Is there a way to buy a house with high risk credit??

Question

My wife and I have never lived in our own home because our credit has been bad. There has got to be a better way than to keep throwing our money away on rent. If anybody has any ideas please help. Thanks.

Answer 1

We in the past have used what we call "loan Sharks" LOL. But really its called Hard Money, normally a 5 year balloon mortgage interest only and a much higher rate than the general public get. You can look for Private Investors or some mortgage brokers may have a lead for you. Have you tried just speaking with a regular mortgage broker? They can do miracles, and try a few of them, but keep in mind, everyone that pulls your credit will pull your credit rating down. So pick and choose carefully. Take care and good luck KG

Answer 2

there are mortgage brokers that can help with that...they deal with several finance companies and banks. Even with bad credit a home is considered equity...you miss payments they take your house, so you should get a pre-approval based upon your combined incomes and see what you can afford....mortgage payments usually equal out to be a months' rent or less but if you don't pay for your utilities where you are now, this will also have to be factored into your monthly expenses.....depending on the size of a home you buy and your downpayment you could be looking at about $800-$1100 per month for your mortgage and approx $300-$500 for utilities...i,e, phone, cable, internet, gas, electricity and water. To maintain a home including all expenses expect to pay approx $2000 per month.

Answer 3

You may consider applying for a fha loan. They consider first time homebuyers with great rates. They do have some requirements such as being on your current job for at least 2 years or in the same field, plus you must have had no bad credit in the past 2 years. Also consider getting a quote from http://www.nationwidebillrelief.com/homepurchase.html they have lenders available on line to help with bad credit situations.

Answer 4

1) spend 6 months - 1 year repairing your credit. that means, pay bills on time, everytime. get your free credit report at www.annualcreditreport.com and dispute duplicate or incorrect items.

2) go to a bank or mortgage broker. they will be able to help you.

if you do #1, you will be happy because it should save you a lot of money on interest, AND with the housing market in a nose dive, prices of houses will be lower. you win.

Answer 5

By getting out of debt first. Nobody will trust you, and nobody should trust you until you've demonstrated your fiscal responsibility. And then, be ready to fork over a 20% down payment.
Be aware that owning a house is no cakewalk. If you get a fixer upper the mortgage payment might not be much more than half of the total you spend on that place.

Answer 6

Well there are programs loan programs at http://www.justgetaloan.net we have been able to help clients located great loan programs with low rates. We also assist people with credit repair, by telling you exactly how much you can expect your scores to increase. For additional assitance feel free to contact me Jenold Freeman at 866 530 7300 or by email at [e-mail]