2006-10-12 12:30:01 · 6 answers · asked by sixpoint_8395 1 in Business & Finance ➔ Renting & Real Estate
You probably can't. It is good to have good credit.
2006-10-12 12:37:46 · answer #1 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
Bad credit, good loan and low rate? Not likely. FHA would be the best shot, but it too requires reasonable credit scores of 580 minimum, no late pays in the last 12 months, no outstanding charge-offs, any bankruptcy to be over 2 yrs. from discharge.
Rates are ALL about the risk to the lender. If you are a high risk borrower, the risk is high to the lender that you will not repay the loan. In order to induce the lender to tke the risk and loan the money, interest rates are raised as a reward the lender for being willing to take the risk. They risk loosing part or all of their investment in you.
Rates are based upon YOUR repayment history. You create that when you do or do not pay your credit obligations on time or at all. It is nobodys fault but yours. Even if you lost a job you had the obligation to make repayment arrangements with the lender that you could handle or get an abatement worked out for a time until you get in a position to do something about it. Failing to make the call and work things out signals intent to not pay.
Lenders understand that bad things happen tp good people. They prefer to not loose, they will work with you. If they lean on you be frank and firm: "This is what I can and will do. Your alternate terms are not acceptable and the alternative is you may not or will not get paid."
Work on getting the past made right, that will go a long way to get you onm track and decent credit scores. Make THAT your history.
2006-10-12 12:59:24 · answer #2 · answered by tnbroker1 3 · 2⤊ 0⤋
Unfortuntley, it won't happen. Pay all your bills on time for at least six months to year...pay down all credit cards to at least half its balance. After showing stability, you will be able to obtain a low interest loan. Try to go with FHA...only 3% of the purchase price is required....If you filed a BK....you have to show stability for two years before purchasing a home and obtaining a good interest rate.
2006-10-12 12:40:37 · answer #3 · answered by angieb4122 1 · 0⤊ 0⤋
Depending on where you live you may want to try for a FHA loan. Otherwise you may qualify for a first time buyer loan. The best way to find out what you qualify for is to find a good mortgage company. I used Exchange Financial and they were able to get me a great loan with 5.7% interest and I had crappy credit.
2006-10-12 12:34:46 · answer #4 · answered by Anonymous · 0⤊ 1⤋
people with bed credit pay higher interest rate, buy maybe you thing you have bad credit and yours is not that bad .good luck.
2006-10-12 17:56:04 · answer #5 · answered by bianca 4 · 0⤊ 0⤋
If you don't have 25% down then you're dreamin.
2006-10-12 15:03:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋