motion
07-11-2006, 05:18 PM
I have a buddy who's mom is looking to acquire a house and I need some advice on her behalf from the knowledgeable people on this board.
As it stands, she has been renting houses for as long as she can remember and never has had the chance to actually invest in a house because of her history with bad credit.
Now, she's applied to a few of the places that advertise locally claiming they can get you a loan for a house no matter what, but that isn't really the truth. They always want to lend against something like RRSP's or anything with a high-colatteral value but the problem is she doesn't really have anything that would be worth lending against. She also told me that people say there's "always a way to get a house, you just need to know the right people" or something like that :dunno:
She told the agent that she has to pay rent anyways ($1200/month right now, but could afford to do $1500/month) and that actually putting the money towards a loan would be way more benificial then throwing it away every month. Obviously the bank or whoever handles the loan can't do it out of a good-spirit, but is there no way she could put forth a thurough application?
Any insight in this would be greatly apprciated.
TIA.
As it stands, she has been renting houses for as long as she can remember and never has had the chance to actually invest in a house because of her history with bad credit.
Now, she's applied to a few of the places that advertise locally claiming they can get you a loan for a house no matter what, but that isn't really the truth. They always want to lend against something like RRSP's or anything with a high-colatteral value but the problem is she doesn't really have anything that would be worth lending against. She also told me that people say there's "always a way to get a house, you just need to know the right people" or something like that :dunno:
She told the agent that she has to pay rent anyways ($1200/month right now, but could afford to do $1500/month) and that actually putting the money towards a loan would be way more benificial then throwing it away every month. Obviously the bank or whoever handles the loan can't do it out of a good-spirit, but is there no way she could put forth a thurough application?
Any insight in this would be greatly apprciated.
TIA.