I am interested in buying a property with a house on it. the price is only $22,000. My question is with 20% down and bad credit, how likely am I to find a lender? My yearly income is about 1.55 times the property price. It would be my main residence. Any suggestions/advice on finding a lender? or any programs out there?
I was divorced in 2008. the credit issues were related to a spouse with different spending habits then my own. I have only one recent negative mark on my credit, the rest are older than three years. The house is a fixer upper, and I am prepared to work on it. mortgage, insurance, and taxes will run 189 a month (my cable bill). My current rent is 1100+ a month. I am willing to invest the difference in the property (doing most of the work myself). I have not had it appraised or began that process. Mainly want to know if finding a lender is something that is possible.
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