2006-09-24 12:45:57 · 6 answers · asked by tammydoyle@sbcglobal.net 1 in Business & Finance ➔ Personal Finance
Me and my hubby had some what good credit and but not the best. If this is your first home loan. find a bank or a moratage company .
we found a moratage company since no bank would help due to our credit. but when we went with the moratage company they were able to help my hubby get his credit back to better then it was. We were able to get a EFH loan for first time home buyers. With no money down . it's a program that is gift founded.
and all your costs are included in it
hope you can find something. or find a house to rent and see if they'd do a rent to own.
2006-09-24 12:56:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is not very hard. A mortgage broker can refer you to someone who specializes in bad credit applications. They advertize frequently on the radio (which is a bad sign). The mortgage originators are making a lot of these types of loans these days.
Please re-think this. You are not doing yourself a favor getting a loan if you already have bad credit. You will pay high rates because of your credit rating. This will cost you a lot of money over time, more than you might realize. Rent is cheap right now and houses are expensive. You could repair your credit and get better loan rates in the future. You may regret getting a home loan. I would not tell you this if I were not of goodwill and trying to look out for the interests of a stranger.
Do your own due dilligence.
2006-09-24 21:19:53 · answer #2 · answered by Atash 2 · 0⤊ 0⤋
Try a different market: the owner-financing market. Find houses available with owner financing and no bank is involved; the seller makes the financing to you directly. This is also known as a "purchase money mortgage." No real-estate agent will be helping you find this, because they expect to be paid their commission when they find the house you end up purchasing, and with owner financing, the CLOSING takes place months or years afterwards, depending on the term of the loan you negotiate. The seller may be willing to finance your purchase without running a credit check. Your key words are "owner financing." Some areas are more amenable to finding this type of an arrangement than others. Western Pennsylvania worked well for me. Be careful, however, since there is no formal foreclosure process and therefore less margin for error in making a payment late.
2006-09-24 20:21:56 · answer #3 · answered by JackN 3 · 0⤊ 0⤋
With the Housing Market as hot as it has been and due to favorable interest rates Lenders have been more agressive lately and more willing to work with low credit ratings.
Just shop around. Ones I'm farmiliar with are Wells Fargo, Alpha Mortgage.
Due to your present situation you may have to start with a rather higher Interest Rate, however keep your account current for at least a year and then approach lenders again about refinancing at a lower rate.
Once you've developed a good record again, you'll have more room to negotiate. But from what I've been hearing your current credit shouldn't mean getting into a home is impossible.
2006-09-24 20:01:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go see a mortgage specialist. They often specialize in getting mortgages for people with a bad credit history.
What is the reason for your bad credit history? If it's because you were living beyond your means, do you really think it's a good idea to purchase a home?
2006-09-24 19:55:47 · answer #5 · answered by Darth Phallus 1 · 1⤊ 0⤋
You generally don't. If you do manage to find a lender they will rape you on the interest rate.
Best thing to do is spend 6 months to a year fixing your credit.
2006-09-24 21:44:46 · answer #6 · answered by Jim R 5 · 0⤊ 0⤋