How and where can I find mortgage with a bad credit?

Answer 1

Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.

Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.

You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:

http://tiny.wackyb.net/K2rP/odtl

Answer 2

Look in your telephone book find a local mortgage broker, call and set up an appointment so you can complete a mortgage loan application. This is gonna take awhile so prepare yourself.

He will need several documents and lots of information. I will get you started so locate the following and have them available so you can take them into his office or fax them to him

#1 Two years of federal income tax as well as the W-2's

#2 One complete month of pay stubs

#3 Six months of bank statements from each bank you are currently using to include any statements from your 401-k plan.

Once he completes your application he will then run a credit report to find out your credit scores.

Your credit scores will determine your interest rate, the loan program you are qualified for, how much you will have to put down on the property if anything. Some qualify for a 100% mortgage, you might be one.

Now is the time for you and the mortgage broker to sit down and figure out the best mortgage program for you. You guys will discuss the amount a lender will allow you to borrow to purchase a house, the interest rate of the loan you are qualified for and several other things. Make sure you ask all your questions at this point. Once this is done he will then issue you a pre-approval letter.

Once you have your pre-approval letter you are now prepared to find a real estate agent to look for a house to purchase.

When you find a property to purchase the real estate agent and mortgage broker will walk you through the rest of the steps necessary to close. You will sign a purchase contract, an appraisal will be done on the property top prove value.

A few days will go by 7-10 after which you will be called to sign your loan docs so you can now move into your new home.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Well, that depends.
1. Where are you located?
2. What is your score?
3. What are the things that have brought your credit score down? For example, have you been late on a different mortgage payment; do you have any judgements, repo's, collections, or bankruptcies in the last 12 months?

I'm actually a Loan Officer in NC.
Usually, you can get a mortgage if you have a score above 560; however, if you have been late on a different mortgage payment, have a foreclosure, gone bankrupt, or have any judgements for the past 12 months...forget it.
What you'll need to do is pay off your outstanding debt, and continue making payments on time for the next year, and then you may be able to buy a home.
Good luck to you.

Answer 4

Lenders will look at your overall credit profile. They also have credit score requirements. If you want to do 100% financing, you need a 580 credit score. With a 500 credit score, you need at least a 10% down payment. Your credit profile is only one element in qualifying for a mortgage. A mortgage is a measurement of risk. Lenders look at your credit profile, employment, income, assets, down payment, etc. If you are looking 1-2 years down the road, here are a couple of tips to help put you in the best situation possible. First, pay down credit cards as much as possible. Try to get the balance down to one third of your credit limit. A large part of your credit score is based upon these ratios. Second, do not close out any accounts. Even if you pay off a credit card, keep it open. Closing credit lines will lower your credit score. Third, if you pay rent, pay by check. This will keep a record to verify that you have a history of housing payments. I hope this helps and good luck.

Answer 5

FHA might be a viable option for you with just 3% down. You need to get a good loan officer working for you to do the leg work and walk you through the whole process as well as provide alternative options. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.

Answer 6

I would look in the bad credit section of www.bestmortgageanswers.info

Answer 7

Don't you get constantly bombarded with ads on TV, in the mail, on the internet, and every other source known to man advertising that very thing, like the rest of humanity?

Answer 8

www.naca.com

Check it out.
It's real.
It works.
They don't care about your credit.