Hi. i have bad credit, and i heard that ppl with bad credit can apply for a mortgage to buy a house?

Question

if they have good paying jobs. is that true?

oops, silber, i meant to give u a thumbs up, sorry

Answer 1

Hi Nikki,

I see that you are getting alot of confusing information in response to your question. The fact is, you can get a home with a fico credit score above 500. The terms, conditions and rates will get better the higher your score.

Your credit score will take an initial hit (usually 1-3 points) for a mortgage credit pull. Once credit is pulled, additional pulls do not effect your score for 45 days. Don't be afraid to shop around. The credit score model is has built in safeguards to prevent unwarranted damage to your credit score.

You are going to need to figure out how much house you can afford, what area you will purchase in, and most importantly, what kind of payment (taxes and insurance included) you can tolerate financially.

i would be happy to discuss this with you further free of charge. I am a mortgage consultant who specializes in first time home buyers.

email me at [e-mail]

Answer 2

You can, but there are some limitations.

+ 1 Year of income
+ 2 Years in field
These figures will allow you to go 'stated' which I think you can do if you don't have really good credit. The points (basically creditor's interest added to mortgage loan interest) will be higher, but the result is that you can still buy a home.

Just be careful, there are a lot of scandalous mortgage lenders out there. Shop around... just like you shop around for the perfect home, you've got to shop around for the best rate/deal they can get you... and they know that this is how the game is played. Tell them what somebody else got you-- ask, "Can you get me something better?" Chances are they can!

In fact, we even had 1 lender that was going to wave a few fees for us just so he could get our business.

Chances are if your credit is bad now, it will improve to a point you can refinance.

Umm, and Suzie Orman says once you pay down the 20% of the mortgage you can look to stop paying the mortgage insurance fee.

Good luck!

Answer 3

Hi. My advice is to try www.amerisave.com. There you can enter exactly the type of loan you need. They will then show you some offers for people who have excellent credit. On the side though, you can limit your mortgage offer search to include only those that offer loans to people with "less than perfect" credit.

You may want to wait to get a mortgage till your credit score improves. Even though I'm sure you can get one, you will pay higher interest rates and/or a mortgage insurance premium because of the low credit rating.

Hope this helps.

Answer 4

Nikki,

it really depends on how bad your credit is...

Also, do you need 100% financing? Do you have any money to put a down payment? (the more you have the better your chances to qualify)

One thing i will say is DONT LISTEN TO ANY OF THE PREVIOUS RESPONSES!!!!

Just by what the responses read, i can tell that none of them are mortgage bankers...

It is hard for someone that isn't traines, licensed, and educated with a degree in this industry to be able to accurately give you advice..

Most of them are giving you advice based on their experiences...

The thing is that EVERYONE IN AMERICA IS IN A DIFFERENT SITUATION FINANCIALLY~!!!

what makes sense for one, may not make any sense for another...

The thing also to note is that each state has different guidelines and stipulations on how people qualify for mortgage loans...

So someone in Kansas telling someone in Florida how to go about a mortgage may be completely inaccurate information..

I say this because i am a licensed mortgage banker, and have been for over 10 years... I work wih a nationwide lender named Providential Bancorp...

I attend training seminars, and HAVE to complete state licensing tests for most of the states i originate in..

For this reason, i am eduacated to advise you on how to go about a mortgage...

The thing is that you have not given enough information for anyone to accurately tell you here if you can get a mortgage..

What i suggest is that you give me call...I will look at your credit, and then shop your loan program among my investors..

I work with over 60 differrent investors, so i can do your shopping for you... The best part is that i only need to pull one creidt report...ii then shop through my lenders, and give you the best of the offers...

If you do this on your own, not only is it a hassle, you will WATCH YOUR CREDIT DEPLETE EVERY TIME YOU TALK TO ANOTHER BANK!!!

Every credit pull drops your score... EVERY BANK YOU TALK TO HAS TO PULL YOUR CREDIT TO GIVE YOU AN ANALISYS...

Feel free to call me and i can further break down our process..

My name is Jason Fry, call me direct at 312-264-6448, or email me at [e-mail]

Good luck

Jason Fry
Senior Mortgage Specialist
Providential Bancorp
312-264-6448

Answer 5

You can get a house and have bad credit, but I'm not going to lie to you. You won't get the house that you want. People with bad credit can get a house but, like all companies, they will check your credit anyway......they also look at if you have a job and how much you make and how much is coming out of your check every week to pay off what debt you have like cars or whatever to determine if you are eligible or not and can afford to buy a house. If you owe too much on things you prob wouldnt get anything. OR if you did, It might be a house worth 30.000 or alittle more or less which in those cases those houses arin't very big or the nicest. But, by all means if you are satisfied with something like that go ahead. Good paying jobs are definately a plus!!!!!! But, like all companies and like everything now a days, in order to get anything, everything is subject to credit approval. Don't be missled about companies who advertise NO CREDIT, BAD CREDIT, LITTLE CREDIT......NO PROBLEM. YOUR APPROVED!!!!!!!!
THOSE COMPANIES ARE DEFINATELY MISSLEADING. THEY ALWAYS CHECK YOUR CREDIT ANYWAYS AND ALWAYS SEE HOW MUCH YOU MAKE AND GOT COMING OUT EACH MONTH.
They don't really want to work with people who dont have good credit. They will just tell you or show you some houses that might meet what you can afford but they wont always be what you want. But, you have to be picky. LITERALLY. YOU HAVE TO BE STIRN WITH THEM, YOU HAVE TO MAKE THEM HELP YOU. YOU HAVE TO MAKE SURE YOU MENTION IF SOMEONE ELSE IS PAYING FOR SOMETHING THAT YOU OWE FOR.
Check around before going to companies and letting them check your credit to be approved or not. Cause keep in mind, the more your credit is checked the more it goes down. You get one free creit check a year. They don't care if your credit gets ruined cause it not theirs. And don't let them tell you that they can't do anything or tell you anything until i check your credit cause THEY CAN!!!!!!! TRUST ME, I KNOW!!!!!!!!!
But, you have to start somewhere, people with no credit, or bad credit have to start somewhere to build it up. And the only way you can is getting something that will build it up like a loan, a gas card, jewelry, a house, a car...........things like that. Even if its little or not that much............anything you borrow and pay back will build it up.
But, good luck though if you are trying to persue in buying a home. If you have any more questions you are welcome to email me anytime.
GOOD LUCK!

Answer 6

anyone can apply, but it does not mean that you will be able to find a lender!

Answer 7

absolutely you can.

send me an email and I will tell you what kind of loan you can get.