I filed for bankruptcy a year and a half ago due. I am current on my bills. I make about $65k a year. I filled out an application with Countrywide 2 weeks ago and never heard back. I have left the loan officer several messages. I'm guessing it was denied but i never recieved any type of notification. I only have about a 5% downpayment. Is it still possible to get qualified for a loan with less than perfect credit?
2007-10-27 07:48:58 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
its not as easy as before but there is a good chance and try your bank better than countrywide and 5% is actually good compared to 0% like alot of people also theres a lot of programs coming out to assist in home buying for example if you go for a new house theres things like all new apliances they pay your closing cost and no payments for 6 months theres lots of things and on used homes try to negotiate the owner to pay your closing cost that way all the 5% goes in as equity good luck
2007-10-27 08:05:08 · answer #1 · answered by arellanomob 3 · 0⤊ 0⤋
With a bad credit score, you would need to come up with more of a downpayment.
Right now, giving you a loan would be too risky and if anyone did say YES, the interest rate would be very high.
Rent for a few more years and build up that credit score.
2007-10-27 12:17:55 · answer #2 · answered by Wayne Z 7 · 2⤊ 0⤋
I am sure there is a lender that can help you.. you need to look around and see what lenders have to offer... some deal with bad credit... here is the lender i used, he offers mortgage loans in California, if you live there i would suggest you try him..
http://www.derekbeisner.com/index.asp
2007-10-27 17:52:49 · answer #3 · answered by Pure Genius 3 · 0⤊ 0⤋
no longer gonna ensue. you desire a minimum of a 620 FICO for a FHA, and extra like a 640 to somewhat get authorized. you furthermore mght desire sparkling credit comments -- all derogatory circumstances resolved. it somewhat is going to in all possibility take you 2 years to get your credit even close to to loan approval.
2016-12-30 07:56:44 · answer #4 · answered by pafel 3 · 0⤊ 0⤋
I would guess your chances are very, very slim.
2007-10-27 07:57:20 · answer #5 · answered by G.V. 6 · 2⤊ 1⤋