I have a 495 credit score and just had a recent divorce and still living with my husband. I am staying with him to save money however I want to get my own home and its seems not to be possible because of my credit score. I have collections and some recent one's too. Are there any lenders out there that would be able to help me? I know this is alot but I am in the process of working on repairing my credit by paying car and credit card bills on time and no new open accounts. I want to buy a foreclosure and they have really good deals in Michigan the area that I am in. I know there will be high fees associated with a credit score like mines. That is not such a big deal if I get a good deal on a home and I have an action plan for my credit and would refinance in a year or so. Only serious inquires please and any advice on this type of situation. Thanks!
2007-09-17 10:34:54 · 13 answers · asked by shanell411 2 in Business & Finance ➔ Credit
You need to wake up to reality, you can't afford to buy a house.
2007-09-17 10:54:05 · answer #1 · answered by Claudio 2 · 0⤊ 1⤋
To make this statement
"process of working on repairing my credit by paying car and credit card bills on time and no new open accounts"
and then to make this statement
"I know there will be high fees associated with a credit score like mines. That is not such a big deal if I get a good deal on a home and I have an action plan for my credit and would refinance in a year or so."
means you need to look at both those statements and figure out why you will not get a home loan for a few years yet.
Building a good credit rating mean you make smart credit decisions and not ones like in the last quote. What if things do NOT go as you expect and something unforseen happens and you can not refi?
Work on your credit.
2007-09-17 10:54:33 · answer #2 · answered by Anonymous · 0⤊ 1⤋
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 02:49:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can get a loan, but you'll have to put down a pretty good sized down payment. Typically they range from about 25-35% of the value of the house. I work in the mortgage business in Pennsylvania, and unfortunately cannot do loans in Michigan, but I am telling you that at least in PA, there are still people who will do this loan. I'm working on one right now that is very similar. You are going to need to try what is referred to as a hard money lender. The rate will be high, definately in the teens and you will probably have to pay around 4 points, but it can be done.
2007-09-17 15:08:38 · answer #4 · answered by greg w 1 · 0⤊ 0⤋
There is absolutely no way you are going to qualify for any home mortgage, expecially in the current housing marketing. Have you not heard the news that many sub-prime mortgage companies have gone bankrupt?
Your only hope is to clean up your credit. You should check this site: http://www.nfcc.org/ . This is Consumer Credit Counseling Services (CCCS), a legit non-profit company that offers free credit counseling. They also have a debt management program available, if you qualify, at no fee.
It's going to be 2 or 3 years after you clean up all those negatives before you can even consider buying a house.
2007-09-17 10:42:28 · answer #5 · answered by bdancer222 7 · 0⤊ 1⤋
Not now especially without 20% down and closing costs. The Sub Prime market has shut down, the Alt-A is almost gone and credit has tightened up for those with good (720 and above) credit. Continue paying your things on time but the collections will still remain on your report for 7 years.
2007-09-17 10:50:09 · answer #6 · answered by Pengy 7 · 0⤊ 1⤋
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.
2007-09-18 05:41:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
unfortunately not, My friend is in the lending business his company works with the lowest score possible, and that's 520. Anyone saying they will really check them out hard. through the BBB, Housing Authories, and the Attorney Generals office.
You need to get your credit back on track, it'll take 6 months to a year to do that, with constant payments.
2007-09-17 10:46:07 · answer #8 · answered by spiritwalker 6 · 0⤊ 1⤋
Hello Every body,
I live in the US and i really have never seen goodness shown to me this much in my life as i am a struggling mum with three kids and i have been going through really rough times in my life and my name is Helen Peters and in all this hard times, a worse incident occured in my life as i lost my job which was my only means of survival and things became really bad as i had bills to pay and my last son suffered a knee injury incurred when he fell from a tree house and the doctors informed me that he needed a surgical operation for his knee so he could walk again and at this point, life was useless to me as i have no family and no one to run to and each night, i will sit down and cry till the break of dun until one day, i read an advert on yahoo answers of man that stated that he could help people in my shoes with loans and in my desperate situation, i had no choice but i had to try and so shocking and suprising, it was like an impossibility becoming a reality, i got a loan of $60,000 USD even with my bad credit within 48 hours and my sons surgery was done and thank GOD it was successful and now, i am okay and living in comfort with my kids and i said to my self, i have never ever seen this kind of wonder in my life and i decided i will tell it to the whole wild world and i need every one to thank GOD for Mr Patrick Harvey, the man GOD used to rescue me and my family even when all hope had been lost and gone and i will say to every one, no matter how dark and sinful the world is today, there are still GOD fearing and reliable people on earth and if you are in my former situation or require a loan legitimately, i will advice you contact this loan lender and you can reach him via patrickharvey12@yahoo.com and i want you all to pray for this man for me.
2007-09-19 07:42:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋
to buy a foreclosure, I found a VERY (V_E_R_Y) good article about foreclosure here: http://buy-a-foreclosure.blogspot.com/ Good luck!
2007-09-18 02:57:02 · answer #10 · answered by Anonymous · 0⤊ 0⤋
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Good Luck.
2007-09-17 13:52:26 · answer #11 · answered by lola f 1 · 0⤊ 1⤋