2007-10-03 10:38:57 · 6 answers · asked by shadow_79us 1 in Business & Finance ➔ Credit
FHA doesnt look at the credit score, but you cant have any lates in the last 12months. A 2.25% down payment is required....they have really good rates compared to subprime.
FHA loans have been helping many borrowers getting into a new home or refinance into a lower rate
2007-10-03 11:32:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal youinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!
2007-10-03 21:20:02 · answer #2 · answered by Sky S 1 · 0⤊ 0⤋
Those with poor credit may have a hard time getting a home loan and will most likely pay higher interest rates. The best way to finance for you would be to see if the seller will hold the note.
2007-10-03 17:47:29 · answer #3 · answered by Diane M 7 · 0⤊ 0⤋
Build you credit first. You will not find a good loan.
If you do get a loan, have some one you trust look it over before you sign any papers.
2007-10-03 17:48:26 · answer #4 · answered by Fred F 7 · 0⤊ 0⤋
Ask all the others who are in foreclosure , who thought they could afford a house payments .they got the best loans for bad credit , now look where they are ... the days of sub prime lending are about over ,and done with ..
2007-10-03 17:53:12 · answer #5 · answered by Insensitively Honest 5 · 0⤊ 0⤋
Family or lease to own. You are going to have a hard finding one with poor credit.
2007-10-03 17:46:40 · answer #6 · answered by llibretrac 3 · 0⤊ 0⤋