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kelipn | How do you get a mortage with horrible credit? |
Additional Details
Give examples of companies willing to do so, I have a close friend that is desparate, her boyfriend has ruined her credit. And I'm wanting her out of my house!!
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kam_1261
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Land contract, or lotsa money down. |
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Real Estate Dawn
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Sorry when I first went to post this, I hadn't completely read the question... here's a more complete answer.
Their best bet is to get their credit in order then go FHA. (usually takes about two years of good credit) Otherwise if you have horrible credit you basically have a couple options:
1st - If you have cash (most people with horrible credit don't) you can put 20% down and still get a mortgage, or
2nd - There are lenders who lend "hard money" which means that they don't have to use conventional guidelines. Often times this type of loan is fairly pricey, but in the right circumstances it can be the right thing to do.
3rd - Subprime lending. As to who will do what, different states have different laws for lenders. Have them call a couple mortgage brokers and ask if they do subprime. The rates are typically higher, but once they are in a loan and they get their credit fixed, they can refinance for a better rate, if the rates are still low when that happens.
If they want to get their credit squared away there are a few good agencies, like Veracity, but they charge for their service, or someone could do it themselves. I've included links for Veracity and a do-it-yourself site, as well as a Hard Money lending site. |
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lil_hem_n_va
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Go talk to Sally Mae or a credit counselor. I'm sure your state has a government program that works with people to help get them into homes and keep them there. If her credit and income help her qualify, meaning her credit isn't so good and her income isn't but so much, they also give you great interest rates. In Virginia we have VHDA.
Good luck!!! |
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Patrick
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In my experience, the best thing to do is to at least get the bad accounts paid off and closed. Though they'll still stay on your record, it's much, much better to have accounts that were delinquent in your past that you paid off, than to have them still open and delinquent.
From there, it's just a matter of browsing around. Start with major companies, Wells Fargo, etc...they maybe more likely than smaller local banks to help. But like others have said, the interest rates will start very high. You'll just have to refinance later. |
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Shell
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There are mortgage companies that will lend to people with bad credit. The trick is that you will pay horrible interest rates. |
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DX
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Still working on this one myself! Good luck! |
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james e
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find a broker who performs manual underwriting instead of using the fico score. i believe the person needs proof of two years of renting on time. |
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resolutions_nparks
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My company does it!~ Matter a fact i just helpsome one with a 520 score. Would love tohelp. Please feel free to contact me anytime.
Natasha P
Real Estate Solutions
resolutions_nparks@yahoo.com |
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Charlie Bravo
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you can get a mortgage with horrible credit (even as low as 565)...but you will pay out the **** on interest..... |
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Angelfood
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My husband and I were 4 years out of a bankruptcy and bought a house from a broker that specialized in "high risk" mortgages. But the interest rate was high. After a couple of years of good payments we refinanced for a lower rate. Try American Home Mortgage and Countrywide.
If there is a good explanation and your "friend" can prove it, she might be able to get a fairly good rate. You explain the situation thru something called a "disclosure". Kick her out and help her get a house to rent if she is that bad a boarder!!! In the grand scheme of things, if she is making you miserable - she needs to change her attitude or give her a date she needs to have a house rented by...there are apartments, condos and townhomes too...your sanity and goodwill -sounds like you are being taken advantage of! Good Luck! |
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karrie r
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I work for Countrywide Home Loans. We have a department that can help your friend and not charge her the fee's that a Broker will. There are also ways to improve her credit score in less than 30 days. This wil give her a better rate. Make sure that she lets the person that she chooses to work with that she has less than perfect credit upfront. She can also ask them if they can help her repair her credit before she buys. If they say no then it is better to go to another company. |
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Richguy
 |
The only real substitute for horrible credit is money. 20% - 30% down. If you don't have either I would suggest the following steps.
1. Start thinking creatively on ways to raise money fast!
Gather everthing that you have not used in the last 90days
e-bay it or garage sale it, get rid of old cars, what about
family property that she could use, wash cars, work over
time, borrow from relative by sending them a one page letter
" I Need Your
Help, I'm Buying a House" $250 is all I need or whatever you
can do. Send out about 50 letters. You will be surprised how
family and friends will normally pitch a helping hand. Be nice
but get it done. Creativity is the key
2. Join www.trucredit.com or www.myfico.com fees are
between $25 - $40. These sites will allow her to legally
remove inaccurate items from her credit report, thus
dramacticly improving her score. Since it's done online
there is no need to spend $500 for a company to do it.
Save time and money.
3. Put a ad in the local newspaper or put flyers out.
" I need to buy a house in the next two weeks
have a downpayment call today! 123-123-1234"
" I need buy a house, have $#### to put down owner
financing please, 123-123-1234"
P.S. I know alot of investors that are willing to owner finance homes. Dress nice, smile, knock and the door will always be open! Good Luck You Can Do It.
Glad I could help! |
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