Comments on: Mortgages & Bad Credit?

By: Gary H

Gary H — Fri, 06 Nov 2009 11:15:59 +0000

Don’t lose hope if you’re looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.

Of course, some will cost you more money in the long run, but a home it’s still one of the best investments that you can make, so, in many cases, it’s worth it, especially for the first year of ownership.

You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:

http://www.axalda.info/bad-credit-mortgage.html
References :

By: princepostage

princepostage — Fri, 06 Nov 2009 10:35:59 +0000

I’ve got good news for you… you can still get a mortgage… the rest is just details. So what if you pay a little bit more at the start… you can always work on your credit and refinance later. Don’t forget that the property will appreciate over time and you’ll benefit substantially in the long run. In Australia, there is a website
http://badcreditmortgage.com.au
that caters for people with bad credit who are looking for a mortgage. They offer articles and most important confidential advice about your situation. I’m sure there are similar websites in the States… so check them out. Good luck
References :
http://www.badcreditmortgage.com.au

By: dramboldt

dramboldt — Fri, 06 Nov 2009 10:11:59 +0000

Look for a housing coalition or Credit Counseling Service.. They are a great place to start. Also, look at HUD’s web site to look for an authorized housing counselor. They are all not for profit and usually are staffed with people that are passionate about helping people.

They can help you avoid pitfalls if you decide to get a loan before you repair your credit. Good Luck!!
References :
http://www.hud.gov/buying/index.cfm#programs

http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

By: ms.chacha

ms.chacha — Fri, 06 Nov 2009 10:00:59 +0000

the market has tightened there guidelines with "bad" credit.get a copy of your credit report and work on it give it 6 months to a yr and save money..then think about buying a house
References :
in the mortgage biz for 13 yrs

By: saberhilt

saberhilt — Fri, 06 Nov 2009 09:31:59 +0000

While you may find a loan, it’s terms would most likely be very pro-bank; meaning high interest rates, high closing costs, etc.

Might I suggest you begin to manage your credit score, rather than let it manage you.

Put $300 into a seperate account and get a secured Credit Card backed by that account. Then each month spend between 10 and 25 % of your account balance. Then pay it off and put another $100 into that account. Each of you doing this will dramatically up your credit score. We’re talking 30-ish points in 8 months.

Also, with the recent collapse of the subprime market, lenders are tightening up, so you’re probably going to want to wait 6-8 months anyway.
References :

By: CreditAlignment.com

CreditAlignment.com — Fri, 06 Nov 2009 09:08:59 +0000

it’s not just who you trust….MORE IMPORTANTLY…FHA mortgages are for folks with low credit scores.
They have their rates capped…so they cant go over 7.375…even if you had a 400 credit score.

Most lenders deal with low credit scores….but that has been stopping nowadays.
References :
http://www.carolinahomerates.com

By: Phil

Phil — Fri, 06 Nov 2009 08:56:59 +0000

You should resolve your credit problems first. Depending on how bad your credit score is, you may or may not be able to get a loan. Even if you can get one, the terms will be tough and rates will be high. You'll expose yourself to further financial trouble down the road. Home mortgage is a very large and long term financial commitment. Fix your credit records and make sure you can comfortably afford the mortgage payments, plus property taxes before you jump in.
References :

By: Don

Don — Fri, 06 Nov 2009 08:06:59 +0000

The reason there are so many is that they can charge you a higher interest rate and higher closing costs than someone with good credit. You would be well served to spend the next two years concentrating on getting your credit in good shape. If you are determined to get a house now be prepared to pay a lot more (in interest and closing costs) than normal. Also be very sure you know what kind of mortgage you are getting. The best is a 30 year fixed. You can always refinance at a lower interest in a few years when your credit is better in order to lower the payment.
References :