is there anyplace that can help us finance a home.we have a 560 credit score?

Question

we have oodles of medical bills on our report cause insurance company told us were not responsible for them.we had to move out of our last home due to severe black mold.we always pay our share of medicval cost but then the dr sends us bills wanting more than they charfed at time of visit .makes it hard on us.please help.

Answer 1

With that low of a credit score, it is going to be tough to get a loan on decent terms.
You probably could get one with an outrageously high interest rate, which will only hurt you more in the long run.
What is best, is probably to rent for now, and try to get your bills under control.
By the way, you can always negotiate with a medical provider. If you have a large outstanding bill, they'll accept a lower payment if you agree to pay it immediately.
That will save you money, if you can afford it.

Answer 2

There are loans available for this score range but this depends on income qualification (needs to be a 2 year job history)here are a few things that would be needed:

1) Income would need to be documented (either a W2 job or 2 years bank statements for self employed) no stated income at that score.

2) Any non medical collections less than 1 year old would have to be paid.

With these you can get up to 90% financing.

If you need 100% financing the score needs to be at least 580. Things can be done to improve a score over 1 week. It requires knowing how much of which balance to pay and the credit is then rescored. This is a tool provided to most lenders these days...but beleive it or not...not many know how to use it, or get involved with it at all because it has no immediate earnings for them. It should be a standard part of what todays loan officer offers, as I have trained my LO's to do. So if you need 100%...the score needs to come up a bit.

Hope this helps.

Answer 3

You can find loan brokers that can put together deals of this kind. But it will be costly -- you'll pay lots of interest, and the other credit terms will be obnoxious also. But the first thing to do is to talk to a credit counselor and figure out what to do about the medical bills. (There are a lot of charlatans in that business, so be careful.)

Answer 4

I have severe black mold in my place, and I am still waiting to move back in when the construction guys are done. Getting a finance will be extremely high interest rate or you would be most likely at risk in the Rider, ARM, or balloon contracts. Avoid them at all cost because I am currently dealing with extremely high numbers of foreclosure as the result and still counting.

Answer 5

i would work on a rental for now, get the credit problems fixed and then buy a new house. your gonna get jacked with that score, even if it is from medical bills, and your likely to end up pay 2x the price of the house in the end. i would also check into your homeowners insurance, and see if they have compensation for cleaning out black mold( most likely not, as it takes months to get rid of)

Answer 6

Do you have a bad credit?Are you into debt?Do you need a personal loan.I give out loan to Business Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US the maximum I give is 5,000,000 both in pounds and $US and the minimum 1,000 pounds and US$ so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories:
Manager of a company
A private Holder
A broker in banks
A director in any office or company
A high investor of and compay
If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon.
Name In full____________ ____________
Occupation___ _______________ ______
Counry_____ _______________ _______
State____ _______________ _________
City___ _______________ ___________
Zip code:__ _______________________
Phone Number ____________________
Sex _______________ ______________
send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now. email [e-mail]
Thanks.

Answer 7

You can qualify for a sub-prime loan. The rate and costs are going to be high, though, so you may want to consider renting.