Question joe bloe: I need to find a way to finance a house purchase?
I make under 30K a year, I have a horrible and I mean HORRIBLE credit history because of my ex wife’s mismanagement of our finances. I want to be able to purchase my grandmother’s house back but it is valued by the bank at 500K
I know but the question is ALTERNATIVE ways!!
Best answer:
Not going to happen. You do not have the income to make those high payments or even pay the property taxes.
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About Kristofer Nance
Not gonna happen – even with the best of credit, the largest mortgage you could qualify for is $ 90,000 – if the bank feels the house is worth $ 500,000, they are not going to let it go for $ 90,000 – you will probably have to come up with a few hundred thousand in cash to even begin talking to the bank.
Wake up, wake up, you’re dreaming.
Seriously…unless you have someone else buy the home and let you just live there, win the lottery, or stumble upon a pot of gold, it’s not going to happen.
on a 30k income, you qualify for a mortgage of 500 a month mortgage payment. That works out to around 85,000 mortgage.
If the bank feels the house is worth 500,000, what makes you think they will sell it for 85,000?
Move on.
If your credit is so bad, then no lender will talk with you. It’s 500k which is a lot of money, and you don’t make enough to pay back any type of loan. Sorry