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Buying a farm with horrible credit… Need advice

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5:26 pm
Wed, Apr 01, 2009

Bebop

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I'm looking at a really awesome priced home on 25 acres.

Thing is, my husband and I have horrible credit. As soon as he gets out of the Army, we plan to get debt consolidation or something similar. I would really like to somehow get this house especially since we have a baby on the way.

Would there be any way for us to get a loan if we can get back on track with our finances? This property doesn't cost an arm and a leg, I'm just afraid we couldn't get a loan or something.

Thanks for any advice!

>^.^<

11:48 am
Sun, Apr 05, 2009

Mel

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If you want to try to do this, you should go to a mortgage company that does manual underwriting, and does not base your ability to obtain a loan on your FICO score. At the same time though, make sure that you're going to be able to afford this with all of your debt – buying a property with a lot of debt can lead you into serious financial trouble. To keep rates reasonable you'll also need to have 20% down – and if you have debt I'm assuming you don't have savings…

You might want to work on clearing your debt first, saving for a downpayment, and then going for it. Another nice place will come up when the time is right, I'm sure.

Just speaking from experience. :-)

Best of luck!

8:17 pm
Tue, Apr 14, 2009

Bebop

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Well turns out he's deploying to pay off our bills. To tell you the truth, we don't have a MASSIVE amount of debt, just really bad credit. I'm going to say our debt is under $10,000 if that much.

Thank you so much for the advice though. It's really encouraging.

12:46 pm
Fri, Nov 19, 2010

addison

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Hi,

I think you are talking to Buy a form so you can talk to http://www.kyogle.net.au/ they help you to buy an good and reasonable farm.

Good luck!

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12:47 pm
Fri, Nov 19, 2010

addison