2007-03-16 15:33:26 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
What do you mean by bad? Is it below 500? Probably not. Do you have a lot of outstanding collections and past due accounts? They might make you pay them off before you can get a home loan. The best thing is to talk to a lender that specializes in challenged credit (do a Google search) and they will tell you what conditions you need to get a home loan.
2007-03-16 15:37:38 · answer #1 · answered by CPA Diva 2 · 0⤊ 0⤋
Some financial institutions will let you get a mortgage loan with a FICO credit score as low as 500, but you will be required to put down a higher down payment and pay a higher interest rate.
2007-03-16 18:03:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, you can get a sub-prime loan with low FICO scores.
If I were you however, I wouldn't waste the time of unpacking the boxes because foreclosure will probably take place within 12 months.
You see, when you have bad credit and try to get access to things that you shouldn't have --> you try to get the fruit of the harvest without putting in the necessary work.
That is what creates the unnecessary strife, chaos, confusion, and drama in your life. You are fighting a losing battle with the universe.
Fix your credit first. Show yourself approved with good money habits.
Then claim your house.
When you violate this order, you begin to set yourself up for a let down.
2007-03-17 19:58:03 · answer #3 · answered by DaMan 5 · 0⤊ 0⤋
It's well worth it to improve your credit before looking at getting into a home. Your interest rate can make your monthly payment MUCH higher and decrease the amount of home you can buy since your payment needs to be under a certain percentage of your income. But yes, if your income is high enough, you can get a loan with bad credit.
2007-03-16 15:39:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes you can but usually the interest rates are not very good unless you have a huge downpayment.
Check your credit report for yourself before you assume you have horrible credit.
I had a defaulted student loan. I went into loan rehab, and a year later, the credit was decent enough to buy a house at 7%.
2007-03-16 15:36:14 · answer #5 · answered by lisa s 6 · 0⤊ 0⤋
Bad, as in, how bad? Under 500 - no way. Under 600 - probably not unless your interest rate is through the roof. Usually you need to be over 650 to get a mortgage. Over 700 is better and you will get better interest rates.
2007-03-16 16:14:35 · answer #6 · answered by Jesus Pleaseus 2 · 1⤊ 0⤋
I'm a mortgage broker from Alberta, Canada. bad credit doesn't really mean anything. You can get 100% financing but it does depend on your credit bureau. No one can tell you if they can get you a mortgage unless they see your bureau & application. I can help you if you want a mortgage in Alberta, I won't do financing outside of alberta. If you have any questions you can contact me at http://www.albertamortgageguy.com
2007-03-16 17:47:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes. We got a first time home buyers loan at 6.5%. They just ask us why we were late paying this and that. We had one that we were still paying on to the credit bureau. We answered them honestly and we got the loan for 30 years. We had a $3000 down payment which the home owners paid and they just added that cost to the price they we asking for the house.
2007-03-16 15:40:23 · answer #8 · answered by unicornfarie1 6 · 0⤊ 0⤋
yes but you will have to pay a higher interest rate. i got a home loan and couldn't even get approved for a credit card!
2007-03-16 15:37:11 · answer #9 · answered by anonymous 6 · 0⤊ 0⤋
easier than most think
http://www.wesayes.com
2007-03-16 15:47:09 · answer #10 · answered by Anonymous · 0⤊ 0⤋