Mortgage Loans with Bad Credit [mortgagefraud101.blogspot.com]
Question by : Are there any banks that give mortgage loans to people with bad credit? I am looking to buy my first home. My goal is to get to a 620 credit score but I know this will take quite some time. I was wondering if there are banks out there that give you loans to buy a home if you have bad credit or if there are programs out there that help you fix your credit to get into your first home? My best credit score of the three credit agencies is 550. The worst is 490. Please help! Best answer for Are there any banks that give mortgage loans to people with bad credit?:
Answer by mccarthy410
Short of having at least 20% down and paying closing costs and mortgage insurance and over 8% interest, or finding a house you can afford to pay all cash for, I don't see it happening. I'd work on your credit and wait. I'm sorry to tell you that, I'm in the same boat and working two jobs and the goal for me is to either put as much down as possible or buy outright. You could try FHA loans and they might work with you, but I'd concentrate on getting as much down as possible or if you can, save till you can do it all cash. Sorry to sound harsh, cold and cruel, but life often is and I'm just telling you the truth.
Answer by paobay
Find out why is your credit bad first. If you have saved money for the house,maybe to use the money to pay down some of the debt first. Check to see if the credit companies have most current informaiton, and no one has screwed up your identity, so you owe all the amount on the report. If you have a car payment, make sure the credit report show you had good payment history. You should be able to find out the self help book in the bookstore. Right now, if you have enough downpayment like 20%, then you might be able to get a loan. However, if you got no savings, then I doubt you will get anything. So, find out on how much you want to spend on the house, and how much money you have, then you can adjust your budget accordingly.
Answer by Jame
you can find it in tools on this website http://sitefinance2.notlong.com/6AAxvgb
Answer by MadMan
LOL! There used to be and this is what cause the biggest recession since the 1930s.
Answer by GVD
You are a long way away from qualifying. Lenders use the middle score, you have only given 2 but lets say the 3rd score is a 520; the median is 520 so that's your score and it's 100 points off. You need to look at the factors that are causing your score to be so low. I am not trying to be rude, but you almost have to try at getting a score that low. Not only are you not paying your bills, you are not paying attention. Only establishin g a good paying history and waiting for the derogatory information to drop off is going to help your score improve.
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If you were applying for a loan then there would be possibility of enough income so that you can repay the loan easily. When people go for loan with bad or zero credit, chances of repayment of loan become zero therefore chances of approval of loans also decrease or become zero. However now people with bad or zero credit have not to worry because there are mortgage loans available, which are especially for those people who have bad credit.Although you are suffering from bad credit, however still you are able to apply for mortgage loan because there are many lenders who deal with issues like these and are specialized in this field. However, there is risk of higher rate of interest, which you have to pay for this loan.In reality, bad credit or rating of credit depends upon and related to past of the borrower not his/her future. Therefore, lenders of mortgage loans give loan to those people who have bad credit despite this fact that there would be risk of payment from the borrower with bad or zero credit.
An application for any kind of loan and especially for mortgage loan not only depends upon credit history of borrower but it mainly depends upon income to debit ratio.
Therefore, a person who is unable to deal with his financial responsibility even having high credit rate will not get approval because he will be unable to repay the loan.Although borrower of this loan has to pay high interest rate and many other poor terms still these loans have some advantages. One main advantage of this loan is that borrower can improve his financial and credit history and rate. They will get better financial status if they pay interest on time.Due to this financial and credit status getting approval of loan for this person will become much easy in future. Not only would this but also there would be many other benefits as well which that person will get. For example, interest rate and general terms will improve and that person will get relaxation. Ability of negotiation with lender of that person will also improve. Find More Mortgage Loans with Bad Credit Issues
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