How do you go about getting a loan for a home when your credit is really bad? I mean really bad, like 480 to 500. I have no money for a down payment, but my family qualifies for all kinds of free money programs. I just need a lender who will give me a regular mortgage loan. Anyone know what I can do?
2007-09-15 09:16:21 · 9 answers · asked by Kayc 1 in Business & Finance ➔ Renting & Real Estate
350 is the lowest score you can do with FHA mortgages.
YOU CANT HAVE ANY CREDIT LATES IN THE LAST 12 MONTHS....and you will need 2.25% down payment
2007-09-15 14:32:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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
2007-09-18 02:58:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
At 480 or 500, nobody a a Mafia loan shark would loan you any money, and the collateral would be an arm and a leg! About all you can do is work on repairing your credit by regularly paying your bills, etc., over the next five or more years, and then apply for a mortgage loan after you have at least a 10% down payment saved up.
2007-09-15 09:39:06 · answer #3 · answered by Califrich 6 · 0⤊ 0⤋
In todays market good luck. If you had 3% down and closing you would have a chance with FHA as it stands no No one will take that big of a risk. And if by chance some loan shark does, with the interest rate you will be in worse shape a year or two from now than you are presently in. Work on cleaning up your credit first
2007-09-15 09:24:04 · answer #4 · answered by Pengy 7 · 1⤊ 0⤋
Fix your credit.
If you find a lender to do this loan, the terms will be ridiculous. And 100% loans are all but extinct.
Sorry, but you are going to have to do this the old fashioned way. Save money, pay your bills on time and then go forward.
2007-09-15 09:23:47 · answer #5 · answered by godged 7 · 1⤊ 0⤋
DO NOT BUY A HOUSE, even when you get the loan, the interest rate will be so high, and you can't make the payment, they will take your house away. Why bother to make your credit worse.
2007-09-15 09:51:37 · answer #6 · answered by paobay 4 · 0⤊ 0⤋
I am closing one this week with 100% financing at a 536 middle score. It's called an Expanded Approval Level III through Washington Mutual and Fannie Mae. It's the lowest 100% financing that I've ever closed, and my customer's PMI is oppressive - but it's getting done.
2007-09-15 12:32:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I agree. I tried to get a small home loan ($50,000!) and my credit score is around 550 and they said NO WAY!! I tried like 3 different places and they all said the same thing: NO!
2007-09-15 09:28:09 · answer #8 · answered by ♥ Mary ♥ 4 · 1⤊ 0⤋
I only decide to declare from very own adventure in case you could, wait till your credit and financial image are greater useful. it will be very well worth the wait. you will get a greater useful pastime fee and you isn't suffering to pay your loan. in case you get a severe pastime fee and your cash are severe you're able to finally end up in worry interior of no time. have confidence me it will be very well worth the wait once you could circulate into your new abode and not would desire to warfare with severe funds.
2016-11-14 12:54:32 · answer #9 · answered by ? 4 · 0⤊ 0⤋