How Can You Get A Home Loan With Really Poor Credit?
Posted by admin on February 1st, 2010 at 06:44am
My husband, myself and our kids, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a $6500.00 loan?
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6 Comments for How Can You Get A Home Loan With Really Poor Credit?
1. Tanil | February 1st, 2010 at 6:47 am
Yes, go to a predetory mortgage company that specializes in “hard money” mortgages. You’ll pay 10% or more.
2. stoxbill | February 1st, 2010 at 6:57 am
What kind of house are you going to get for $6500? There are many places that will issue you a home loan, http://www.regionalmortgages.com
Try to get a fixed rate mortgage. The rate will probably be high, but once you improve your credit you can refinance at a better rate.
3. lil_shor | February 1st, 2010 at 7:01 am
Prima facie I do not think there should be any difficulty in getting the loan . Probably your bad credit is haunting you . Assuming you have bad credit —due to any reason whatsoever — it should be possible to explain to the potential lender the reasons which led to the problems . You may further convince the potential lender that the causes –which led to bad credit—no longer exist . It is a question of putting up your story in a proper way . Of course the problem can be solved quickly if the lender listens to your story with empathy . If this does not work , –as a stratey —you may try high cost loan where the credit rating may not be an issue . After repaying some part , you can approach a new lender who offers you ” take over loan facility ” at a soft rate. He will be guided by the latest record of repayment . All in all , it should not be difficult matter.
4. 529s.com | February 1st, 2010 at 7:57 am
There are several companies out there to assit you with securing a loan. Check you local news paper for folks that help with finding a loan carrier. These folks are noy real estate people they specialize in finding lenders for you. They will help you fill out the loan application then they do the leg work to hook you up with a loaner. If you can not find one then gsmartinez2@yahoo.com. I got a loan this way.
5. Memo | February 1st, 2010 at 8:42 am
if you dont have a student loan in default government grants are readily available
6. bobbydbu | February 1st, 2010 at 8:57 am
My friends, a very young couple, were in the same situation. What they did is something called a no-doc mortgage. They don’t ask where you got money, your history, your credit, etc. and you don’t tell. I am not sure how to locate one but do know it exists b/c they have a very nice three bedroom in New Jersey.
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