2007-08-28 09:40:24 · 10 answers · asked by talley 1 in Business & Finance ➔ Renting & Real Estate
The subprime market had been virtually shut down, the Alt-A market is almost there, and now the prime market is being squeezed. Credit has tightened and investors are scared, and why not they are losing money, without a substantial down payment and closing costs (and even then your interest rate will be high) in simple terms NO! I have been saying for six months this was going to happen, even when all stated it was just a minor glitch and will smooth out, well folks the housing bubble is upon us and is just starting to burst, and as I stated and more financial wizards are agreeing a recession might be around the corner.
2007-08-28 10:08:13 · answer #1 · answered by Pengy 7 · 1⤊ 0⤋
The first place I would go is to your LOCAL bank and see what they can do for you. It also depends on how bad Bad credit is. Sometimes you think that its bad and then the credit report gets run and its not near as bad as you think. After your local bank, look in the phone book, there are several options there...however its rather hard right now to get a home loan without great credit with the lenders being a little hesitant.
2007-08-28 09:46:06 · answer #2 · answered by Kelly G 1 · 1⤊ 0⤋
I have bad credit as well, and just got preapproved for a home loan through Wells Fargo. Try them...and also look for loan programs through your state like this one through Oregon, it gives a link for mortgage lenders who do this loan:
www.oregonbond.us
It is for lower income people with not so good credit. And it pays 3% downpayment for you.
2007-08-28 10:12:59 · answer #3 · answered by SisterSue 6 · 0⤊ 0⤋
There are a lot of different definitions of good credit so your info doesn't give me much to go on. I will say this, if you have any chance of getting a home mortgage at 100%, it would be through an FHA program. Find a mortgage broker who does a lot of Manual underwritten loans. I have seen miracles through such programs. If they can't help you, at least they can tell you what to do so you can qualify in 6 to 12 months if things aren't too bad. Good luck.
http://www.alabama-mortgage-specialists.com
2007-08-28 09:51:44 · answer #4 · answered by Rono 2 · 0⤊ 1⤋
Please read some of the other postings regarding this. I'm tired of telling people the same thing. If you can't pay off small debt like CC, auto loan, no smart intelligent lender will want to give you a home loan. Think about it. Let me put in these terms: Your brother/sister keep borrowing money for gas, rent, cell phone bill, and they pay but not real well. Then they ask you for a home loan. Would you give it to them? Yup..that is what the lenders will tell you too! Sorry.
2007-08-28 09:50:37 · answer #5 · answered by Brain 4 · 0⤊ 2⤋
Actually, you might be able to get a loan if you can get 10% down and prove you have the assetts to cover 2 months of mortgage payments backed up by enough salary to be 2 or 3 times the amount of the mortgage.
Due to new Mortgage rules, it is much harder to buy a home . . even for the rich.
2007-08-28 09:49:52 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Am a private legitimate lender,i give out all kinds of loan which include:
AUTO LOAN
BAD CREDIT LOAN
PERSONAL LOAN
STUDENT LOANS
MORTGAGE LOAN
REFINANCE
PAYDAY LOANS
HOME EQUITY LOANS
DEBT CONSOLIDATION
BUSINESS LOANS.
Any interested person,co-operate bodies can contact me via:chelle_loan_services@yahoo.co.uk
co.uk
2007-08-31 02:22:12 · answer #7 · answered by lisa f 1 · 0⤊ 1⤋
No one can help you you will more than likely be unable to get a home loan unless you can put 20%down
2007-08-28 09:45:59 · answer #8 · answered by sarah W 4 · 0⤊ 1⤋
Credit is just one facet of a loan application. Work history, salary, etc. If you are in Texas, you can go to www.OwnPartofTexas.com
If you are in another state, go to
SupremeMortgage.com
or you can contact me. Good Luck
2007-08-28 23:43:19 · answer #9 · answered by Bill P 5 · 0⤊ 1⤋
Sure, I can think of one person who can help you...
You.
Fix your credit. Until then, rent.
2007-08-28 09:43:52 · answer #10 · answered by abbazoodafish 2 · 2⤊ 1⤋