*♪♡SnowShoer1♡♪*
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It depends on HOW "bad" your credit is and WHY that happened. Example - let's say that Jean had excellent credit BEFORE she was married. Then AFTER she was married had bad credit. Lenders may take that into consideration.
I work for a mortgage broker. When you apply for a mortgage - to buy a home, they will look at
1 - Income
2 - Credit
3 - Cost of house involved.
IF your credit is at least decent prior to the time you had bad credit, AND your income qualifies you for the cost of the hosue you want, then you may likely qualify for a loan. HOWEVER be aware that you may be charged a higher Interest Rate.
I would apply at a Mortgage Broker - - because they have access to hundreds of different lenders. A Mortgage Broker can "Shop Around" for the best loan for you - - usually for free or a very low cost.
On the other hand - - IF you went to a local bank, they would push their own loan programs AND charge you about $200 - $400 just to fill out their application. Tha is why I would recommend going thru a Broker.
We have been able to help people who have just been discharged from bankruptcy too.
Hope this helps - good luck☺ |
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closed
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Yes, It will just cost you more..... |
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roy_s_jones
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Yes it is easier but it will not be cheap. |
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browneyed
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DO PIGS FLY |
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littlebettycrocker
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look on your local state government website or local office. they usually offer low income/bad credit mortagages or check with your local banks as well for this type of program. |
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Keyon F
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If you own yor own home you can refinance and pull cash out to pay off your credit card bill and raise your credit score dramatically. I work for United Lenders Group and I work with over 45 different banking companies so I could get you a mortgage loan no matter how bad your credit is or how much in debt you may be
916-606-1090
keyon |
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MSMORTGAGE
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You can do a re-mortgage with an adverse lender on their unlimited range. You can only do this through a broker. Need any advice feel free to e-mail me or visit my web site www.karen-marshall.co.uk and use the enquries section. Good Luck |
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#girl
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A mortgage IS a loan --- it's just a loan that is secured with the property.
You may be able to get a mortgage, even with bad credit. The bad credit will cost you, though. You will pay a higher interest rate and you will have to buy PMI (private mortgage insurance).
Something else you need to keep in mind --- if your bad credit was due to spendthrift ways and you haven't changed your approach to money, the odds are real high that you will not be able to keep your new home. If your bad credit was due to divorce or catastrophic illness, there is hope for you. |
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Georgiegirl
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There are mortgage companies that give loans to people with bad credit but you will be penalized with a higher interest rate. |
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boo
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only if you go to a specialist mortgage lender |
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crossstitchkelly
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You may need a co-signer. If there's someone with good credit who supports you and believes in you, and who is willing to co-sign, you should be OK. |
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humanresourcesman
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U may get a mortgage if u make a 20% down payment or so. Otherwise u will pay big fees to the lender for all kinds of things to make up for their risk. U might want to find a "seller financed" like a land contract, or a rental with an option to buy. |
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theonlytexaspete
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In short... No! |
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upintheclouds85
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some companies will let you i think if your in bad credit. if you want a loan, check out norton finance x |
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nemesis
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It depends on what you mean by "bad credit". If you have CCJs etc then you will need to go to a specialist lender. You might have to pay a higher interest rate and/or put down a large deposit. If you put down a large deposit, then the lender can rely on this if you default and they repossess. |
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Candy
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There is a company that works with people that have low credit scores. It's called the sub market and have hundreds of lenders they work with. I have really bad credit and was still able to qualify for a loan for $135,000. You can check them out online at
www.lowrateapprovals.com/11545 . They are really nice and very helpful. |
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jennijan
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You may possibly be able to get a self-cert mortgage.
You will pay much much more for this tho, so just go thru the normal channels first as there is always someone out there with a solution, just find the best one for you before you go down that route.....................good luck xx |
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Searchlight Crusade
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It depends upon how bad your credit is, how much of a down payment you have, and what sort of loan (full documentation, stated income, no ratio) that you decide to do or can qualify for.
This article has a lot of information on the subject:
http://www.danmelson.com/posts/1147465405.shtml |
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starchild_kisschild
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Try, start by getting a hold of a agent and he will get you with a lone officer. All they can say is no, which you obvisouly will not be loosing on. It never hurts to try. |
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Michael S
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A loan and a mortgage are the same. You are loaned money.
Yes, YOU CAN GET A MORTGAGE. there are mortgage brokers that would loan money to your dead grandmother. |
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djsbabyboy69
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it is possible but ull b paying out ur A$$ in interest! |
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