ineedhelpplease
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Posted: Fri Mar 11, 2011 4:22 pm Post subject: I need help/advice, please help me.
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I am a first time home buyer (potentially). The house I have in mind is a foreclosure at 37,000 (asking price). It needs work (heat pump, cosmetic, and some shingle work). A high estimate to have all of this done by a contractor is 9,000. I'm trying to stay at or below 40,000 if possible.
I've been to my bank and a mortgage broker and was denied pre-approval both times based on the fact that I only have one current line of credit at 2 months and one complete line of credit at 25 months. My credit score is okay (600's). My problem is that I keep running into problems with the amount of credit i have(not the score). What I would like to know is, is there any loan out there for somone like me. we tried conventional (bank) and 203k(broker), but couldn't get approved based on that. Even in it's current condition I would think the value of the property is ver 40,000. Most of the work I could do myself at minimal cost. It is an option to include the cost of a professional contractor in the loan cost to get the work fixed, or not.... It really doesn't matter to me. I just need a loan... where should I go or look?
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 dipaligopale
Joined: 25 May 2010
Posts: 790
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