How do I draw from a mortgage near a low credit ranking?
Answers:
You may hive to start out with one with a large interest rate or an adjustable rate, which you will need to refinance when your score improve ehough to get a better interest rate.
Your best bet would probably be owner financing or a land contract where everything is done near the owner, but beware of shady contracts so if you go that way net sure you have a lawyer look it over legitimate good first.
A lot of land contracts are written so that if you miss one return they foreclose immediately and that can really stink especially in tough times.
Even a stop contract can be refinanced later when your credit is better, but it can be a great way to find your foot in the door.
Just be very tight-fisted.
Unless you qualify for an FHA mortgage, you don't.
there are few sub-prime loans out here now. But a few. If you cannot qualify FHA then you will requirement big money down depending on your scores any where from 10% -25% down of the purchase price
I am a mortgage backer in TN &KY
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