i have poor credit, but am slowly regaining control of it, anyhow, i am trying to get my family into a home, and want to know if anyone knows any home loan companies that are willing to work with people with poor credit. thx
2007-09-03 01:19:24 · 8 answers · asked by Richard C 2 in Business & Finance ➔ Credit
The subprime market has been shut down, the Alt-A market is virtually shut down, and it has become harder for even the Prime borrowers especially anyone who wants 100%. If you have 20% down and closing costs you might have a chance, if not sorry there is no one willing to take the risk anymore. Please read the news and educate yourself as to what is happening, or you will end up joining the statistics.
2007-09-03 08:26:53 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Most of the companies specializing in home loans for people with poor credit are making the headlines -- going bankrupt.
In the current market, you are not going to qualify for a loan. Instead work on improving your credit. Make sure you pay all your current bills on time. Work on paying down credit card balances to less than 30% of available credit -- paying off completely is even better.
Get a free copy of your credit report and start working on cleaning up the negatives. Start with the newest ones and work back. Negotiate settlement. Get settlement agreements in writing and never give them access to your bank account.
In another year, the housing market will have settled down and your credit will be better. If you can save for a downpayment, so much the better.
2007-09-03 04:11:08 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Would need to know where you live in order to answer the best.
I work for a mortgage broker, and it can be do-able, but it depends on more than just your score. Some of the things they consider:
1. How much do you earn
2. 2 incomes or 1
3. Debt outstanding
4. How long on job (this one is important!)
5. Dependents, age and how many
6. Also, where is the home located, this helps with getting you a particular type of loan, EX: FHA, Rural etc.
Your debt ratio to your income ratio is the most important factor, if you have lousy, bad or even mediocre credit you need tonot have much other debt.
A mortgage broker can have 30-50 lenders from which to choose in trying to get you a loan. Banks, just themselves, credit unions, just themselves, the broker is in the business to find loans and everyday that is all they do, not checking accounts, car loans etc., their specialty is finding you a loan structured to fit your needs.
Be sure when you talk to them, you ask for references of people they have dealt with in the past and check them out before you run your credit with them. Make sure they are reputable, you could call the BBB (Better Business Bureau) to check them out to see if any complaints were called in on them too.
2007-09-06 04:11:15 · answer #3 · answered by candleslightup 2 · 0⤊ 0⤋
Right now if you have poor credit you WILL NOT get a home loan. IF through some of the scam people who say YOU CAN actually get you a loan, doubtful, then you will pay double digit interest, prepayment penalties and a myriad of hyped up fees.
Best way to confirm my statement is to go to a Broker and ask.
2007-09-03 01:34:52 · answer #4 · answered by Anonymous · 1⤊ 0⤋
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.
2007-09-03 06:57:35 · answer #5 · answered by Night m 1 · 0⤊ 1⤋
I have a friend who works with people with credit scores 560 and up. You have to be able to show you are working and have been for 2 years. He is FHA approved, and HUD. He has recently became able to do reverse mortgages as well.
2007-09-03 01:30:05 · answer #6 · answered by spiritwalker 6 · 0⤊ 2⤋
Do you have 90 days? If so, you should look at the solutions at http://www.your-credit-solution.com/creditsolutions.htm to increase your score by 200 plus points. I was able to do it and I know you can too. It was easy.
Good Luck!
2007-09-03 02:17:00 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Depens where you live...try Mckinley mortgage
2007-09-03 01:27:43 · answer #8 · answered by ideame 3 · 0⤊ 1⤋