are there mortgage companies that finance people with bad credit?

Answer 1

yes, you can find a mortgage broker in your area and they will take your app and find a company for yoU!

Good Luck!

Answer 2

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://www.axalda.info/bad-credit-mortgage.html

Answer 3

It depends on your definition of bad credit. Anything above a 500 score, assuming you can verify your income is financible, but you will need downpayment. With a score between 500 and 600 your downpayment will vary between 5% and 20% of the purchase price of the home you are looking to buy. A 600 score and up will typically qualify you for 100% financing (no money down), and the rule of thumb is that a 620 score or higher will qualify you for some form of "conforming" loan.

If by bad, you mean lower than 500, it is still possible to get financed, however you would be looking at a "hard money" loan. This is a strictly equity based loan, no credit check, no income verification, but you need at least 35% downpayment. You interest rate will be above 15% and you will typically be charged up to 10 points to write the loan. Nearly all of the time, if this is the case it makes more sense to work on your credit to get your score above 500 so you can qualify for a regular subprime loan as opposed to hard money.

Answer 4

Well first of all it really depends on what you mean by "bad" credit. Is your score 450 or 550 or 615?

Second, income is always the most important role in mortgage approval. So if you bad credit but good income you will have alot more options. Also factors such as downpayment and other debt play a role as well.

Bottom line is that there is almost always someone out there who will approve you. But you may be charged horrible rates and would have been better off renting until your credit improves a little

Answer 5

There are still some out there, but they are getting fewer and far between, since the recent wave of foreclosures. Expect to be required to have a sizeable downpayment and pay some seriously high interest rates. If you're thinking that you can still find a 'bad credit' lender who will issue a mortgage with a high LTV ratio and reasonable interest rates, forget it. You're wasting your time.

Answer 6

There are very own loan agencies which will finance a house for you, yet confirm you are not getting knocked upside the top! whether they get you in with 10% down, you greater efficient confirm you are not getting killed with extreme expenditures of pastime and outrageous ultimate expenses. keep in mind your down charge isn't comparable to you ultimate expenses. So, you will possibly placed 10% down, yet finally end up with a great number of broker provider's expenditures, a extreme pastime fee, and in line with danger even a private loan software that would get you in issue down the line. Ask pals and kinfolk contributors in the event that they understand a good very own loan officer. the main question for the non-public loan officer is that in the event that they seem to be an prompt lender or a broker provider. The direct lender lends the money, the broker provider searches for an prompt lender to non-public loan you the money. The broker provider has to gets a commission too. a great number of cases the broker provider will make in basic terms as lots, if no greater desirable than the lender. "The FHA" does no longer very own loan money, that's the form of non-public loan. FHA, wide-unfold, or VA.

Answer 7

May be I Can Help You:

Just try:

http://www.proloanz.com/

http://www.apply4less.com/mortgage.htm

http://www.mortgagerefinancingatlowrate.com/

http://www.topamericanmortgage.com/

They can give you the best MORTGAGE HELP

Answer 8

Yes; they want you to have good jobs and good downpayments; but there are a lot of sharks out there promising loans for "deposit" money that you pay and never get back. Before you send a dime, check with the BBB or your state's atty general

Answer 9

Yes.

Find a mortgage planner or mortgage broker in your area.

Good luck !

Answer 10

none,i am a manger of a financing/mortgage company.as a general rule and followed rule,bad payors are never granted financing.good credit is the very first quailification a mortgagee must have!!!SORRY!!!!!