2006-12-11 06:20:20 · 14 answers · asked by kerry p 1 in Business & Finance ➔ Renting & Real Estate
Bad credit can be overcome. Your first step should be to talk to a mortgage broker to see what can be done. While you may have bad credit, your partner might not and the promissory note can be put in his name with both of your names on the mortgage and title. But since we are talking about a "partner" and not a legal relationship like marriage this might be a risk to the partner who has their name on the promissory note if you were to break up. So, your partner could solely title the house in their name until a time when you repaired your credit and could refinance in both of your names or until the time they legalize civil unions.
2006-12-11 06:34:50 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
Yes, but whomever is on the loan will need a mid score (middle of the 3) of at least 580, a 1 year job history, and some (usually 3) open and current lines of credit. Good luck!
2006-12-11 07:32:18 · answer #2 · answered by greekgirl 2 · 0⤊ 0⤋
It is always possible to get a mortgage provided that you are both in employment. The only drawback is that the worse your credit rating is the Higher the interest rate you pay. Good Luck
2006-12-11 06:34:59 · answer #3 · answered by Anne T 3 · 0⤊ 0⤋
I am in the mortgage business. It depends on what your credit scores are. There are MANY lenders that will lend on bad credit. Your best bet would be to contact a mortgage company let them review your credit. They will be able to tell you if there is a mortgage program you will fit in.
2006-12-11 06:38:58 · answer #4 · answered by debster 2 · 0⤊ 0⤋
I am a Real Estate Broker...Yes there is hope for you. Your partner can carry the loan and add you as an extra source of income, or leave you off entirely, and have the Deed put in both of your names. You will probably have a higher interest rate with you on it, and it also depends on how much cash you have to put down. You may even have to pay points to bring down rate...My suggestion is contact Country Wide.. They do their own underwriting and you will no right away. Don't do it on line.. they are everywhere...pick up your phone book and look for a real person you can meet.
I am not a qualified mortgagee, but I can tell you that I have helped alot of people by referring them to Country Wide.
And as I always tell my clients...What is meant to be will be...don't fret.. it may take you more time then you wanted but it will be worth the wait... Good Luck
2006-12-11 06:34:14 · answer #5 · answered by Kitty 2 · 0⤊ 1⤋
YES. I am a licensed Mortgage Banker in all 50 states and can help just about everyone obtain financing.
The truth is that if your credit is "bad" you'll have to pay a higher rate. Your loan would be concidered riskier than that of someone with excellent credit, therefore, you'd have to pay more.
2006-12-11 06:27:10 · answer #6 · answered by Anonymous · 0⤊ 1⤋
I would see if your local Habitat for Humanity or Community Action Project can help you with financing, especially since you are a first time homebuyer.
Using these agencies will keep you away from predatory lenders that charge outrageous interest rates because of your credit situation.
2006-12-11 06:34:04 · answer #7 · answered by tulsasfynestdyme 3 · 0⤊ 0⤋
It relies upon how undesirable your credits is. Your score is important, besides as your income subject. Debt isn't a bad element whether that's conceivable. month-to-month minimum money in comparison on your income is extremely significant. counting on your specific subject, there are classes to surely help those with undesirable credits purchase residences. you are going to be able to choose a sub-best loan in the experience that your mid score is below 620, which isn't a bad element in case you recognize them. you are going to be able to choose a minimum of a 5% down charge and you will choose what lenders call "reserves" those are liquid supplies. funds which you should get to in case you had to, which contains any economic enterprise bills, IRA, 401K, and so on. you could have statements on your names, and have the money for a minimum of 60 days in the previous you shut the loan. Underwriting policies are specific. maximum banks won't artwork with you. you could discover an honest, ethical, ethical loan representative or loan broking provider, which isn't elementary. that's obtainable, it purely relies upon on your score, income & supplies.
2016-10-18 03:00:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋
ye. you will be shock to find out some many programs today that will let you buy a house with less than good credit and little to nothing down.
2006-12-11 06:39:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes,just do a search for realestate loans for bad credit!
2006-12-11 16:48:23 · answer #10 · answered by greg m 2 · 0⤊ 0⤋