I have poor credit but i am paying 1000.00 a month right now, that could be a mortgage for me. Or maybe a suggestion on how to build up my credit fast.
2006-12-15 07:49:31 · 13 answers · asked by pamela m 1 in Business & Finance ➔ Renting & Real Estate
Not a loophole... just the right person.
Go to a mortgage broker, not a bank...
I bought my 1st house with me & wife both having bankruptcies and me having a very recent repo.
Yet, I bought/financed it at 100%.
Broker had the mortgage sold within days after closing.
Thats how the make money, by selling the mortgages they make.
2006-12-15 08:46:57 · answer #1 · answered by pcreamer2000 5 · 0⤊ 0⤋
In fact there are programs that will allow you to buy a house with little or no credit. The amount you will be lended is based off of your income, and your current credit payments. There are two types pf programs that deal with this. They are government programs and public programs. With bad credit, you should see if you qualify for a government program first, especially because you are in CA. There are alot of CA programs that will give you lower interest rates, and Free grant money to out down on closing costs etc. If you can't qualify with these, you may want to wait and build your credit. The public lenders will charge large interest rates thus buying you less house for more money. You need to find a mortgage broker that can work with government programs and have them look at your situation. I work from San Diego and would be willing to help. Send an e-mail to ronaldj73@hotmail.com.
2006-12-15 16:26:04 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
There's a lender for every borrower. For a price. With poor credit, you're going to pay interest rates that are well through the roof.
Even with excellent credit, $1,000 a month isn't going to make a mortgage payment in most of CA -- that would only cover a mortgate of about $180k, if that.
There is no way to build your credit quickly, aside from getting any inaccurate derogatory information removed.
2006-12-15 15:58:20 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I work at a bank and we have programs for everyone. We have funded loan with people scores as low as 431. It would a little hard to give pointers on how to build your credit, without looking at your credit to know why it is poor, but keep in mind there is no quick fix for poor credit. Generally speaking you should pay off any charge off/scollections and try to build good scores with at least 2 tradelines with good payment history.If you need any assistance i would be happy to help. You can email me at smcmillan@ambcmtgs.com Good Luck!
2006-12-15 16:47:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Find a mortgage broker, they have access to lots of lenders and can find one who will work with you. You can still buy a home with bad credit, but you will pay a higher interest rate. When you have repaired your credit somewhat, you can refinance to get a better interest rate. We have had to do this several times. Its a process that will take several years.
2006-12-15 15:57:02 · answer #5 · answered by smartypants909 7 · 0⤊ 0⤋
You'll buy a house, but it will cost you more because the lenders will slap you with an absurd interest rate (sub prime) due to your being considered a credit risk. Sorry to have to break it to you, but having bad credit is your own fault, due to late payments or collections, and banks will be more than happy to punish you for it through higher fees.
2006-12-15 16:03:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
i'll tell you what (i'm gonna make this short and sweet, if want more info on me,(philosophy, business practices, etc.)look up my other posts. call me, and i will take you through the whole thing, we can get you a mortgage, i do this kind of mortgage regularly, i have bank that dont even look at your credit score, they look at you rental history, private verifications of rent, and other such "LOOPHOLES" as you call them. i am the loophole loan officer, and i can get you a mortgage. (barring some unforeseen issue regarding your situation, there are limits to looopholes too ya know) call me, at 203-410-4427, thats my cell phone, or call me at my office at 203-729-8900 x-111, ask for david powell. or email me at dpowell@oakwoodmoney.com
2006-12-15 16:01:09 · answer #7 · answered by David P 2 · 0⤊ 1⤋
Would you loan money to a person with bad credit? What makes you think the financially irresponsible should have debt of over $150,000.00?
2006-12-15 15:59:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The down payment is the key, If you can come up with thousands credit doesnt matter
2006-12-15 15:58:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Look for owner finance or rent to own. A decent down payment is usually all it takes.
2006-12-15 19:05:23 · answer #10 · answered by Anonymous · 0⤊ 0⤋