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2007-09-23 08:17:16 · 7 answers · asked by jersey boy 1 in Business & Finance Credit

7 answers

there's many places that refinance or purchase bad credit mortgages.

FHA might be a good place for you to start...they deal with low credit scores but you cant have any credit lates in the last 12months

2007-09-23 08:35:36 · 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

2007-09-24 13:05:07 · answer #2 · answered by Anonymous · 0 0

I will have to agree with the majority. try to get your credit on track. You can't purchase 100% with less then a 600 credit score and even at 600 the market it tough these days. Ithe lower the score the more down you will need and the HIGHEr YOUR RATE IS. Its much easier to refinance and the more equity you have the better. If you do a lease option you will more than likely get a better rate and any lender will give you. Also be sure if you do to get the contract notarized. Some lenders require this to treat it as a refinance when you deed it into your name and get a mortgage. FHA does have programs for refinancing with lower scores but mostly for those who were put into an Ajustable mortgage and become late as a result of the adjustment.

2007-09-23 19:19:53 · answer #3 · answered by Barbie d 2 · 0 0

In the current environment, you will be hard pressed to find a mortgage if your credit is poor. You should wait and work on cleaning up your credit.

Pay off your credit cards. Then get your credit report and work on the negatives one at a time, start with the newest and work backwards.

2007-09-23 15:23:59 · answer #4 · answered by bdancer222 7 · 0 0

i think there is a site , whogavemecredit.com

i would shop around with brokers. if you are getting a great deal on a house right now, it might be worth it to pay a little more money in interest rather than waiting. you have to have someone run the numbers and make the best decision you can.

2007-09-23 15:25:57 · answer #5 · answered by Mildred S 6 · 0 0

Unless you are desparate to buy a house, don't do it. You will sink so much money into the interest, that you won't be able to buy a Big Mac.

See if you can do a rent to own until your credit improves.

2007-09-23 15:23:31 · answer #6 · answered by Steveo 5 · 0 0

Yes I do. And you can get competitive rates to boot. Email me for the information.

2007-09-23 16:34:09 · answer #7 · answered by nebula7693 4 · 0 0

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