Q. I had cancer a few years ago and spent 2 years fighting to get SS Disability. Things are better financially now but my credit has some delinquent medical bills on it and my score is in the low 500's. I am working on improving my credit and will continue to do so. We would like to buy a home and understand the importance of a good credit score. Does anyone have any ideas on a lender that could possibly help us. Thank you so much!! :)
A. Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html
Are there realy any mortgage brokers who will give a loan to someone with no $ down and bad credit?
Q. My credit score is in the 500's do you think it is possible someone might finance me with no money down.
A. First, please be advised that mortgage brokers do not give loans. They take your application, review your credit and finance info and shop your loan needs to different banks. There are many subprime lenders (banks) that specialize in 100% financing for poor credit borrowers. The norm is a 580 mid fico on a full doc loan to qualify for a 100% loan. The broker's job is to find the best lender to help your specific needs. So yes, you may qualify for no money down but all the specifics are needed for an exact answer. Contact a broker company near you to find out more.
Is it possible to obtain a mortgage loan with bad credit?
Q. Loan would be for $45,000
A. Yes, but a mortgage company will want to see items paid off.
You can't have things in collections since creditors will soon sue you.
They can garnish wages, and tap into your assets.
This will make your income less, and you would lose your home.
So make sure everything states paid.
Also be aware that many banks do not make mortgages for less than 50K
Stick to small banks and credit unions in your area for a small amount.
You'll need a down payment and stable employment for 2 solid years.
You can't have things in collections since creditors will soon sue you.
They can garnish wages, and tap into your assets.
This will make your income less, and you would lose your home.
So make sure everything states paid.
Also be aware that many banks do not make mortgages for less than 50K
Stick to small banks and credit unions in your area for a small amount.
You'll need a down payment and stable employment for 2 solid years.
is it possible to get a mortgage loan with really bad credit?
Q.
A. Yes, but it's a really bad idea. You'll pay way too much interest on an Adjustable Rate Mortgage.
You're best off renting in this situation.
You're best off renting in this situation.
Is there such a loan mortgage to refinance a home with people with bad credit?
Q. intrest rate went up but having difficulty making payments and lowering my credit score
A. It may be too late if you have missed mortgage payments already but find an FHA Lender for a refi. The FHA program is back in favor now that people are in ARM's that are about to explode on them.
There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.
Best wishes!
Me2Me2Me3@yahoo.com
There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.
Best wishes!
Me2Me2Me3@yahoo.com
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