I need to know what steps can i take into getting a home loan with less than perfect credit...and how?

Question

I am currently living in virginia...and i would love to move from an apartment and right into a house,nothing spectacular,just something i can finally call my own...is there anybody who has had a similiar problem like mines,or has been thru it before and suceeded there goal that i am trying to get to as far as myself,and my family...i will gladly appreciate,any feed back,and help from anyone,that can assist me in going into the right direction..

Answer 1

Try a loan broker. There should be some listed in your Yellow Pages under loans. They have access to ALL lending institutions--not like a bank who can only offer the lending vehicles endorsed by that particular bank.

With less than perfect credit, you will have to pay a higher interest rate. I suggest you try for something like a 30 year fixed with the first ten years optional interest only. That will give you some flexibility while locking in your interest rate.

Then, when you credit score improves, you can take a look at a refi in a few years. With interest rates rising, however, you might want to sit tight.

With a loan broker, you have the advantage of having your loan processed by a company that sells mortgages to different financial institutions. There will always be a buyer. I did a no doc loan for my current home and my broker had me approved and funded within ten days. This gal is in California, but she is amazing. If you want her phone number, please email me off site.

Answer 2

Well I'm just learning so I'm going to feel you in on some thing. But you have to get a credit report and find out whats on your credit, so you can make any kind of fixing and try to make a payment with them. Once you do that than you go and talk with a realestate and they'll tell you what to do from their.