Buying a home with bad credit possible?

I've never owned a home, nor has my husband ...we would be first time buyers, yet have bad credit, is there any way possible, any programs available for us?

A bad money lender or the one who charges high interest rates can take a risk of lending money to those whose creditability is bad

look here for assistance http://www.wesayes.com

Yes, there are lenders that will work with folks who have less-than-perfect credit. Expect to pay higher than average rates. If you can afford it, it will be a good way to improve your credit scores. Then you could probably refinance in a few years and get a better rate.

Here are a couple of web sites where you can request quotes from several lenders. There's no cost and no obligation. Good luck!

http://necessaryvirtues.com/recommends/loan

http://necessaryvirtues.com/go/4022/75

yes they will sell you a house with an outreageous interest rate. Usually you can only go through a hard money lender and it's as bad as the name implies. The real estate market is so bad right now why don't you wait, clean up your credit put some money in the bank do it legit and go with a good company. Stay away from the adjustable rates please stay with fixed only. Remember there will be better houses on the market in 2 years with all the foreclosures that will be happening. You will get in the game don't worry. Also don't buy a condo. Renting is not as bad as you think it is read patrick.net if you want a clearer picture of the real estate market.

It is possible to buy a home with bad credit. I'd try to work with a good loan officer that can help identify areas where you can improve your bad credit before qualifying for a home loan. This way you can get the best possible interest rate for your home purchase.
Here's a link to reference for:
Local Homebuying Programs in your area
Search for programs sponsored by your state, local government,
or other organizations
http://www.hud.gov/buying/localbuying.cfm

After finding a good loan officer, look for an agent that will help spend the time to help you find your perfect home for your budget.

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.

Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html

Different perspective:

It is a myth that renting is always worst off than buying.

Rent vs. Buy as Housing Market Continues to Slump

As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.

Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.

If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.

For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.

Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.

And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.

you may find seller willing to rent to own a home, or take over payments, a little searching in the classified section of your local paper may pay off

You should focus in on raising your credit score to get a lower interest rate. My wife and i just bought our first home and learned what to do from mycreditadvise.com
Good Luck

Free Real Estate Guide

Whether you've spent years saving and preparing to buy a home, or are unsure if you can afford it, the questions surrounding a house purchase can feel endless.
You can find the answers - and peace of mind - by downloading our free ebook

http://freeguides.8m.com/

Yes, but at a very high interest rate. DO NOT GET AN ADJUSTABLE RATE MORTGAGE AT ANY COST. Make sure it is fixed. Pay as much down as you can. Try to keep the closing costs low. Do not use a predatory lender. Try to establish credit at a local credit union and borrow locally.

Try http://www.prosper.com they help people like you. Groups of people loan money together.

Anything is possible!!! There are many programs out there from various lenders who are aggressive and will compete for your business from a mortgage broker. I will warn you that you will get approved at a higher rate than someone with good credit. That is only because you are a greater risk based on credit. Of course if you are putting money down you can negotiate a better rate through a mortgage broker. I hope this helps you but if you need any help getting prequalified or have any further questions please feel free to email me or contact me through my website www.dantadgerson.com.

Anything is possible with bad credit, but more likely than not, you'll get screwed. They'll charge an extremely high interest rate that will cost you...

Your best bet is to wait awhile, fix your credit up by paying your debts and establishing a history of paying on time, save up money so you can make a big down payment and pay down interest points. Otherwise you'll probably just end up defaulting on the loan and ending up with even worse credit.

Its not a short term solution, but I'm in that same boat. Waiting and doing it right is worth it. It sucks, but its worth it. People will always take advantage of a person with poor credit - don't be their victim.

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.024
Copyright (c) 2011 Financial Crisis Monday, May 28, 2012 - Terms of use - Privacy Policy