Thinking of buying a house but we have bad credit.?

Question

We thinking of buying a house but our credit is not good. This would be our first home. We don't have any money really to put down on a house. We both work he is the military and i work at a day care in Ga. Can any help? Right now we are renting a house for 800 a month.

Answer 1

First you should inquire around the base and other spouses if there is any program to help military. You could also talk to several realtors. They will have a good handle on what is available. There are a lot of lenders that will work with the military to help them out. You reALTOR IS PROBABLY THE BEST BET.

Answer 2

Mortgage companies are usually willing to offer loans in today's market when either condition is met: decent credit, or decent equity.

It sounds like you have neither (poor credit and no money to put down for equity). You would find it difficult to get a 100% LTV loan without decent credit or at least a 10% downpayment, but it's not impossible.

Good rental history can override questionable credit. Also, dependable income will help. Your best bet is to talk to a mortgage broker in your area and ask specific questions about your situation. You will likely take a hit on interest rates because you will be a higher than normal risk, but it may be very possible to structure a loan that fits your needs.

Best of luck!

Answer 3

Depends on how "bad" your credit is. With all the sub-prime companies out there going bankrupt, the lending guidelines have become much more strict. Typically speaking, you would need a 580 credit score or better to get 100% financing and you would have to do a fully documented loan (proof of income). Keep in mind that there are a lot of extra expenses of home ownership, so if you are having problems keeping up with your bills now, it will probably only worsen the situation in the short run. If you are interested, let me know if I can be of any help! I am from IL, but our bank is licensed to lend in GA.

Answer 4

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 5

It would be in your best interest to plan ahead and clean up your credit before you buy. It will save you a lot of money! Go to a reputable mortgage company or bank and get pre-approved for a loan before you shop. They can tell you what to do to prepare yourselves financially for this big step. Start paying your bills on time and get started with your plan. Good Luck!!!

Answer 6

Go to a site at http://www.mortgageawareness.com , they have some good free advice on first time home buyers seeking mortgage loans with a bad credit history.

They explain credit scores, down payment, etc.

Answer 7

he should be able to get somthing through the military .. like a VA loan or somthing with a credit union on base ..

Answer 8

Hi,
I used "Credit Solution" to settle my debt.They managed to reduce my debt up to 58%.I came accross this company on NBC.Check it out here:
http://www.jdoqocy.com/click-1813149-10467845