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How To Get A House TODAY

Updated on May 7, 2012

How to get a house today even with not the best credit

Ever think about buying your own home but think your credit wasn't good enough? Well at least that's how we felt. At the time of writing this and getting my own home my credit score is roughly 580 while the Govt. and most banks require a 650-670 minimum range to even qualify. The property is 1 acre with a three bedroom trailer on it. It's our first house however and a good starting point to get out from under our landlord and build equity.

This isn't even the best part the property is valued at 52,000 however were buying it for 42,000 at 2.4% interest rate with 0 down no closing cost or anything and on top of that their giving us 1,000 dollars for appliances. You might be asking how and why are they doing this? Well many things fell together to make this deal work.

At Risk Properties

The property itself is in a great upcoming area with a nice neighborhood with a lot of potential. However because there is some distance between houses and the area is a bit wooded between them people easily get in and vandalize the property. Most of the time these houses are vacant while awaiting to be sold and the only real person keeping an eye on it is the realtor and he/she isn't able to keep an eye on the property 24/7. What had happened with the property we are buying is vandal's got apparently and stripped anything of value down to copper wiring and pipes and scrapped it all. According to the bank that has the property they had to replace everything at a cost of nearly 20,000 dollars. The bank isn't in the business of having to repair houses or flip them but they have to be in a condition to be able to sell.

We have a relative who lives just down the street from the property who knew the neighborhood and that someone had recently stripped the place. There was even another property in the area vacant that was stripped as well recently. We brought this point before the realtor who informed us the property was a bank owned property. Here is where another key to attaining this property fell into place.

Credit Union Owned Properties

The property was owned by a bank a credit union nonetheless. Credit Unions are amazing places to bank because they are small and offer great advantages to doing business with them. However one downside is because they are small they can't afford to hold onto a property for long periods of time because they don't have the funds larger institutions do. They wanted the property off their books as much as we wanted it. The only requirement they had for us was to open an account with them to have the payments directly withdrawn and to become members. I was more then happy to open an account with them since they were offering us a great deal. Not to mention the no fee checking account. Considering our current bank was charging us a monthly fee anyway.

We informed the contact person at the bank who was the loan officer for the local branch that we were interested in the property. We informed him we knew of looting and scrapping going on in the area and that it was in his best interest to get someone into that property.

Good Rental And Work History

After discussing the property a bit further with the loan officer he asked that we still fill out a application for the property at least to see where we stood. Being our first property the form was quite exhausting but we listed everything we could think of. The thing that got it the most however was our rent history. Between me and my wife we have lived at our former property for 10 years paying over 800 a month for rent plus all our own utilities. Doing the math that's 96,000 dollars over 10 years time. Twice the amount of what the new property would be. We showed that we can stay in one place for a long period of time and pay our rent on time for 10 years at nearly double what the mortgage + taxes and insurance would be. The other things that helped were having a steady work history with increased pay at any job changes.

In Summary

After discussing the different situations and circumstances such as our rent history, risks that the property could or would be damaged again and the loss to the credit union he came to the conclusion we would be great buyers. At the time of the closing on the property he informed us it has cost the credit union more then they could even recover from the sale of it as it was. He also told us he didn't want the property back and wanted to know if we knew others who would be interested in another property they owned down the road they could get someone into just as easy. Also they were so interested in selling the property they paid for everything to make sure it went through. From the point of us showing interest to the closing time was exactly one week and now we are first time home buyers.


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