Re: Buying a house with bad credit
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Posted by observer
(205.188.208.41) on August 07, 2003 at 11:25:53:
In Reply to: Re: Buying a house with bad credit posted by RobinSC on August 07, 2003 at 10:16:14:
Forget about your scores for a moment. If you wish to have a chance at conventional rates, you will have to settle these chargeoffs. I'm just suggesting that you can get conventional rates with a low credit score via FHA {or VA if you or your husband are vets}. The difference between a 6.5% mortgage and, 8.5% over 30 years is stunning. Also, when you start dealing with subprime lenders, you often have prepayment penalities should you re-fi within 2 years. If home ownership is your goal, get this stuff settled.
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