Does anyone know of a morgage company that will allow bad credit?

Question

My husband and i are looking to buy our 1st house but his credit is not all that great and i dont have credit at all--anyone know who we can go through to get out loan?

Answer 1

If you two are willing to wait a while, you could get a secured credit card and start building your credit... after a year or so, you may be able to get the mortgage in your name. It's a good idea to have him improve his credit if at all possible. If nothing else, pay down all debt he has, because that's one of the first things a mortgage broker will look at, along with income. Make sure that you don't have to stretch to make payments... the last thing you need is a foreclosure!

Also, try to save for at LEAST 20% downpayment to avoid paying PMI (private mortgage insurance)... the cost of PMI really adds up! There are some sub-prime lenders out there, but it's a much better option to wait a few months and improve your credit scores (well, create yours and up his).

Answer 2

I would suggest you wait a while and start building your credit, Right now the Subprime ( Companies that lend money to people with less than perfect credit) Companies are struggling (like new century) and their guidelines are tough. There are plenty of lenders still outthere but you will be looking to pay a pretty high interest rate( be carefull about getting a teaser rate I.E. 2/28 it will come back and bite you in the you know what) My advise if you make well enough money, depeding on where you live, save up 20% down payment. Ovbiously if you live in so-cal its almost impossible to do. look online, ask some of your friends that have a house already. Best of luck to you!

Answer 3

If he defaults on the loan by way of strolling away then that "black mark" will stay with him for a protracted time. He needs to look at advertising it - i recognize you assert the industry is undesirable yet then he merely has to cost it perfect and drop the cost until somebody, all people, buys it. Say he owes $ninety,000, if he can get $80 - 80 5 for it then a minimum of meaning he in basic terms has to locate 5 - 10k. I wish him the perfect of success.

Answer 4

I have no credit and my partner has quite abit of debt in the past which he has now paid off but it still shows on his credit rating. We manage to get a 100% through Northen Rock for about £80,000.

I'm not sure how much you will get because it depends on what your incomes are like but Northen Rock is a good company. We have been with them for only 7 months and we get a mortgage statement every month showing us what we have paid off and the mortgage is very flexible, we can pay or less from one month to the next and even take payment holidays...

give them a try and good luck
xxxx

Answer 5

The sub-prime market is in great flux right now. It all depends on down payment and reserves after the purchase as well as the capacity to handle the debt service. There are fewer and fewer lenders today as compared to yesterday. SUB -Prime notes are not preforming well in the market.--With that having been said there are still purchase $$ available.
I am a mortgage banker in TN & KY

Answer 6

How Bad?

400 credit score? no

500 credit score? very few and if they do it wont be worth it to you because of the high interest.

550-600? Most will approve you but at higher rates which still may not make it worth it.

600-650 ? You can get approved at almost every bank but interest rates will vary alot from lender to lender.

Answer 7

if you don't have credit score i work wit a company that if you have 3 bills in your name and over th epast 12 months you have paid on time will give you a mortgage. depending on what state you live in i maybe able to hlep you. shot me an email i'll see what i can do for you.

Answer 8

Homestart