2006-06-22 08:03:09 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
My problem was different, I have excellent credit, but no income, but I still was able to buy a house.
Since you have credit issues, the better thing to do would be to shop around. There are Mortgage Brokers who can help you. There are literally hundreds of different mortgages. The thing is that, you may pay a higher rate, since some rates are tied into your credit ratings.
The lesson here is to protect your credit. I learned hard lessons in the past, but I am being rewarded now because I re-built & maintained my credit. Good luck
2006-06-22 08:09:22 · answer #1 · answered by *??SnowShoer1??* 3 · 0⤊ 0⤋
What do you constitute as "not so good"? I've run into many people that think their credit scores are horrible, when in fact they are average at worst.
A mortgage planner will be able to help you analyze your current situation, give advice on how to improve it, and shop your situation around to a variety of lenders.
If your credit is less than desirable, your mortgage planner should also be able to help analyze what you can do in the next 3-6 months to improve it in the short term.
But there are many lenders that will accept low / poor credit / no credit / 1 day out of banruptcy borrowers. So find a mortgage planner that you can work with, and find out whats out there for you.
Also, don't use mortgage brokers who use services such as this site solely for the purpose of advertising. Every Mortgage broker has access to hundreds of lenders and thousands of programs in all 50 states... If all their doing is propsecting for business through here, then there's probably something wrong with their business model. I personally use this service to help others, if business comes from it so be it, but you don't see me begging...
2006-06-22 08:50:16 · answer #2 · answered by ReggieWjr1 4 · 0⤊ 0⤋
Call me, and we can talk or visit my web site - all is not hopeless...... If I can not get it done - with 150 companies I underwrite for, than the next best option is a land contract - that is a TRUE Land Contract, that is recorded at the court house, make your payments timely each month, by check, not a money order - not cash, but by check. You do this for 1 year, that after the year is up, you can do a refinance of the property, pay the Land Contract Off, and you own your home with the mortgage company.
2006-06-22 08:24:43 · answer #3 · answered by W. E 5 · 0⤊ 0⤋
Well, first you need to start preparing your credit. I also am in the marketing of buying a house and was advise to straighted your credit up first. The person I spoke to, told me and thing 2003 til now I need to start paying on, and 2003 and prior dont worry about. You can call the companys and settled the accounts on your credit report. Good luck
2006-06-22 08:09:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
When are you looking to buy? I am a mortgage broker who services all 50 states and work with over 100 lenders nationwide! I am sure I can assisit you in the mortgage process, please free to contact me via e-mail Jcorreahq@yahoo.com I would love to see if there is anything I can do to make the process easier for you!
2006-06-22 08:29:55 · answer #5 · answered by jcorreahq 2 · 0⤊ 0⤋
Co-signer
2006-06-22 08:06:18 · answer #6 · answered by 4 strings 7 · 0⤊ 0⤋
if your credit isn't good you might need a c/o signer some instutions require this with someone whos credit isn't so good
2006-06-22 08:12:14 · answer #7 · answered by precious52801 4 · 0⤊ 0⤋
I would shop it with a mortgage broker.They will have contacts to help you get the best rate.
2006-06-22 08:05:40 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, like she said. Go through a mortgage broker. They'll help you as much as they can.....because they wanna make that sale.
2006-06-22 08:06:56 · answer #9 · answered by shakia27 4 · 0⤊ 0⤋