Cheap House Loan
what is the absolutely lowest interest rate loan you can get?
My father is living with his mother and I must also stay there when I am not able to stay here on campus at my college, and my cousin and her 1 year old twin boys and 8 year old son are also staying there, and my grandma does not have a computer or the internet and acts like she does not want us to use electric or water…so my father just wants to move out and get into his own place. He wants to move out as soon as possible, but it is hell finding a cheap house anywhere here in Maryland. If he ever does manage to find a cheap house he wants to get a loan to pay the down payment, but he has bad credit, and he wants to get the loan with the lowest possible interest rate. So what is the absolute lowest interest rate loan you can get? Can you get it with bad credit?
Also, are there really any loans that you can get with bad credit with no hidden fees and no strings attached?
And can anyone suggest some towns in PG county or further south where hosing is inexpencive?
The main problem your father is going to face other than the interest rate is the fact that he needs to borrow money for to pay the down payment. When people borrow money to buy a home the lender uses the home as collateral for the loan. and the major lender for instance if you bought a home for $80,000 and put $15,000 down payment. then the mortgage holder for the $65,000 registers a 1st mortgage on the property and is entitled to be paid 1st upon sale, or can foreclose etc. if you borrow $15,000 to pay the down payment and don’t have any other form of collateral then the lender of the $15K will place a 2nd mortgage on the property and 2nd mortgages are ALWAYS at higher interest rates. If you have bad credit then the rates will be higher and it will be almost impossible to buy a home without any money.
Unfortunately, people with bad credit have to borrow from companies that do charge high rates, do have strings attached and have all kinds of fees.
You could try looking for people who are offering rent to own housing. you rent them for a period and the rent goes towards a down payment. What about renovating your grandmothers house and making separate suites that may be cheaper and your father will have his own area . check the real estate listings for house that the present owner will finance the mortgage .