Mortgage A Home With Bad Credit Resource
Top Questions and Answers
How to get a first time home mortgage with bad credit? I want to buy a home but my credit is really poor and I currently have a judgment that is not paid. Are there loans available for people like me that do not require a ton of saved money for a downpayment?
pmartini444 replied: "You will have a very hard time right now because of the current credit crunch in the U.S. they are only lending to very low risk applicants. That is if you are in the U.S. Canada has plenty of lenders."
Scam hater replied: "The first answerer is right in that banks and such like are not taking "risks" with loans now.
Therefore in order to stand a chance make a plan of your incomings vs your outgoings so you have an idea of how much you could pay as a monthly outgoing to a mortgage per month and then go and discuss with a proper advisor who can give you the options and tell you how much they can loan and what kind of loans if any are open to you
Also take care for scammers on Y!A who actively seek out questions like yours and then offer loans
Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, etc)
2) They have a secure website you can go to to fill out their application (and no excuses about it being down at the moment)
3) They don't require ANY fees upfront (regardless of whatever excuse they use). Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address (check it in the yellow pages) you can send mail to
5) They have a REAL phone number, not a cell phone
Often if you click on their profile you will find it is created in the last 24 hours - why? Because they are reported, profile closed down, but they simply create a new profile and start up again
Save yourself another headache and avoid them like the plague. The one from H E (Richard Banks) above my post is a prime example of what I mean.... do not go anywhere near it."
Is it hard to get a home mortgage w/ bad credit? Even though I've been at my employer 7 yrs & my Hubby 6 yrs. Any tips, advice??
We figure we'll probably pay a higher rate until we can re-finance--is that right??
Bad credit--from years ago...don't assume. THANKS!
No Foreclosures, Re-Po's or Bankruptcies.
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need to purchase home and credit is 588 what r my chances of getting mortgage. bad credit due to divorce? strong opinion! ex cleaned out my acct of 25k without my knowledge, my credit cards-he was authorized user, i walked away with debt incurred by other, loans to repay, etc. i was not financially careful. i pay $1400. in rent now. why not purchase?
tone replied: "Possible with a mortgage broker.......you will pay higher interest rate, and must have open trade lines with all payments on time and current.....and qualify"
donfletcheryh replied: "You would be a poster child for sub prime mortgages... you would not qualify for a prime mortgage unless you have a hefty down payment, perhaps a very favourable divorce settlement, an income that would tell everyone that you can clearly make the payments.
If you could live rental for a year or two, and at the same time build up a good down payment over and above what you started the year with, that might persuade a lender who has a repossessed home to sell.
We remember there are a lot of lenders eager to get those homes sold to anyone likely to pay."
lepr0kan replied: "unlikely, your only shot is if you qualify for a FHA loan because they don't go by credit score but credit history so if the negative info is old you may have hope, however if the debt is recent (as in you have late payments within the last year and many open collections) you still won't be approved. Conventional loans are just out of the question, now most require at least a 650 and the subprime market basically doesn't exist now and if you found one your interest rate would probably be above 10%."
Billie replied: "hint: Divorce isn't a scored criterion. Slow pays, no pays and other derogatory items are scored."
frissy replied: "#1 - Bad credit is not due to divorce. It is due to not living up to the financial obligations that you signed up for.
#2 - You do not NEED to purchase a home. You WANT to purchase a home. This unrealistic sense of need vs. want is probably what led to #1.
#3 - If you want to eventually purchase a home, go rent something cheap, and clean up the derogatory marks on your credit report. (i.e. PAY your debts.) Then, save up a reasonable down payment (20% minimum) and shop for a reasonable home. A reasonable home is one with a 15 year fixed rate mortgage with a payment of no more than 25% of your take home pay."
Sonia replied: "When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few yearscertificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range."
can i get a home mortgage with bad credit? can i get a home mortgage with a 600 credit score
mar c replied: "matt....have you just crawled out from under a rock??????"
mortgage underwriter replied: "The company that I work for min is 580. But that still doesn't mean I'm going to approve your loan. It's better to clean up what you can first."
acermill replied: "Matt, it's time for you to get current. A MINIMUM acceptable credit score for a mortgage is somewhere between 625-650. The days of mortgages for mediocre credit are now history. You need to do some work on improving those scores before you bother to apply."
KristyJBaby replied: "They are all different but most will not give you a loan if you do not have at least a 620."
Theresa replied: "You can try, but honestly its best to clean up what you can and work on that score."
Alterfemego replied: "Most likely not. You will need to work on improving your credit. If you can ask this question, then you have assess to a world of information and opinions on how to do that. Remember owning a home is the american dream, but it is not a right!"
Lisa replied: "Yes, at some places you can qualify for a home loan with that credit score. But it also depends on how much money you make, how long you've been at your job, ect... I suggest trying a USDA loan first or a conventional loan. There are very few few places that except credit scores of 580. But they are out there. Remember, the lower your credit score, the more paper work they ask for from you."
Noneya replied: "Yes, I have about 4 different wholesale lenders ( they only work with approved mortgage brokers) that will do FHA, VA and USDA loans for people with scores under 600.
A good mortgage professional should be able to help you increase you scores in a short period of time to get you qualified for better rates."
Reggie replied: "Not right now. Give it a few months to a year to see if the requirements get relaxed.
Because, you will get hammered with the down payment if you bought now with your credit score."
MadMan replied: "No. The minimum score required is 620."
Paul S replied: "You probably could, depending on the bank you apply with. A good mortgage counselor will let you know what they can do for you. There are some people who act as if having poor credit makes you a bad person, but hang in there, because you can bring that score up."
Peter replied: "freecreditreport.sinfree.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate."
Looking for a mobile home mortgage with bad to medium credit? We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
We wish to purchase a 2006 or 2007 new mobile home from a dealer.We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. They want us to split the property into 2 deeds. Due to zoning restrictions we cannot do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
What is a good way to get a mortgage loan for a first time home buyer with bad credit? I have paid off all delinquent things on my credit report and all I have on there is my carnote and my student loan which are both in good standing. I still have a low credit score which is what is damaging me right now. Any suggestions of lenders or companies that can assist me with purchasing a home?
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