my husband ,i,and our four boys are going to be kicked out of our land contract appartment be cause the owner wants the house back.my husband has a really good job and can make the payment on a house but the only problem is our credit. it was ruined by previous marriages on both sides . we are honest people but with out a co-signer we cant do any thing. Is ther any one with a big heart willing to help a family out . [THIS IS NOT A SCAM]
2006-07-24 11:49:04 · 4 answers · asked by patricia l 2 in Business & Finance ➔ Renting & Real Estate
Is your credit REALLY as bad as you think? Unless your Sub-500 there is probably a lender and a program out there for you...
Have you already been turned down? How long ago if so? If that is not the case you should work with a competent mortgage planner to analyze your credit and current situation to see if there is anything that can be accomplished.
Have you looked at all three of your credit reports and started attending to the issues listed there in?
You can get free copies of your reports from all three agencies online at: http://www.annualcreditreport.com
2006-07-24 12:00:27 · answer #1 · answered by ReggieWjr1 4 · 0⤊ 0⤋
Being in the business that I am in, I talke to a great many people, and many sometimes think that their credit is bad. I think that Reginald asked some very good questions to consider.
First of all...have you been turned down? This one is obvious, and truly, you should at least give a knowlegable loan officer a call if this area has not been explored. I will warn you here, be careful with who you deal with. Understand that the bad ones are far less than the loan officers that truly want to do a good job for you, but you never know who you will run into. Just ask alot of questions and get anything that you can, in writing.
There are loan products out there that would finance you while not taking your credit score into consideration. Actually, some of them have very, very good interest rates as well. Of course there are also other mortgage products with higher rates, but they are not going to be in the 10% or 12% range. You would be looking at rates in the 8% to 9% range for these types of products.
FHA, being a government agency that secures home mortgage, offers sometimes better than conventional rates. This would be the place that I would recommend starting. You really need to make sure that you are dealing with the right loan officer in this type of lending. If someone does not know what they are doing on these loans, they can really screw it up. Luckily, for myself, I have learned from those and actually specialize in this type of lending now.
If you would like to hear about some more mortgage products, or know more about FHA, feel free to contact me securely at timothy.kazee@americanhm .com and I would be more than happy to answer any questions that you may have about mortgage financing.
Good luck and so sorry to hear about your challenges.
2006-07-24 14:33:49 · answer #2 · answered by Kaz 3 · 0⤊ 0⤋
Contact your local department of social services or a bank that specializes in bad credit loans.
2006-07-24 11:53:41 · answer #3 · answered by ladylaw_912 4 · 0⤊ 0⤋
find a friend who you've known for years
2006-07-24 11:52:49 · answer #4 · answered by christigmc 5 · 0⤊ 0⤋