Who will lend money for house with bad credit?

Question

I need money for downpayment for house but IIII got bad credit and I do have money coming from a will to pay back

Answer 1

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 2

No house. Too many rent-to-own deals these days are scams. And he cannot bring up his credit score enough in time to get a mortgage and close a lease-option deal on time. Lease-option deals typically have a limit of 24 months to exercise the option & close the sale, or lose your option money. That means even if you get a good job right away, you cannot purchase solely in your own name either since most lenders require at least 3 years track record on the job. If by some chance you found someone willing to write the deal, it would be a really bad idea. Housing prices are still dropping in most areas of the country, you live in a one-income household at a time when people are being laid off left & right, and the economy stinks more & more practically by the day. Frankly, buying a house at the moment is really dumb idea for most people. There are a few situations where this can be a good opportunity to buy. Your situation ain't one of them.

Answer 3

Why not just wait until you get the money from the will? If you have been waiting this long whats a little while longer? Not many people will loan you the money for a down payment, and even if you find someone when you have bad credit the bank wants to see the down payment funds seasoned in the account.
Normally 6-12months.
You may have your own money by then.
I would just sit tight and wait for your own money.
Good luck
RE Agent,
Re max

Answer 4

When you say bad credit, how bad is bad? Have you any outstanding unpaid collections ? Have you declared bankrupcy in the last two years? I'm a Mortgage Broker from Alberta, Canada, so I can only give you a Canadian point of view. I can get 100% financing for clients who have had credit issues in the past. As long as you have paid off your outstanding debts or will pay off before possession of your home. If you have declared bankrupcy at least last two years and have re-established your credit to at least $1500. I can get you 100% financing & usually at bank posted rates. It is really impossible to give you a definite answer unless I or any broker sees your application and credit bureau. I'm not solicting business I will only work In Alberta, Canada. The best anwser I would give you would be to find a Mortgage Broker (reputable) and ask him to give you your options. You can contact me at my website www.albertamortgageguy.com if you have anymore questions.

Answer 5

If you by bad you mean lower than a 600 to 620 fico score, then no bank will lend it to you. The best bet is to have a friend or family member buy it under there name and transfer it to yours after your credit comes up.

Answer 6

We can give you credit repair and 100% financing.

Answer 7

Nearly anyone will, you are going to get royally reamed on the interest rate, though. Good luck.

Answer 8

I'm a mortgage broker. Email me and I will let you know if i can

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