges. But first you must gather all of your debts and work with a counselor to see how you can eliminate/reduce them. Good luck!
Dan A on January 5, 2010 at 4:44 pm
Yes the majority of advice is to fix credit first. If you want to side track that a great option in Myrtle Beach since the market is so slow is to find a lease option, many sellers are trying to break even at this point and may be willing to help someone out. Hope it works and keep in mind, work on that credit score
davidt5w6 on January 5, 2010 at 7:04 pm
Bad is a relative word…you still may qualify for an FHA loan, possilby rolling in the 3% required down payment by using a DPA (down payment assistance) program, along with your closing costs. Or just coming up with the 3% down payment and getting the seller’s to pay up to 6% in seller’s concessions to cover the closing costs. It will depend on a few things: credit, job history, etc. If you have any further questions, please don’t hesitate to e-mail me.