2007-03-01 07:52:34 · 7 answers · asked by kc 3 in Business & Finance ➔ Renting & Real Estate
Go to a place that specialized in people with bad credit. Expect to pay a really high rate!
A better suggestion is to wait and get you credit in shape BEFORE the house. This takes time!
2007-03-01 07:58:52 · answer #1 · answered by ? 4 · 1⤊ 0⤋
A lot depends on just how bad your credit is. If you have a score of at least 532, you can get 100% financing.
Yes the rate will be higher and the costs will be more, but that is the price you pay for having non Fannie Mae grade credit.
You will want to consider a loan that is fixed for a period of 2 years with a 2 year pre-pay penalty in order to get the best rate. The goal is to repair your credit in those 2 years so that you can refi into a run of the mill loan at a good rate at the end of the pre pay penalty period.
Feel free to email me with any questions you may have.
2007-03-01 17:02:51 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
you can get a house with bad credit you are just going to be required to pay a higher interest rate and once you rebuild your credit after a year or two you should be able to refinance and get a lowe rate or you can always do the rent to loan option which is specialized in helping people with bad credit become homeowners within one year or two
2007-03-01 17:08:50 · answer #3 · answered by Luv2Brie 2 · 0⤊ 0⤋
honestly, with luck. if a lender chooses to give a loan to someone with bad credit, expect high monthly payments. your interest rate will be ridiculous. you could try to go through a private lender (pretty much a person with enough money that is willing to lend it out) but chances are your interest rate will be high.
best thing to do is shop around. you'll be surprised at what some lenders would be willing to do.
2007-03-01 15:59:38 · answer #4 · answered by jack_skellington49 4 · 0⤊ 0⤋
We offer credit repair to customers that way they can qualify for a loan from us.
2007-03-01 22:13:20 · answer #5 · answered by Phil H 2 · 0⤊ 0⤋
Check with your local government agencies, or even realitors could possibly set you in the right direction....there are lots of programs out there that can help out people in your situation such as federally funded grants and donations and things like that.
2007-03-01 16:02:46 · answer #6 · answered by dm_76 2 · 0⤊ 0⤋
u have to find a darrn good realtor, who can find a bank that deals with people who have bad credit . beleive it or not, most realtors have *connections.*
2007-03-01 15:58:39 · answer #7 · answered by susan q 4 · 1⤊ 1⤋