My husband and I are trying to buy our first home. It is a repossession, and is only $85,000. We both have pretty bad credit, but would love to own a home rather than pay $1000 a month to rent. How would we go about seeing if we would be approved for this amount?
Some lenders have prequalification programs and the criteria may even be listed on their website. Look online and/or call them and ask. They can often tell you within minutes if it is worth pursuing or not.
As you work on this, consider too, that a good down payment never hurts. The more you have invested in the property, the more the lender likes it and the less you have to borrow.
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Some lenders have prequalification programs and the criteria may even be listed on their website. Look online and/or call them and ask. They can often tell you within minutes if it is worth pursuing or not. 