mortgage loans with bad credit image
So Far Gon
Im trying to buy a house and I know which house I want. I tried to get pre approved and they told me that I needed to pay off my bills first....(im using sony mae mortgage loaning) and I just want to know why or how I cant get the house without paying off my bills first. I know theres a way and I really want the house!
Answer
Sounds like you have too much debt. Unless you get a co-borrower to apply with you, I think you will have to pay down your debt. Good luck.
Sounds like you have too much debt. Unless you get a co-borrower to apply with you, I think you will have to pay down your debt. Good luck.
Does a VA home loan, help people with bad credit? Can you purchase a HUD home with a VA mortgage?
photofemal
There is an HUD home for around $30000, my husband an i are thinking about purchasing, we'd need a mortgage for around $50000. We don't have good credit, can a VA loan help with that? Any other suggestions?
Just to clarify, the house is valued at $78000, but has been on the market for 2 years, which is why the broker has lowered the price to 30000.
Answer
It can help, they are less strict, it just depends on how bad is bad.
However, there is no way in hell anyone would lend you 50k to buy a 30k house. Even with bright shiny perfect credit this would not be happening.
The maximum mortgage you could possibly qualify for 30k, purchase amount, but even that much is not likely with bad credit. 24k for the 30k house is more likely.
It can help, they are less strict, it just depends on how bad is bad.
However, there is no way in hell anyone would lend you 50k to buy a 30k house. Even with bright shiny perfect credit this would not be happening.
The maximum mortgage you could possibly qualify for 30k, purchase amount, but even that much is not likely with bad credit. 24k for the 30k house is more likely.
Anyone know of a mortgage lender who will loan to people with bad credit?
twokidsmom
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!! :)
Answer
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
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
Are there realy any mortgage brokers who will give a loan to someone with no $ down and bad credit?
home looke
My credit score is in the 500's do you think it is possible someone might finance me with no money down.
Answer
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.
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?
rumblebee2
Loan would be for $45,000
Answer
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.
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.
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