2006-06-11 14:27:35 · 12 answers · asked by Mom 3 in Business & Finance ➔ Renting & Real Estate
STACY R is wrong.very wrong. There are lots of bank out there that do mortgage for people with bad credit. First thing to do is run your credit find out all three scores. get rid of the high and low and use the middle score. You need to use W2s to show income. are you buying by yourself or is someone else coming on the mortgage with you?Down you have any money to put down? If you have any other questions please email and I will answer for you. Johng@oldmerchants.com
2006-06-11 14:37:40 · answer #1 · answered by jon g 3 · 2⤊ 0⤋
Buying a home with bad credit is not impossible these days. There are many lenders out there anxious to make these loans because they can usually charge higher fees and interests rates. I'm not sure about your situation, but you should really sit down and make sure that you are able to afford to buy a home and still have money left over for emergencies. Why do you have bad credit? Poor money management? Unexpected medical bills?
Your best bet would be to contact a Realtor in your area and go over everything with them. Let them know what you would want in a home and what monthly payment you would be comfortable with. They will be able to show you what's out there and you can decide if its better to wait or if you're ready to buy now. Best of luck to you.
2006-06-11 15:12:07 · answer #2 · answered by Hoopfan 6 · 0⤊ 0⤋
You would have to define "Bad Credit" I have done loans for folks with 580 credit scores who were eligible for the same rates as a 800 credit score. There are other factors at play (income, debt) The best thing is to find someone who would sit down with you and look at your unique situation to help you own a home without putting yourself into a worse situation.
2006-06-19 07:10:27 · answer #3 · answered by unclejesse1 3 · 0⤊ 0⤋
My advice is don't. It will cost you so much that you will be better off renting a reasonable apartment or house. You might pay hundreds more per month for the same house.
Taking a couple of years to improve your credit and save up a higher down payment will save you a bunch when you do purchase a home.
2006-06-11 14:32:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Run your own credit (Tri-merge with FICO score) and fill out a loan application (form 1003) and talk to mortgage brokers in your area to see what loan programs they can offer you and at what APR rate.
You can do all this (download a loan application and run credit) at my website (www.amirifinancial.com) without disclosing your information.
If you discover that your rate or loan programs available to you do not meet your goals, then I suggest that you do a lease purchase option with a property you like. while leaseing the property you're going to buy, work on fixing your credit. You will be in a better position to purchase the property at that time.
Good luck and I wish you well.
Regards...
2006-06-11 14:46:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I have seen a house with bad shingles but never have I seen a house with bad credit.
2006-06-11 14:32:26 · answer #6 · answered by ½«gumwrapper 5 · 0⤊ 0⤋
Go to a Mortgage Broker and tell them everything about your past credit.
2006-06-21 05:24:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Call a mortage specialist. They will review your credit for you and tell you exactly what you need to do to get a loan.
2006-06-12 15:52:30 · answer #8 · answered by BigDaddy 4 · 0⤊ 0⤋
what you need to do is talk to a morgage officer and see what you need to do to get yourself into a house. You might need to hold off for 6-12 months but at least your will know what you need to do
2006-06-11 14:35:29 · answer #9 · answered by baseballjedi 3 · 0⤊ 0⤋
It will never happen. No bank is going to give you a loan when you can't pay your bills. You have to have all your bills PAID when you go in for your mortgage.
2006-06-11 14:31:24 · answer #10 · answered by Stacy R 6 · 0⤊ 0⤋