what is the best way for someone who has horrible credit to get a home loan...is it even possible?

Answer 1

email me at fairway_finance @ yahoo.com

I cant help at least show you what to do.

Answer 2

Home loans work differently than the personal loans you researched. If your Aunt has a 20% cash down payment against the value of the house she wishes to buy and can show a stable income over the past 3 years she may be able to get a loan. If she doesn't meet those requirements she still may be eligible, but the interest rate will be much higher. Most banks are not lending to anyone right now without very good credit.

Answer 3

You can get a home loan, but you won't get that good of a finance rate. The best thing to do is try to clear up some of your credit before purchasing a home.

Answer 4

I agree, you should try to clean up your credit before you start home shopping.

You probably can find someone to finance your mortgage, but you will be paying a hefty interest rate for the next 30 years.

I would also recommend opting out before home shopping (or credit repair).

I'm adding a link to a great site that may help you do your own credit repair.

Answer 5

Home equity loan? Mortgage? It is always possible, but you need to make sure that you have all of your payments on time for at least six months. You need to make enough to be able to show that you can afford the extra loan payment. Also, it will depend on the type of loan you want. Qualifying for a mortgage for $150,000 is much different than a home equity loan for $8,000!

Answer 6

Challenge, challenge, challenge. Equifax, Experian, TransUnion. Eventually you will see things coming off your score that shouldn't, and reciprocatively you scores increase. I have done this, confirmed.

Otherwise, get a good business plan together, and make a solid presentation to a hopefully openminded lender -- who's on the verge of retirement & really just wants to "stick it to the man".

Answer 7

I think your gonna have to have a co signer with Good credit