Bad Credit?
How can a family go about getting a mortgage loan if you have bad credit??? We live in Texas.
Public Comments
- Right now, you probably can't. The rules have been tightened significantly. Even if you could, you would end up with a much higher interest rate and would need a large downpayment. A few percentage points on an interest rate can add up to tens of thousands of extra dollars you have to pay over the course of a mortgage. Hate to say it but the best course of action is probably to rent while you work on bringing up the credit score. A little short term rental inconvenience will save you big money over the long term.
- Having bad credit makes it much harder to get mortgages these days. However there are still companies that will fund people with bad credit. Depending on how bad the credit is, I personally will recomend that whoever is involved requests a copy of their credit report and see what it looks like before applying for loans. My reason for saying this is, often there are items that can be disputed or corrected on the credit report that will help tremendously. Just a few examples are, charge offs that have been on the credit for more than 7-years, current accounts that are not being reported correctly, wrong ballances and many more. These types of errors can be corrected with dispute letters to the credit bureaus that are reporting these things. Having such items deleted from the credit report will help a lot with increasing the credit score and the debt to income ratio. Another thing to consider is getting a credit card that will start reporting immediatly if there are no current or active accounts. In order for the bank to extend you credit, they must see that other lending institutions have had faith in you hence extending you credit. You want to keep spending on all your credit card to under 30% of the credit limit. Meaning if you have a credit card with a limit of $500.00, you Do Not want to spend more than $150.00 at any time. This helps boost your credit score and with your debt to income ratio. Otherwise check out this link http://selorm1.approval4u.hop.clickbank.net contact them and find out if they are able to find financing for you. I strongly advice that you have your credit analyzed and make sure you ask all the necessary questions before signing up for any deals out there. Good Luck.
- Look into land contracts and read up on that. You can get a place with a land contract and they are done every day no credit check.
- If your credit score is poor and you are looking to buy your home, you can go for a bad credit home mortgage loan. Poor credit history includes series of late payments, bankruptcy or failure to pay bills. No matter how bad your credit history, with a bad credit home mortgage loan, you can easily borrow money to finance your house. This helps you to buy a home, redecorate your home or consolidate your loans. This type of loan reduces your total monthly payment because of lower interest charges and liabilities. http://debt-trap.com/category/Information-on-Bad-Credit-Home-Mortgage-Loans.html
- http://loan-guides.net will help you.
- I have used several of their programs, most have rocked, some didnt -- so if you want something unique that really works try this one out http://www.creditrepairprofits.com
* Some answers may have been provided by Yahoo! Answers.