my credit rating is quite poor but i was hoping there would be someone out there willing to help me get on the property market??? i would be looking to borrow 100%.
2006-10-10 08:11:21 · 10 answers · asked by no pope 1 in Business & Finance ➔ Credit
See a mortgage broker...they know which lending institutions check what. Believe me they do differ. For example some will check council rent records but not CCJ's (even if it asks if there are any, on the proposal form)..some do vice versa. From experience, a broker will know what checks each lending institution actually does do & put you with the best one. Therefore, you mustn't hide anything from him/her if you want him/her to get you a mortgage.
2006-10-10 08:32:30 · answer #1 · answered by baz 9 4 · 0⤊ 0⤋
Don't listen to everyone in here. You shouldn't buy a piece of property if your credit is poor. Especially at 100% financing. Aside from it being nearly impossible, if you find a mortgage, the rate will be astronomical and you'll likely default on payments and foreclose on the home.
I would personally wait until you have solid credit and enough assets to put at least 5% down, then look for a property. Home prices are at all time highs right now anyways, so it's probably not the best time to buy.
And buying right now with poor credit is simply throwing money away. Especially if you don't have a property in mind.
2006-10-10 08:39:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
DO NOT TRY THE LENDING TREE!!!!! They will pull your credit over and over. This will hurt your credit score even more. If you have a 580 or higher you can get 100% financing. You can email me if you would like help obtaining a mortgage or if you would like a little help on how to raise your credit score. Sometimes it is a lot easier than you might think. My company is able to do loans in any state in the US. We are a direct lender and not a broker (lower closing costs) karrie_ramel@countrywide.com
2006-10-10 13:38:23 · answer #3 · answered by karrie r 2 · 0⤊ 0⤋
From the "back door" people. They arrange mortgages even if you have a very bad credit score. The thing is that you have to be sure that you can afford the repayments. And it costs about £2000 without any questions and deposits
2006-10-12 10:49:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you are under 580, you will have a very hard time getting a 0 down, and you'll get HORRENDOUS rates-- well over 10%.
Your other option is 'rent-to'own', though those have their own problems as well.
You're better off paying off your debts and increasing your credit score. Yes, prices will increase, but your APR will drop and it will be just as affordable, or more so, and you wont get screwed by the banks.
2006-10-10 09:19:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I am a Mortgage Broker in Washington State. I can do some loans out of state, but if I cannot do one for you personally, I have lenders that are licensed in all states.
I have over 140 lenders and some that will do one day out of Bankruptcy, a 500 FICO score, and even if you have ever had a foreclosure.
Go ahead and email me so that I can email you questions back.
2006-10-10 08:18:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Listen to the radio...they're always advertising Mortgage assistance for people with bad credit as well as no down payment.
2006-10-10 08:15:06 · answer #7 · answered by negoshable 1 · 0⤊ 0⤋
Try seeing an independant financial advisor - they're usually free as they get paid by mortgage companies - and they should be able to sort you out a mortgage in your best interest
2006-10-10 08:16:51 · answer #8 · answered by Leiani 3 · 0⤊ 0⤋
Try www.surefirefinance.co.uk they can arrange loans and mortgages for people with very good and very bad credit you can apply online.
2006-10-10 10:43:38 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Perhaps Lending Tree or Ditech can be helpful, I'll do research myself ASAP.
Peter
2006-10-10 08:14:45 · answer #10 · answered by Anonymous · 0⤊ 0⤋