I need straight answers I hope the pros can help!

[Daryl Guy]

Hi

I am not looking for an investment I am a first time buyer, I cannot find creative financing at all. I have 20-50% down depending on property, I have a 550 fico. Just a bunch of credit card collections. And a couple of medical. What happened to money talks? I could buy a distressed property for cash but why should I? I am looking in South Carolina. I need an experienced subprime mortgage broker or a legitamate owner financing. Regardless I need advice and help. We are paying on some of the bad debt my husbands credit is probally worse but we will be paying off student loan shortly.

[Matt Sicignano]

Probably not what you want to hear, but I'll answer the questions first, then the advice. What happened to money talks? The housing crash, the bank melt-down and the financial crisis of '08. Buying distressed property for cash, but why should you? Because you have a history of not paying bills and it will be very hard to find someone to risk their lending capital on you. You have cash, but choose to use it for a new purchase, instead of paying old bills-how do you think that looks to any lender? As far as advice, you have answered your own questions; owner financing at a high rate, or a questionable sub-prime loan. Or pay off your bills, work on a time frame to raise your score, and take advantage of the tax benefits and low interest rates to get an FHA loan.