Bad Credit Agency

are there any home loans for someone with REAL bad credit??

my credit is bad from late payments on truck/electric bills, and also cell phones and stuff like that

Public Comments

1. You may find a private person in the paper that is willing to sell to you on a land contract. These usually have a higher interest rate, but it would get your, "Foot in the door" of home ownership. You could always refinance later with a traditional bank after you clean up your credit. Make sure you have all your bills caught up and have some savings in the bank for home repairs if you need them at some point BEFORE you enter into an ownership agreement. If you default on a home loan, it looks VERY bad to future lenders..
2. There are home loans for consumers with REAL bad credit, however many times you will have to come up with a larger down payment than normal. It will help if your credit score is over 500, you have at least 1 or 2 tradelines on your credit report that have some current positive payments, and you have some money for a down payment. Here are a couple of sites that might be able to provide you with some good information:
3. Then expect to get DECLINED when requesting a home loan. You will not get approved with bad credit of course. I don't think anyone out there would trust you if you don't pay your bills. If you want a new home, you will have to pay for it in full out of your pocket. Or....what you can do is start rebuilding your credit & wait till your credit gets better to apply for the loan. I don't know how long that will take since none of us here know if you are really committed to being more responsible with your bills.
4. There will always be lenders who will offer you a mortgage loan. But be prepared to accept unreasonable rates and high down payments as part of the terms. These loan companies are called predatory lenders for a reason. They offer bad products and should be avoided. Fix your credit and then buy a house.
5. Some mortgage brokers give you an impression that if they fail to help you, there is nobody who can do anything for you. However if you keep on talking to other brokers, after some time you will meet one who can show you a way out of your problem. This is primarily due to the fact that the varieties of loans each broker handles vary a lot. Some brokers have tie-ups with flexible mortgage lenders. Apply online to mortgage services that will send your application across to many lenders. This ensures your credit is checked only once and you get offers from many lenders.
6. Hi, Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on<!--bad credit, you must know to how to confront it. Many factors can contribute to someone getting a "bad credit" rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on http://badcredits.awardspace.com/ You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to-->arrange loans or other finance, and usually means you will pay more interest on any loan you take out.
7. E-loans will give you some quotes online. The website is http://BadCreditE-loan.com