i have bad credit how can i get home owners loan?

Answer 1

depends on how bad is bad? if you're aware of your credit score than bad is anything down to 540. anything below that is considered hopeless.

Answer 2

There are other factors to consider, besides credit. Medical Bills are Over looked by underwriting (since medical is a unforseen event), where as credit cards, are looked at (since you purchased items on a credit card.) Also, Job time of 2 years, Rental history for 2 years is looked at. What collections & judgements are on your credit report. Some collections may not have to be paid off. Judgements may need to be paid off - depends on the Lender and Their Underwriter. All of these are taken in as a factor on getting a home loan. Credit can be worked on, by adding alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc - these are called alternative credit.. All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable, with a seller second - etc the higher the credit score the better. Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true.... Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information

When you decide to buy - consider the following:
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.


Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - If you credit is rough, the rate would be higher. This is just a estimate - ok -

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance)

Answer 3

Now a days their people who can fix your credit, just by paying them like 200.00 or more, It is legal. my friend who live in san Antonio, TX had the worst credit she called the number in the phone book and got everything cleared up.

Answer 4

I have good credit and still can't afford a home loan..............

Answer 5

bad credit okay at http://www.wesayes.com

Answer 6

http://www.nohasslebargains.com/loan/id12.html

Answer 7

wad ya wanna da home for dog

Answer 8

lick slurp