how hard is it to get a mortgage now if you have decent credit, no down payment,?

Question by baebeecakes: how hard is it to get a mortgage now if you have decent credit, no down payment,?
a good credit score, and 2 years job employment? is it harder now with all the foreclosures?

Best answer:

Answer by chatsplas@sbcglobal.net
Difficult. Yes, harder now than before–that’s why there are all the foreclosures. Frequently peolpe without a down payment aren’t good credit risks and shouldn’t be buying a home–that’s why the foreclosure rate is climbing. Start saving, putting money aside. You need a down payment even with the good credit and stable employment record.

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How hard is to get a finance for a machinery for $65 000?

Question by poopi: How hard is to get a finance for a machinery for 000?
I’m planning on getting a machine for $ 65000, I’ve never had any loans or buy a new car. My credit scores are not good in 2 bureus are 670 and Expirian is 570. I’m trying right now to improve my credit scores but it’s not easy, takes time. I applyed in City Financial for a personal lon (not that I need one) but just to try to get the loan and pay it off. But I was denied. So I decided to use more of my credit card so it will show in my cradit report that I had a bigger loan ($ 7000). And then pay off the credit cards. If you have any ideas what shoul I do I’ll appreciate you answer. Thank you in advance.

Best answer:

Answer by das_coon
It will be very hard to get a loan for 65,000 with little credit history. What will make it even harder is if you can’t show income.

The manufacturer of the equipment may have finance available through them, since if you default, they can take back possession. Most banks will consider a piece of machinery a poor securitization option because there is such a limited market.

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Q&A: How hard is to get a finance for a machinery for $65 000?

Question by poopi: How hard is to get a finance for a machinery for 000?
I’m planning on getting a machine for $ 65000, I’ve never had any loans or buy a new car. My credit scores are not good in 2 bureus are 670 and Expirian is 570. I’m trying right now to improve my credit scores but it’s not easy, takes time. I applyed in City Financial for a personal lon (not that I need one) but just to try to get the loan and pay it off. But I was denied. So I decided to use more of my credit card so it will show in my cradit report that I had a bigger loan ($ 7000). And then pay off the credit cards. If you have any ideas what shoul I do I’ll appreciate you answer. Thank you in advance.

Best answer:

Answer by das_coon
It will be very hard to get a loan for 65,000 with little credit history. What will make it even harder is if you can’t show income.

The manufacturer of the equipment may have finance available through them, since if you default, they can take back possession. Most banks will consider a piece of machinery a poor securitization option because there is such a limited market.

Add your own answer in the comments!