Refinancing Home Mortgage
In: Mortgage Rate
18 May 2010We’re trying to buy a home..
The houses we are looking at purchasing are like 65k..
We have no equity, we’ve been renting, also we live in the US. Thanks though.
This is about mortgage information questions.
2 Responses to What kind of mortgage rate would we be looking at for bad credit, and an under 100k loan?
Doctor Deth
May 18th, 2010 at 7:18 am
with bad credit – you’ll need at least 10% cash up front for down payment and closing costs and even then it might not get you a mortgage
godged
May 18th, 2010 at 8:03 am
It depends on how bad your bad credit is.
If you dont have a 20% down payment, it is likely that PMI is going to price you out of purchasing a home.
Your best option is to talk to a local lender who can give you strategies to improve your credit and get yourself in a position to buy.