How can I buy a brand new home, with bad credit and $50,000 home to sale?
Answers:
I disagree with the "Foolish" answer that I read as one of your answers.
Situations change, over time. Do you owe on your home? If it's paid for, then when you sell it, you will have that money Outright as a down payment for a new home... or that is if you have a place to stay for a little while while going through sale of your home and finding a new one to buy.
Another thought is to use the house that you have as collateral (if it's paid off) for the new home. If you go this route, dont default on payments, you will loose Both properties! But you can rent out the house that you are currently in in order to help pay for the new house. (Be sure to check references of renters before you rent it out, you dont want someone that's going to live there for 2 months and then split on you leaving you stuck with an entire house note, unless you are 175% sure that you can pay that note!)
Do you have someone that is willing to co-sign for you if you need a co-signer?
Creative financing is what a lot of people are doing now! (That is simply coming up with a creative way to get financed!)
Talk to the bank that you use and trust. Information is Free. Take a copy of your credit report in and be Completely honest with them about EVERYTHING. They will steer you in the right direction! Banks WANT to give you money! If they cant help you right now, they WILL steer you in the right direction and help you every step of the way! One that has come highly recommended to me (although, I'm not sure if they are a nation wide bank or just a local bank ~ pretty sure that they are nation wide now!) is JP Morgan or Chase, formerly Bank One.
Below you will see a few websites that I have recently visited... as I'm in a similar situation to you and about to buy a house! The internet is an endless source of information!
Other answers:
You Can't.
You Can't.
You can't. If your credit is bad, no mortgage company is going to deal with you. A decision to buy a new home now in the financial condition you're in now is foolish.
DON'T BUY NEW ONE BUT RENOVATE THE OLD TO NEW.
you can but the interest rate is going to be outrages.