2006-07-02 05:53:39 · 9 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
Credit is looked at differently when buying a home.
If you have filed bankruptcy, you can not borrow money for a home for 3 years (by fed law)
Seek out different lenders, read the small print so you don't pay a HIGH interest rate.
Do expect a higher interest rate, compared to someone with good credit.
good luck
2006-07-02 05:57:30 · answer #1 · answered by G. M. 6 · 0⤊ 0⤋
Most Loan officers require letters of explanation to explain the deragatory credit accounts and may require that you pay off some accounts to help qualify you for a Mortgage Loan. You can still qualify for a loan even with bad credit. Just expect to pay a higher interest rate. Also it helps if you can save up at least 20% towards your down payment, but if not talk to a mortgage loan officer and see if they can help direct you to Organizations that provide Downpayment assistance. Even with a Bankruptcy you can qualify. There lots of different loan programs availiable to you today to help you achieve the American Dream of Homeowner Ship. Don't Get Discouraged and Good Luck!
2006-07-02 06:05:37 · answer #2 · answered by pkboo 1 · 0⤊ 0⤋
Clean up your bad credit,by making your payments on time, and/or set up a payment plan that you and the creditor are satisfied with. Dispute items in your credit report,that you don't recognize or think should be there.If you do NOT do these things, you will pay a much higher interest rate. Which in turn, will make a higher monthly payment on your mortgage.
2006-07-02 06:01:42 · answer #3 · answered by ? 6 · 0⤊ 0⤋
How can you afford a house? You need to rethink your goals and priorities.
1) Pay off your credit
2) Save an emergency fund 3 - 6 months expenses
3) Save a down payment of 20%
then read Dave Ramsey's book. www.daveramsey.com
Good Luck
2006-07-02 05:58:58 · answer #4 · answered by snvffy 7 · 0⤊ 0⤋
There are many programs for people with bad credit, you can even get 100% financing, best to shop around and be upfront about your credit problems.
2006-07-02 05:59:55 · answer #5 · answered by buttafliy69 2 · 0⤊ 0⤋
file for bankrupty. You would have to wait for everything to be discharged after that. There are companies that will give loans the people like you. The interest is much higher though.
2006-07-02 05:55:25 · answer #6 · answered by Genivieve G 3 · 0⤊ 0⤋
try to get it on a land contract for a couple years then go to the bank and get the mortgage.
2006-07-02 05:56:23 · answer #7 · answered by Biker 6 · 0⤊ 0⤋
you will want to give this company a try
the compile lenders for you
http://www.wesayes.com
2006-07-06 04:32:47 · answer #8 · answered by Anonymous · 1⤊ 0⤋
pay cash
2006-07-02 05:55:14 · answer #9 · answered by wheels 4 · 0⤊ 0⤋