Someone verify this, but I beleive that if you were to get your score from that website it would probably count as an inquiry and reduce your score.
If you go to Myfico.com and get your score it doesnt count against you BUT it costs $12.00. I am not going to enter my info into that website but I wonder if it is really free or if something pops up once you hit submit. Either way, it’s worth the 12 bucks in my opinion to get it directly from equifax, especially if you have borderline credit and a couple of points would cause you to not get a loan or raise you interest rate.
Posted by Adarla on February 02, 2002 at 04:57:16:
This is my first post here since I just found the site
a few days ago. Here is our problem… Our landlord is
getting rdy to have the house we live in foreclosed on.
He told us he would sell it to us for the price he owes.
($9,000). He has had a been making loan payments on it for
the last 10 to 11 yrs until he lost his job. Our problem
is we would like to buy the house but it needs ALOT of work
on it and we have really bad credit since my husband got
very sick and now is on disabilty. I can’t work since I have to stay home with him and our 2 children. Any suggestions would be welcomed.
Re: Help on first home (long) - Posted by Woody (MI)
Posted by Woody (MI) on February 03, 2002 at 04:40:21:
Hi Adarla,
My suggestion would be for you to talk to a mortgage broker first thing Monday morning. YOu say your credit is bad but it is possible that they would make you a loan on this property… You never know for sure til you ask. If it were possible, it might lower your payment enough that you could pay to fix the property with the money saved from rent. If you would like, there is a website where you can check your FICO score for free. That would give you an idea of whether you would be able to get a loan or not. The website is www.firstohiomortgage.com. I have seen loans made through these type of folks with a score above 540 so you might want to check it out. Hope this helps.
Posted by Clare Z on February 02, 2002 at 17:07:37:
Anyone out there correct me if I am wrong.
I am not sure you can do this without ulitmately reselling the house and moveing but here is what I see.
You could probably get a hard money loan based on the house, rather than your credit. You can buy the house with that. Now you have a choice.
a) Sell to a rehabber for a couple thousand more that you bought it for (if this would be enough for you to move somewhere you want to - even another rental.)
b) With a larger loan you could hire people to fix the house up and then sell it for retail. This would only be worth it if you made around $6000 after all the work and selling expenses.
The easier of the two would be selling to a rehabber. You might want to bring a rehabber in for estimates and then offer it to him and see what he says.
Anyway, there is lots of info on this site in the How To articles section. Look on the menu on the left of the page. Good luck…this could be the start of something big - a business you and your husband can do AND stay home with the kids :>
What city are you in? How much is the house worth? What type of work does it need? Can you afford to fix it, or is you health good enough to do some of the work yourself? Where will you live, if you don’t buy it? Will owning the home affect the disability assistance you get? Sometimes you can get govt. assisted housing, if you don’t own anything.
Good luck,
Travis
Posted by Rosie_FL on February 03, 2002 at 18:46:44:
I’m confused by the following statements at the website; why does it say that First Ohio is to “release” info from itself to itself? How would it have my bank accounts info? There’s no place to enter that on the screen so how would they have it?
"First Ohio Mortgage Corporation is hereby authorized to release any information required by First Ohio Mortgage Corporation and/or Credit Bureau to complete the processing of my Credit Score.
Necessary credit information may include savings, deposits, checking accounts, consumer credit balances, payments, and history - including mortgage payment records and balances or present/previous employment history.
"
Posted by Adarla on February 02, 2002 at 13:32:27:
ok, to answer your questions… we live in a very small town in AR. The worth of the house is unknow, but if fixed could be sold easy for 30k or more in this area.
As for the work, we can do some, but will have to have
someone do a bit too since it will be a big project to undertak ourselfs. If we don’t buy, we talked about moving to a bigger city, but really hate up rooting my daughter and son. No, owning a house will not affect his disability since it is a insurance policy/SSA.
Posted by Woody (MI) on February 04, 2002 at 03:01:21:
My guess would be that all of the info they need is included in the little form you fill out. It doesn’t say that account info is necessary, it says it MAY be necessary.
Posted by Adarla on February 02, 2002 at 23:38:00:
Thanks for the replies… Right now we pay $350.00
a month on this house. We could go up to 400-500 a month after July and we have another debt paid off.
But the max we want to borrow at this time would be
around 20,000 max since hopefully after we fix up the things that need fixing (floors in 3 of the room, and windows and a outer wall that is cracked)we would love to turn around and sell it since this the value of this land is going to start rising when they build a sport complex 1 1/2 miles from here.