Where can someone go to get a loan [for a house] that does not require good credit?

Answer 1

For Poor Credit and Bad Credit borrowers, most banks offer alternative financing. If you have money for downpayment, you can actually just apply to any financial institution that has a mortgage department.

Be wary though. Brokers tend to sound really tempting right now, because of all the changes in the mortgage industry. You might end up paying more that you should have if you went straight to a financial institution. I suggest you go to three different banks and just have one pull your credit. Get a copy of it and then use that same credit report to assess your situation.

If you are a first time homebuyer, you should ask for a First Time Hombuyer's booklet. It will give you some information on what you should expect when buying a home.

You also need to attend a First Time Homebuyer's seminar so you can be educated fairly as to what type of loan you are getting.

I know its very tempting to purchase a property right now, since the real estate market has gone down. However, the mortgage market goes hand in hand with this. Since real estate sales are hard to come by, and it seems that profits are not forseen in the near future, financial institutions will raise rates.

When you see a rate quoted from Yahoo! finance, do not expect to get that rate when you actually apply for a loan. The rate quote in the finance section does not consider all the factors, but its just the lowest possible rate that you would get without paying any points.

When applying for a loan, there are several things to be considered. Credit Score, Downpayment, Property Value (or Purchase Price if its a purchase), Income, Assets (reserves mainly and closing costs), Loan Amount.

If you have poor or bad credit, you should expect to get at most, 'Alternative Financing' or 'Subprime' loans. These have fairly high rates and usually need full documentation of what I said above.

When you walk in to a financial institution and you started the process of the loan application, always get a copy of the calculations, generally its called "Estimated Settlement Statement', or a 'Good Faith Estimate'. Have an accountant review this, or if you know someone who works for an escrow company have a second look so that you are sure that you are getting the best deal.

Hope that helps.

Answer 2

Any financial adviser will be able to get you a mortgage. You just need to tell them the truth from the start, and be HONEST, as they will find out details. If you list why your credits bad etc they can get you a mortgage, you may pay a higher interest rate for a while but this gives you time to sort yourself out and build your credit status and then you can go to a high street bank etc. Good Luck, this works as i had the same problems a few yrs ago and am now with a high street lender on a low rate mortgage, so go for it. Your bank should have an advisor or the estate agents where you seen the house have independant advisors there too now in most of them

Answer 3

That's a lot harder to do in the U.S. these days. With so many people defaulting and the rising foreclosure rate banks are tightening the reins.
Take a first time home buyer class. Cities or counties often offer these and will help you with free finical counseling to repair your credit. If you are in the U.S. check out the Fannie Mae programs and first time home buyer programs for your city and State. Research all these options before going to a broker. Often brokers will not be able to get you these deals are or ignorant of them. Try to go through a bank or credit union and go the at least five before choosing the best deal. If you are denied work with them to determine what you need to do before they will approve you.
Make sure you read and understand the entire loan contract and can abide by it. Understand the difference between fixed rate and ARM.
All said and done it's usually best if you repair your credit before getting a mortgage. You will get much better terms.

Answer 4

If you don't have good credit, it's almost impossible to get any loan. Unless of course you have a house worth more than the asking price and you have put down a fairly good sized down payment.

Answer 5

You can do what I did and get your credit fixed with this one company that I was referred too by my lawyer, they do credit repair that is legal and get the results they say they're going to get...company name is MSI Credit Solutions you can google them..I think there site name is www.msicredit.com or something but I got approved for my loan in less than 3 months and can finance anything now.

Answer 6

To be completely honest, as some human beings have mentioned; this disaster isn't one individual individual's fault nor one individual party's fault. there is blame all around. however the Dems are in marketing campaign mode; and ought to make the Republicans look undesirable any which way they are in a position to. They element out the reality that Bush is interior the White abode, and the guy in charge, particularly or no longer, consistently takes the brunt of the blame. Then they equate McCain with Bush. Oh, there are additionally financial crisises in different international locations which includes Britain and purple China. i think it particularly is likewise Bush's fault.

Answer 7

You could go to Quicken loans or somwhere like that, but you will most likely have a very high intrest rate at places like that. The best thing to do it to have a co-signer in your case. Good Luck!

Answer 8

Right here. Loan Officer.

Answer 9

These days, nowhere. Lenders giving loans to people who weren't qualified is what got the housing market in the mess that it's in.

Answer 10

To a loan shark