Bad Credit Agency

where can i get a home loan with bad credit for firs time home byers.?

our credit score is just over 500 . and we want to buy a home.

Public Comments

1. In Australia I have heard the Commonwealth Bank doesn't do a credit check. Worth looking into I would say.
2. with a score just over 500 you will be looking at a hefty down payment. Of course i do not know if you have that or if you are looking for 100% finance. It use to be you had to be at a 580 to get 100% finance. Most of those programs are now gone due to the market and so many in foreclosure. So many people got mortgages when the arm was so low and when it went higher werent able to afford their mortgages anymore. So the lenders then raised the scores for 100% financings. They are now looking at scores around 600-620 for 100%. I'm going to say it is going to be next to impossible to get a 100% loan with a score just over 500. I would try working on your credit a bit. Get a secure credit card, charge a little bit and pay it off fast. Or rent an apartment or home that deals with rent management . rent management will refelect on your score also and raise your score.
3. be realistic, please. 500 score will only get u scammed. u need to stay in apartment untill u have cash , know how to own it, understand debt slavery, increase ur savings and earnings. visit daveramsey.com to learn ur hard lessons from others mistakes. houses are nooses for broke folks. don't go there.
4. You could try finding someone who wants to sell the house on contract instead of getting financing from a bank. It hasn't been common recently because everyone could get a loan. But, it's coming back I think.
5. You don't. If you find someone to loan to you, it is highly likely the terms will put you in a worse situation than you are now. Fix your credit, save for a downpayment, then buy a house. There are no safe shortcuts.
6. my suggestion would be search for a mortgage lender that helps people with bad credit, and some even offer help with credit repair... found some great information for home buyers.. good luck http://www.timmdelaney.com/ http://www.timmdelaney.com/PageManager/Default.aspx/PageID=2041211
7. with fha they dont have a score requirement. you cant have any credit lates in the last 12months...and you need a 2.25% for down payment