home loan for bad credit?
I have some bad credit that I would be willing to repair I have tried many things on my own to get a loan but I just can't get approved my score is low, I have a good job a make good money and I would really like to buy a house soon I am tired of throwing money away on rent. My father also said that he is willing to co-sign. Is there a place that will help or someone that is willing to work with me. PLEASE HELP! I have all my debt orginized but I was just wondering the best way to get into a loan the fastest. I am in a rent to own and I would really like to buy. He wants me to buy as soon as possible. I hope that there is someone who can help.
Public Comments
- It depends on a bunch of factors, but you do have options. You need to be with a broker that has multiple sources and is licensed and approved with FHA/VA and one that understands Fannie Mae/Freddie Mac DO/DU/LP. I happen to know of one but I cannot post it here. See my profile.
- If you're serious about buying a house - you should have already repaired your credit. That is the first and most important item banks and lenders are going to look at right now. Every time you apply for a loan or credit card and get denied - you're credit score is BEING NEGATIVELY AFFECTED. Stop applying and start repairing your credit score, 1st - if there is anything over 7 years old on your credit report- you can clear it off by writing 1 letter to all 3 credit bureaus (TransUnion, Equifax, TRW); 2nd if there is something on your credit that is bad but it is legitimate, then there is nothing u can do about it except wait until it goes away after 7 years. 3rd pay off all your debt (on time with no late payments - not even 1) and start paying cash for everything. that will help your credit more than anything. 4th having a savings account that you put money into every month will help you get into the habit of paying a house payment. It will also help you with a down payment; you won't get a home loan with bad credit at this time no matter how much money you make. Make a plan to save for 1 year and clean up your credit in that year. After that you may stand a chance. Good luck.
- First step is credit. Get a copy of your credit report and start calling whoever is reporting something that is inaccurate or call collection companies, if you have any, and try to settle with them. Experienced brokers have the software the allows you to see what is in your credit profile and see what it would take to raise the score. It could be as simple as opening a new account (to increase your available credit) or it could be paying down large balances. If you are interested I provide free credit analysis and let you know what will increase your score
- Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://www.counselingcreditcarddebt.com
* Some answers may have been provided by Yahoo! Answers.