My husband and I were jsut married, we would like to purchase a home, but we both have bad credit and no money to put down. does anyone have any ideas on where we could get a home loan. We do not have family or friends to co-sign for us either?
2006-10-25 04:34:31 · 12 answers · asked by me 3 in Business & Finance ➔ Renting & Real Estate
Talk to a reputable Mortgage Broker and see what your credit situation really looks like and what your scores are. They can review your credit report and see where corrections and re-scoring could benefit you for better financing options. Make sure they review your entire financial situation-income, bank statements, assets, etc. along with your credit report. All of these items will determine the financing terms and conditions that you will qualify for.
Most people don't realize that they can qualify for FHA lending which is not heavily score driven. FHA loans right now are at excellent fixed 30-yr rates. If you cannot qualify for FHA, then a Mortgage Broker has access to a variety of lenders and loan programs to determine what would be the best solution to your financial situation.
At least this way, you will know what you can afford and the types of financing available to you.
2006-10-28 18:00:19 · answer #1 · answered by Margaret K 3 · 0⤊ 0⤋
There are plenty of loans available for people with bad credit... a lender is going to charge you a higher interest rate to adjust for the additional risk.
They are also going to determine what caused your bad credit and if those challenges are behind you or are they ongoing...if you've had troubles that you've resolved you are a lot more likely to get a loan then if you were unable to pay your bills last month... if you are currently struggling, why would a lender suddenly think you were willing and able to make a house payment. You need to visit with a mortgage broker, not a banker, to get an assessment of your current situation and to determine what actions you need to take to increase your credit worthiness, under no conditions should you ever consider a co-signer, I've been a lender for years and I've NEVER seen a co-sign situation that ended well. Good luck.
2006-10-25 04:59:25 · answer #2 · answered by Ron H 2 · 1⤊ 0⤋
Call a lender. These days they can do just about anything to help you get a loan. Your payment may be higher due to a higher interest rate, but in a few years you can refinance if you wish. About having no money, once again there are programs. Where I live in a certain county there is money set aside that pays closing costs, and another program you can get into to help pay for your downpayment. Just ask around, there are lots of things you can do. If you have a realtor tell them your situation and ask them to recommend a good lender, from there, you'll be helped.
2006-10-25 05:18:02 · answer #3 · answered by ... 4 · 0⤊ 0⤋
Do you have an idea what your FICO score might be? There are many lenders these days that will finance people with poor credit. Seek out a local mortgage broker and they should be able to give you a few options in regard to loans.
Bear in mind that you will be paying an above average rate due to the poor credit and maximum financing. Good Luck
2006-10-25 04:45:51 · answer #4 · answered by Scotsman 5 · 1⤊ 1⤋
There are lenders out there that will finance a home for you with bad credit.
You can check with family or friends about the Mortgage Brokers or Companies that they have worked with.
I am a Mortgage Broker and I will list some of the companies that I know that can help you.
2006-10-25 06:52:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
There are many programs available for you if you are a 1st time home buyer. Goverment programs like FHA, Rural Housing Development loans, and Many State also have loans. The government insures these loans for the bank which in-turn gets you a lower interest rate. Even if you have collections on you credit report you still can qualify for the loan.
Check out this report below for 1st time home buyers.
http://www.freelansingrealestatetips.com/buyer_secrets.aspx
Plus there are other helpful reports on that website check it out.
2006-10-25 06:06:15 · answer #6 · answered by Matthew M 2 · 0⤊ 1⤋
Hi There,
I am quite sure that you should be able to find some kind of solution for your problem. I know that they have a sub-prime program at a company that I deal with on a regular basis and I am going to refer you there. I have been dealing with this person on a regular basis and I know he is very good at what he does. If there is anyone that can find a way for you to get a mortgage then he can.
2006-10-25 05:52:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you have a 580 middle credit score I can do 100% financing for you. Call me for a pre-approval in 5 minutes over the phone.
2006-10-25 05:59:55 · answer #8 · answered by ondreforsure 3 · 0⤊ 0⤋
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2016-12-05 05:24:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋
1. It sounds like you need to save for a while to get a down payment.
2. If you are buying in a rural area, you may be eligible for a zero down USDA loan.
You should speak with a mortgage broker (not the bank) to discuss your options. A mortgage company can give you more options and will have access to more resources than a bank.
2006-10-25 05:03:00 · answer #10 · answered by Phoenix, Wise Guru 7 · 0⤊ 2⤋