how can i get a loan for 50,000 dollars for a home with bad bad credit?

Question

i live in texas

i do live another addy. but they still tell me i cant get a loan i even told them how much i can pay a month

Answer 1

First you get your credit report from all tree companies. Then you challenge the creditors on the following: correct spelling of name, address, social security number, and anything else that you can find wrong with the report. Not living at an address at the time they claim you had service things of that nature. If all else fails file bankruptcy and you can then establish a better credit history with secured credit cards and/or timely payments on lay-aways or rent/mortgage.

Answer 2

Contact a mortgage broker through National Lending Corp. based in Houston. www.mynlc.com I've never used them but I know people who have. Countrywide also has a subprime lending division which will lend to just about any body. Of course, the more you can put down the better you chances.

There is always hope. I have a friend who has a bankruptcy, a couple foreclosures and 2 or 3 repossessions and he still manages to borrow money at every turn. Especially if the real estate you are using for collateral is half way decent.

Answer 3

I have bad credit, due to divorce, death, and just plain stupidity on my part. Out of curiousity, I answered one of those ads at Ameriquest, and surprisingly, I was approved in less than an hour.

I must warn you though, the interest rate is high, but, they will take another look at in one year, and if I have been good, they will refinance it at a lower rate.

My credit score has already improved, in just a short time, so it was worth it for me.

Bad credit is like some kind of Cancer or something...once you have it, it seems like it will nver get better, but if you try hard, and don't screw up what you accomplish, it does get better with time.

Also, if this would be your first home purchase, some banks are more forgiving. There are also governmental agancies that help people with their first home purchase.

Answer 4

Get a job and save your money.