Posted on: 22nd Jun, 2009 10:38 am
I have very poor credit and I am really interested in purchasing a condo in California and I wanted to know can I still purchase a condo if my credit is shot even if I have the down payment for it? I don't want to include my parents to co-sign for me because they have too much credit heavily and is obligated right now and I want to prove to myself that I can take care of it on my own so is there a possibility that I can purchase a condo with my credit being shot? Thanks so much.
lp5623,
what is your exact score right now? If it is somewhere between 620-650 then surely you can apply for a FHA loan but you need to prove that you are a full time employed for last 2 yrs on continuous basis.
One can even get good option with private lending but you need to find out the right person who will lend such a big amount.
keep in touch............
:arrow: :arrow: :arrow:
what is your exact score right now? If it is somewhere between 620-650 then surely you can apply for a FHA loan but you need to prove that you are a full time employed for last 2 yrs on continuous basis.
One can even get good option with private lending but you need to find out the right person who will lend such a big amount.
keep in touch............
:arrow: :arrow: :arrow:
what about the thought of proving to a creditor that you can take care of it on your own? whose money do you think you're borrowing - your own?
"shot" is not one of the ways in which credit agencies report credit. however, from the description, i'd surmise that you're looking at a score below 600. the overwhelming majority of lenders will not consider you a viable borrower, even if your parents were desirous of cosigning for you. on your own, you are certainly going to have an even more difficult time trying to obtain a loan.
"shot" is not one of the ways in which credit agencies report credit. however, from the description, i'd surmise that you're looking at a score below 600. the overwhelming majority of lenders will not consider you a viable borrower, even if your parents were desirous of cosigning for you. on your own, you are certainly going to have an even more difficult time trying to obtain a loan.
lp5623
welcome to the forum
If you credit score is bad, I woudl suggest you to look at options of improving your score first and pay attenetion to why it is bad.
There are lot suggestion this forum on how to improve your score quickly and organize your finances
Good luck and feel free to ask
welcome to the forum
If you credit score is bad, I woudl suggest you to look at options of improving your score first and pay attenetion to why it is bad.
There are lot suggestion this forum on how to improve your score quickly and organize your finances
Good luck and feel free to ask