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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Main Thing Is Money Posted by SeanW on June 12, 2003 at 7:03 AM In Reply to: life after foreclosure posted by jl on June 11, 2003 at 10:14 PM The greater the down payment you can make, the less important a credit rating is. Even institutional lenders like Countrywide will make mortgages with no credit check at all on a 25% down purchase. I bought my first house this way! If you can put 10% down, you can buy a house. There are so many people buying houses with 0 to 3 percent now, that having 10% looks wonderful to many lenders-- regardless of past credit problems. Look for a mortgage broker who has lines into the "private market". You won't get good rate, of course, with the foreclosure in your past. Just be philosphical that we are in an environment of historically low rates. 8% mortgages were normal for people with excellent credit just a few years ago, and I'd expect you can beat that. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The greater the down payment you can make, the less important a credit rating is. Even institutional lenders like Countrywide will make mortgages with no credit check at all on a 25% down purchase. I bought my first house this way! : If you can put 10% down, you can buy a house. There are so many people buying houses with 0 to 3 percent now, that having 10% looks wonderful to many lenders-- regardless of past credit problems. Look for a mortgage broker who has lines into the "private market". : You won't get good rate, of course, with the foreclosure in your past. Just be philosphical that we are in an environment of historically low rates. 8% mortgages were normal for people with excellent credit just a few years ago, and I'd expect you can beat that. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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