is possible to a get home loan with verity bad credit?

Question

IHAVE AJOB AND SMALL DOWN PAYMENT BUT CREDIT IS NO GOOD

Answer 1

I hope you're joking.

Answer 2

Then you better have a hefty down payment.

If you have poor credit, the lenders will require a larger down payment, they will charge you more points (loan origination fee), and higher interest rates.

Lenders weren't doing this recently, which is why the sub-prime mortgage market went under. Lenders were letting people with bad credit qualify for these adjustable loans with very low teaser rates, but that ballooned up a few points after a year or two. That shot up their mortgage payments to where they couldn't afford them any longer and they just let their house go into foreclosure. Then, since the mortgage companies had to sell the house at auction to get their money back, they took a loss.

That's why someone with poor credit has to pay so much more up front and pays higher interest rates these days. You can get a home loan with bad credit. It's just going to cost you a lot more than it would have a couple of years ago.

Answer 3

No you will especially now with the mortgage crisis that has been going on. Mortgage companies are going out of business left and right due to subprime lending and it's become harder for even people with average and better credit to get a mortgage so forget it. Put off the house for a while and in that time work on boosting your credit score and bulking up your downpayment.

This is something you should do even if it were possible to get a loan with your credit because if anyone were to give you a loan on bad credit it would be at relatively astronomical interest and could cost you MANY extra tens of thousands of dollars over the life of the loan than if you had a better score.

Answer 4

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 5

umm yeah, but u may have a high rate