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Do you have a recent Bankruptcy? Charge offs? Late Payments? Collections?, etc... If so, you can still buy! We have the largest assortment of sub prime loans to provide financing even with these issues. What's the drawback? The corporations that actually fund these loans, know that they are taking a risk. As such they require a slightly higher interest rate to compensate for that risk. If the rate for the person with perfect credit was 5.5% you can expect that these loans would be around 7%.
Is it worth it to pay the higher interest rate in order to become a homeowner? Only you can really answer that question-- but many have found that when you take into account the tax write offs you will receive (see Taxes), Plus, the money you will earn from appreciation, the security of home ownership (the landlord will never again tell you to move because he needs a place for his cousin), most people agree that a slightly higher interest rate is definitely worth it. |
