Financing a house?

Question

Is there any way around bad credit to finance a house? We are now a family of four with only 2 bedrooms and my kids are boy/girl so they don't need to share a room forever. We are talking about having another baby down the road as well. We NEED a bigger home, but due to some bad money managing when we first married, My hubby and I have abysmal credit.


Any suggestions?

Answer 1

You don't need perfect credit to qualify for a home loan, but like others have stated, you will have to pay a higher interest rate. Shop around, talk to a few mortgage lenders. A reputable lender will pre-qualify you for free. Start here:
http://www.primelendingonline.com

Good luck.

Answer 2

There are many lenders who will give a mortgage if you have less than perfect credit -- it just depends on several factors and which state you live in. A mortgage broker can be a great resource to help you through this, but ask around for a referral to someone who is reputable. Unfortunately, there are many brokers out there that will take advantage of borrowers in your situation.

A good broker will pull your credit report and walk through it with you and let you know if you might qualify for anything right now. If you can't, the broker should be able to give you some direction on how to improve your credit and a time frame for you to reapply.

You can also go to HUD's website at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
for a list of HUD sponsored Housing Counselors in your area for help with your situation.

Answer 3

Rather than going to a bank, go to a Mortgage Broker who will shop many companies and who will try to help you. Even then, if you are accepted, you will likely need a larger down payment and will pay a higher interest rate.

And start doing everything possible to make your credit better. The bad stuff will eventually fade away, but slowly, and only if you continue doing better.

Good luck to you and yours.

Answer 4

you can buy a house with a high interest rate, keep paying in a good way, then in 2 years, your credit will be great, so u can refinance.. alot of companies can give you a loan with bad credit, make sure u keep paying ur mortgage and dont make late payments, that will build ur credit, it would cost you alil bit more, but what is high interest for 2 years ?! nothing.

Answer 5

You can still get credit only at a slightly higher rate of interest. Contact a mortgage broker and ask about sub prime loans. Good luck.

Answer 6

Do you own your position? you'll get a house fairness line of credit to purchase the products you'll opt for to fix the position. demanding funds lenders will be intense priced yet you may save round for those besides. There are some traders obtainable which will artwork with you yet ascertain there are clauses contained in the settlement that cover you if something is going incorrect. they could placed a mechanics lien antagonistic to the belongings which will loud the call once you opt for to promote.

Answer 7

There are many financial insitutions who will give you a mortgage despite your bad credit, you will need to qualify for certain amount based on your income, but will have to pay a higher interest than normal.

Answer 8

Start a home-based business to build the income side of your equation.

Answer 9

yes you can get preapproved I have bad credit too And I got preaproved so there hope for you I wish you all the luck in word

Answer 10

search for "sub-prime lender", they lend money to just abotu anyone. If you have a pulse, you should be able to get some extra loot.