2006-12-28 10:47:06 · 13 answers · asked by Nini 1 in Business & Finance ➔ Renting & Real Estate
Deter no! Keep someone from loaning you money? possibly
2006-12-28 10:49:05 · answer #1 · answered by me2 5 · 0⤊ 0⤋
No. Go to a mortgage company in your town and they can do a credit check for you. they can also give you advice on bringing your credit score up. Almost everyone can buy a house with an FHA loan in a year, if they do not get anymore late payments and pay all their bills on time every month. If the first Mortgage company is not help full try another one, some loan officers don't want to take the time to help you if your credit is not perfect, so you may need to shop around. Also Mortgage companies deal with more lenders than a bank and will be able to get you a better deal. If you do get approved some where try a few other places and see the rate they quote you and the fees they charge for doing the loan, always ask for a good faith estimate.
2006-12-28 12:03:32 · answer #2 · answered by mouse 2 · 0⤊ 0⤋
It depends on how bad your score and payment history is, and how old the derogatory information is. Bad credit, with the new advances (sarcasm) in creative financing, does not deter you from getting a loan. It just greatly increases the likelihood that someone will try to push you into a financing program where you can't afford the mortgage in two years, or put you into an ARM so they can get the sale, or that the interest rate will deter you from making the buying decision.
It's best to talk with a lender, and get tips for repairing your credit.
2006-12-28 10:50:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not necessarily at all. If you have steady income, and are able to produce tax returns from past 2 years showing ability to pay a mortgage on top of current monthly bills you're set to apply for a mortgage prequalification from a bank or mortgage company. Don't be afraid to test the waters, Jump in! Just make sure you only go for a fixed rate type mortgage, and shop around for the best rates. Rick
2006-12-28 10:54:08 · answer #4 · answered by Rick 1 · 0⤊ 0⤋
Couple things you could do here: 1) take that option off the table by improving your score www.totaldebtsolutionsllc.com (credit repair link)
2) talk to a loan officer --it really depends on how you define "bad credit" --a 580 score will get you 100% financing usually
2006-12-28 13:52:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Find a seller in duress and bargain the living crap out of them. Hehe... just kidding... Just be honest with them and tell them you don't qualify for a good rate... so most likely... give them a good down payment and take over the existing loan... and if their is a difference in the price... just ask him to carry a 2nd loan. But keep the 1st mortage under the sellers name and just get a grant deed from him. Most mortgage companies don't even care if you do this...
2006-12-28 18:09:42 · answer #6 · answered by Batman 2 · 0⤊ 0⤋
For Credit and finance solutions I visit this website where you can find all the solutions. http://SMARTFINANCESOLUTIONS.NET/index.html?src=qioiaFW65
RE :Will bad credit deter me from buying a home?
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2016-10-12 00:44:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Almost sure that you must find many financial answer at= financial-care.info-
RE Will bad credit deter me from buying a home?
#EANF#
2014-09-03 03:07:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Let a lender coach you on improveing your credit.The lower your credit score the higher your morgage payment will be.Blot out bad spending and YOU WILL BE SUCCESSFUL.
2006-12-28 10:58:51 · answer #9 · answered by (A) 7 · 0⤊ 0⤋
not unless you have some money to lay out to make up for the difference of your credit being bad..
2006-12-28 10:49:11 · answer #10 · answered by emmys momma 2 · 0⤊ 0⤋