Bad Credit Agency - I am wanting to get pre-approved for a home loan with bad credit? Any good companies to go with?

I am wanting to get pre-approved for a home loan with bad credit? Any good companies to go with?

I am looking to purchase a home. However, I don't have very good credit. Is there any companies that will do it with out giving me an incredibly high interest rate, down payment or fees? Everyone says this is a buyers market...?

Public Comments

This is a terrible time to try and get a mortgage if you have bad credit. Even if you do find someone prepared to offer you a deal...it will be a very high rates im afraid. Try out subsidiaries of the larger UK banks.....they at least wont try to rob you blind. Try to do all you can to get your credit rating up. It is a buyers market...but only if you have a good history. You may be much better off renting .....it's still a tough housing market out there....and if you find money tight....it's not going to get much better over the next 9 months! Good luck
This is why keeping your credit in good standing is sooooo important. Now you really need to take advantage of a flooded real estate market, but you can't, because of your past actions with credit. To answer your question, no. There is not a lender in the world who will give you that amount of money, ESPECIALLY with no money down. Even FHA asks for at least 3% of the purchase price of the home as down payment. The good new is that this "buyer's market" isn't expected to ease up any time soon. Start saving your money and keep paying your bills on time. If you can save $300 a month, in a year you will have $3,600 to put down on a house. That means you can buy a house for about $120,000 and have 3% for the downpayment. Talk to a banker about FHA. It's a government funded loan program, so if you are first time home buyer, you should be able to get a mortgage at least 1% less than what most banks and mortgage companies are selling their mortgages for right now. That, and the fact that the seller of the property has to pay your closing costs, make FHA a great way to buy a house, however the downside is that you have to pay PMI on your mortgage for the life of the loan. If you're not familiar with PMI, it stands for Private Mortgage Insurance. Most banks and mortgage lenders will make you pay it if you can't put at least 20% down on your house. However, when you have paid enough on your mortgage, then you can have the PMI dropped off, so you don't have to pay it anymore, and you might even get a portion of it refunded. With FHA, however, you have to pay the PMI until the very end, so if you get a 30 year mortgage, you have to pay this insurance every month for 30 years, or until the loan is paid off. The amount you pay for PMI is directly related ot the amount of money you financed to buy the house.
Peoples Home Equity - as far as credit you only need a FICO score of 580 for FHA -30 yr fixed I just closed read my answer to this question to realize what was just accomplished and how you can go about it too!!!
Afraid not. You may need to consider working on repairing your credit for a couple of years. That way you won't be limited or pay higher fee's because of your credit. Besides, owning your own home is a privilege not a right.
Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you believe it to be, a bad credit home loan can stillinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

* Some answers may have been provided by Yahoo! Answers.