2006-08-07 05:38:41 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Check out this site: http://www.informationsourcebook.com/badcredit
They work with a database of lenders that specialize in loans to people with bad credit. You should be able to get a mortgage through them even with bad credit.
2006-08-09 16:28:08 · answer #1 · answered by TomTom 3 · 0⤊ 0⤋
There are lots of companies who will finance your mortgage, particularly if the house is worth more than you are paying for it.
However, keep three things in mind:
1. The companies willing to finance you are specifically in the business of financing poor credit risks, so they will charge you two or three times the interest that an average person would be charged.
2. The companies willing to finance you are specifically in the business of financing poor credit risks, so they will foreclose on your load in a heartbeat if you miss a payment. WHEN you miss a payment, your mortgage company WILL foreclose (taking your house and everything in it) AND WILL get a court order to clean out any bank accounts you have plus garnish your wages (which will usually get you fired).
3. Buying a house while you are in poor financial condition is a sure ticket to trouble. Something WILL go wrong with the house. Houses ALWAYS cost more than you expect.
There are some government programs and some non-profit programs that will let you avoid #1 and #2 above, but they don't really do much about #3. You are still going to have to be able to pay the house payment, and the taxes, and the insurance, and the utilities, and household repairs.
Being a home owner is great -- but ONLY IF you are in stable financial condition before you buy. Otherwise it is a quick way to ruin your life.
If you are in stable financial condition other than PAST bad credit, look into saving up quite a bit of money for a down-payment (at least 15% of the purchase price) PLUS at least two months worth of the expected house payment PLUS about $2000 for unexpected repairs, THEN start looking.
If you are in stable financial condition, you might also look at programs like Habitat of Humanity http://www.habitat.org If you qualify this is an excellent program which would enable you to get a house without needing to save up as much.
2006-08-07 12:58:29 · answer #2 · answered by n4aof 2 · 0⤊ 0⤋
Buying Real Estate Today is much easier than just a few years ago. If your have a job or some sort of income that can be documented you have a very good chance even with bad credit.
Shop around as there are some lenders-banks that specialize in bad credit people. then to check around for Hard to sell Properties or desperate owners willing to help someone like yourself with owner financing...
Don't give up with being turned down at the 1st place. Keep looking and searching...
2006-08-07 12:45:56 · answer #3 · answered by Scott 6 · 0⤊ 0⤋
Yes, anybody can be financed! If you have bad credit be prepared to have a higher interest rate (possibly 7% to 10%).
Have you tried Fannie Mae, the first time homebuyers program?
Be wary of mortgage companies as they can really tie you down with hidden fees and interest that they will put into your 30 yr home loan.
First thing to do is find out your FICA score and get a credit report. Go talk to a local bank in your town, especially one that isn't a major bank. Local banks enjoy working with local people and are less scrutinizing about credit scores. You may have to put 5% down depending on your credit.
2006-08-07 12:44:58 · answer #4 · answered by Sal G 4 · 0⤊ 0⤋
No. Only after you fix your bad credit. If you owe money there is no one in their right mind that would finance you, especially for hundreds of thousands of dollars. If you can't pay your 50 dollar a month credit card bill what makes you think you will be able to pay your 1750 dollar monthly mortgage payment.
2006-08-07 12:44:51 · answer #5 · answered by someDumbAmerican 4 · 0⤊ 0⤋
There are a lot of "alt-a" lenders for B and C credit (not "premium"). If you are willing to pay, there are a lot of lenders out there willing to take the risk. Some government programs like "my community" and "ship" don't take credit scores into account. Just demographics of the area you are trying to purchase in and your median income. As long as they are in a certain price range, you could qualify.
2006-08-07 14:18:39 · answer #6 · answered by brokerlauren 2 · 0⤊ 0⤋
I work for united lenders group and work oth over 45 different companies. I could help you get your mortgage loan no matter what your credit is.
916-860-0804
keyon
2006-08-07 17:38:44 · answer #7 · answered by Keyon F 2 · 0⤊ 0⤋
What's your definition of 'bad credit'...? 8 out of 10 times I find that people THINK their score is far worse that it actually turns out to be...
2006-08-07 13:10:22 · answer #8 · answered by ReggieWjr1 4 · 0⤊ 0⤋
You can apply for a loan. There is no harm in applying. If you do not qualify, you will learn why and any steps you can do to improve your credit.
Please take the first step:
2006-08-07 17:18:05 · answer #9 · answered by emetalshop 3 · 0⤊ 0⤋
It depends on a lot of other factors.
Shoot me an email and I can tell you what you're up against.
2006-08-07 13:16:20 · answer #10 · answered by DAVID K 2 · 0⤊ 0⤋