Expert: Dottie Worthington - 8/25/2006

Question
Thanks for your prompt reply, Dottie.

I understand that someone with a normal downpayment and a
normal income might pose better questions, but please forgive
my persistence. I really don't mean to press.

You answered, "It is almost impossible to do what you are
wanting to do. You might want to start with something small,
that is an owner finance and build up your credit. Then sell that
and buy up." <http://www.allexperts.com/user.cgi?
m=6&catID=1476&qID=4569640>

Impossible, but you don't say why, or which parts. Certainly, I'm
looking for an owner financed situation, as you say. And I've
SEEN people live in temporary roll-on housing during
construction, but there are time restraints on how long you can
do that before getting a certificate of habitability. Would you
miind please filling me in on which part of my concept is
unfeasible? Thanks.

Answer
Most people who owner finance, want a good credit report and a large down payment. If you don't have those, it is hard to get into a house. The best thing is to go to a lender who does sub-prime lending, have them check you out and tell you what you need to do to be able to purchase.
Or---find a landlord who will let you rent and fix up as part of the rent, if you are able to do repairs and have the money to do them well, then they will work with you. But get that in writing.