Looking to buy a house, but had to claim bankruptcy, but I do have a decent paying job. WHat is the best way to get money for house.Should I get pre aprroved? just stop at a bank? just not sure.
2006-11-12 15:54:23 · 8 answers · asked by j b 2 in Business & Finance ➔ Credit
get a cosigner
2006-11-12 16:01:47 · answer #1 · answered by the_blue_martini_69 7 · 0⤊ 0⤋
What i might want to represent is encounter quite a few mortgage organizations close to the position you want to stay or live now. Please do not use on line loan organizations, that is too major, you want to communicate over with someone head to head so that you recognize they understand your monetary concern. As for your undesirable credit report, they're the specialist, not those individuals the following at Yahoo. An FHA mortgage may nicely be the right ingredient for you, then perhaps not. once you've by no potential owned formerly, ask about first time clients funds. that would want to help you with such issues as downpayment or remaining expenditures. So commence with a private loan company, have them pre qualify you. That way you recognize what you may locate the money for. The by searching at open residences contained in the parts you want, communicate with the brokers and once you locate someone you're smooth with, ask them that can help you you locate your position. operating with an agent does not value you something and they do all the leg artwork, plus force you round in a quite valuable motorcar maximum cases! lol Your undesirable credit report or undesirable credit report will effect you, there is little doubt about it, yet perhaps now to not the quantity that you imagine. you're on target as far as know-how that renting get's you no the position and possessing does. P.S. do purely not enable a private loan officer communicate you into something yet a problematical and quickly price mortgage. keep your self plenty topics down the line. solid success! And thanks for being contained in the marketplace!
2016-11-29 02:18:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It really depends a few factors: how long since the discharge, how well you've done with credit recently, how much down-payment you have. Assuming you qualify for a mortgage loan, you may have to have pay a higher rate initially, or come up with a larger down-payment. Or if you can find a house on a lease-with-option contract where the land-contract type note where payment are reported to the credit bureau's. If you can find a house going thru a foreclosure proceeding, you might luck up and get built-in equity to boot. Don't just count on using a bank for financing, look at mortgage companies as well, just watch out for too many inquiries on your credit report.
Good Luck!
2006-11-12 16:14:09 · answer #3 · answered by $$Cypher 2 · 0⤊ 0⤋
Is your bankruptcy discharged yet? If so , you can probably get a mortgage. You won't be able to get one through your bank. Go to your yellow pages and look up mortgages or mortgage brokers. You should find some ads for brokers. Some of the ads will say things like bad credit ok, bankruptcys ok, non-conforming loans. Just start calling them and asking them if they can help you. There are tons of them out there, so you shouldn't have any trouble finding one. If you talk to one and he doesn't have the kind of loan that you want, keep shopping. Different brokers use different lenders with different loan programs. So don't think if one broker can't help you that you can't get a mortgage. Keep shopping. There are hundreds of different mortgage programs out there and nearly anyone can get a mortgage these days.
You might want to go to AnnualCreditReport.com and get a free credit report from all three bureaus with your credit scores. Print all three copies. When you talk to a broker, tell him you'll fax him or take him your copies. Don't let them pull your credit until you have found a broker that you think you want to work with. Tell them that you would rather not have your credit pulled, because if you start letting several different brokers pull your credit, it can make your scores drop. They will tell you that it won't drop your scores, but for people who have bad credit, it can drop your scores if you start having a lot of inquierys, even if they are just because you are shopping around for a mortgage. So try not to let them pull it too much. When you find a broker you like, then you will have to let him pull it.
Good luck with buying your home!
2006-11-12 16:33:54 · answer #4 · answered by kelly h 3 · 1⤊ 0⤋
Most everyone gets preaproved because sellers don't want to use time with someone who can't get a loan. . . the pre-qual shows them you can do the deal if you want.
As far as the bad credit, the setback is > > it is going to cost you a lot more because you will probably have a HIGH rate. House prices are dropping so you may want to wait until your FICO improves enough to get you a lower rate. 2 extra points a month can be major $$.
And start doing web searchs and checking out rates on 30 yr fixed, at different institutions (avoiding ARMs like the plague they are)
2006-11-12 16:11:04 · answer #5 · answered by kate 7 · 0⤊ 0⤋
try to get pre-approved to see if you can even qualify
2006-11-12 15:58:39 · answer #6 · answered by Mopar Muscle Gal 7 · 1⤊ 0⤋
get easy home loans from topmost banks.visit
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2006-11-12 20:53:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Cash is always best
2006-11-12 16:02:38 · answer #8 · answered by Robert F 7 · 1⤊ 0⤋