We have really bad credit, we would love to buy a house were can we got a loan?

People can get loans with bad credit, but you Will pay a higher interest rate. Ask around for referrals to a mortgage broker that deals with lots of different banks and lenders they wil be able to shop around for the best deals. Good luck. If your in my area I know a few.

If you have really bad credit and could get someone to take a risk and loan you the money it would be at such a high interest and payment amount you would be back on here in a year asking how you can get out from under home ownership. Clean up your credit, save some money, and then consider buying.

How to Clean Up Credit Report
http://www.debt-loan-refinance-mortgage-credit.com/category/How-to-Clean-Up-Credit-Report.html

Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-credit.com/category/Step-by-Step-Credit-Repair-Guide.html

One way to find out is to start by going to the phone book and speaking to mortgage brokers/banks. That will give you an idea if you can get a loan and how much you would be able to qualify for.

There are options for all sorts of credit situations to buy a home. Some may not be as attractive as others. Here are a few guidelines.

1. Income - Lenders will want to make sure you can make the payments and that you haven't been too financially stretched.
Fannie Mae recommends your Housing Payment be no more than 28% of your gross income. Many lenders today will allow that number to go to 55% under special circumstances.

2. Down Payment - If you have a large down payment many lenders can make exceptions. The more skin you have in the game the more willing they are to lend to you.

3. Credit - The lower your score, the greater the risk. Check your credit and find out what your score is. There may be things that can be done to improve your credit over a short period of time, pay down some bills. Other items may take 12-18 months, building a solid payment history.

100% financing options start for credit scores in the high 500s

You may qualify for Government, State or City assistance once your credit gets to the low 600s.

Here are some tips for improving your credit:

1. Check your credit - Get a copy of your credit report with credit scores. You can get a free copy with out scores from the Federal Trade Commission www.ftc.gov or you can buy a copy from the credit bureaus themselves. (websites below)

2. Improve your score - Everyoneâ€™s situation is different. Some things you can do to improve your score are:
- Pay your bills on time
- Get credit balances below 75%, 50%, 35% of available credit
- Do not open any new accounts or apply for additional credit
- Do not close any accounts
- Dispute errors on your report
For more information on credit go to Fair Isaac's site (they created the credit score) www.myFICO.com
There are companies that can assist you in improving your score. Please note everything they do, you can do for free on your own.

~Danke Schoen

MrDankeSchoen@yahoo.com

Equifax Information Services, LLC
P.O. Box 740241
Atlanta, GA 30374-0241
800-685-1111
www.equifax.com

Experian
701 Experian Parkway
P.O. Box 2002
Allen, TX 75013
888-397-3742
www.experian.com

TransUnion
P.O. Box 4000
Chester, PA 19022
866-887-2673
www.transunion.com

MrDankeSchoen@yahoo.com

It depends on what your middle credit score is. If your middle credit score is at least 610 then you will have no problems getting into a home, however they may ask for a down payment or possibly finance you at a higher interest rate than what a good credit score will get you.
If you want help with ways to help your credit then email he at heatherewalker@yahoo.com and let me know the situation, I can walk you through getting your credit score higher with out paying fees to do it.The first step is to dispute every debt on your credit report it will increase your score by a min. of 50 points within a 30-60 day time frame. Many creditors will take items off of your report if you dispute it simply for the fact that they don't have the time to research all of the disputes that come across their desk. Therefore they fail to contact the credit reporting agency within the requested time frame meaning the credit bureau has to remove the item from your report.

really depends...your credit score has to really be good in order to get a loan....most banks i know would only take people with a 620 score....

There's a program that will help you clean up your credit. Basically, you write your creditors and dispute things on your credit report..They have so long (I think 30 days) to prove the debt and if they can't, it's taken off of your credit..go to www.myfico.com..go to products and look for Suze Orman's FICO kit..good luck

You shouldn't expect to get a loan unless you can prove you're creditworthy. Clean up your credit history,save your money, pay your bills and EARN it,and stop whining!

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