Home loans?????

Question

Does anyone know a good place to get a home loan for a first time buyer with not so good credit?

Answer 1

Hello, I recommend you first obtain a copy of your credit report to see what negative things you can possibly clear up before actually applying for a home loan. Raising your credit score will give you more mortgage options and allow you to get the best rates and payments available. I’ve included a link below to a site where you can view your credit report for free once every 12 months.



Once you’ve made a effort at clearing up the negatives on your report, I recommend you ask someone you trust such as your family and friends who may have purchased a home for advice on their mortgage purchasing experiences.



Good luck. I’ve also included a link to some great information for First-Time Home buyers below.

Answer 2

Kristina, I suggest you look to local lenders. While your credit may not be in the best shape, should anything go wrong with the loan process, you have face to face contact with the lender. The Internet companies are a scary thing these days and believe me, they are gone in a heartbeat when something goes wrong. Due to the whole mortgage industry mess at the moment, the chances are you'll pay a higher rate if your credit score isn't above 610. But you won't know for sure until you talk to some. Also, ask them if they can supply "first time buyers" money. Good Luck, but heed my warning - you will get all kinds of loan companies here. And the yahoo guidelines state you are not to solicit or advertise and if they give you an email address that is exactly what they are doing. Which means if they will break the guidelines here, where else will they break the rules?

Answer 3

In today's credit crunch, you may want to consider a large company like Wells Fargo. Be prepared by getting all 3 of your credit bureaus from the websites below and try to clean up what you can, write letters on the stuff that you cant clear up. Lenders will want to see that these things were beyond your control and not likely to continue. You must have some good credit so the lender can make a decision based on your ability and willingness to repay your obligations. You will 3% min investment into the transaction on a FHA loan, and alot more with conventional. Also your rental history for the last 12 months will be checked, 2 mos of asset statements (no NSF checks) 30days of paystubs, 2 years of tax forms like 1040's and/or w2's. Max debt to income ratios is 29% housing and 41% total. I put FHA website below also for more information. Hope it helps!

Answer 4

6 months ago it would have been no problem.... now even people with good credit can't get a loan.

A home is a major investment. Not to put you down or anything but if you can't manage your simple day to day finances how are you going to make a long term commitment like a home loan. I wouldn't buy a home right now anyway, values are going down.

If you are in a lower home price area, you can get a loan through FHA. It is not dependent on fico scores however you will have to prove income and pay off all collections / derogatory accounts.

Answer 5

In all cases, the place to go is an mortgage broker. They can often find you deals that aren't on the internet, like local or state first time homebuyer deals.

Ask people you know where they got their mortgage and if they were happy with their broker, if they had one.

I regularly recommend the one that helped me get my first home using a state program to help first time home buyers.

Answer 6

There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.

Answer 7

The Best Answer i can give to you as friend on line .. I got my loan for Mr Ann Rick.
She can help you out.. If you are in need of Help of loan..
She is the only one i know Now that give out Personal Loans.
You can contact her Via this mail address [e-mail]

Answer 8

Hi Friend.Getting Home loan is very easy now adays you go to bank & apply there

Answer 9

dont like brokers they are middlemen go to the sorces. why pay a third party! ive done bussiness with this company after going to several others. they blew the other guys away on the rate and i like the site. you wont find many articles as straight forward as what is on the site. check it out and find out why brokers hate them. lots of insider info to help you save!

i went with directlendingplanet.com they where the best i could find on rate and fees.

Answer 10

Hi there!...Ok, I researched this for you...

It's kinda long, so you better check it out yourself...

click here: http://www.home-loan-made-ez.com